AI for Strategic Foresight: How Much of Strategic Decisions Can Technology Take Over?

Elisabeth Korshunova
Learn how foresightAI revolutionizes strategic decision-making and innovation management with AI-driven market, trend, and industry research.

Nowadays AI in business is no news – we have AI-generated ads and logos, we use ML to optimize platforms and calculations, and even in customer service, we are not surprised anymore to be greeted by a customer service bot. But what about using AI in topics related to strategy?

In the rapidly evolving business landscape that we live in today, the integration of AI into strategic decisions is no longer a futuristic concept but a pressing necessity. Companies that wish to remain competitive must leverage AI to enhance their strategic decision-making processes. Our innovative tool, foresightAI, is at the forefront of this transformation, offering market, trend, and industry research capabilities to identify promising innovation search fields. This blog post delves into why companies need to incorporate AI into their strategy and how tools like foresightAI are revolutionizing innovation management.

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Our AI-powered foresight tool can identify tailored innovation search fields for your company. 


Why Companies Need to Use AI in Strategy

Strategic foresight involves anticipating future trends and preparing to seize opportunities or mitigate risks. Traditionally, this has been a labour-intensive process reliant on extensive research, expert insights, and a degree of intuition. However, the sheer volume of data available today makes it impractical for human analysts alone to process and interpret effectively.

AI excels in handling large datasets, uncovering patterns, and providing actionable insights at a speed and accuracy unattainable by humans. By employing AI for strategic foresight, companies can achieve:

💡 Enhanced Predictive Accuracy: AI algorithms can analyze historical data and current market conditions to predict future trends with high accuracy.

💡 Faster Decision-Making: AI accelerates the decision-making process by quickly processing vast amounts of information and providing concise reports and recommendations.

💡 Increased Innovation Efficiency: AI-driven tools streamline the innovation process, identifying new opportunities and reducing the time to market.

Transforming Innovation Management

The potential of AI to transform innovation management is immense. According to a study by Füller et. al (2022), AI can accelerate the development cycles of new products and services by an impressive 57.07%. This acceleration is achieved through various drivers, such as automated idea generation, efficient resource allocation or enhanced collaboration. Here is a selection of interesting AI tools for innovation management, most of which, however, are on the operational side:

#1 Black swan – predicting Consumer Trends

PepsiCo wanted to identify new opportunities in the sparkling water category. Working with Black Swan, they analysed over 150 million consumer conversations from online data sources using AI to understand the key trends shaping the beverage category. Black Swan Data then identified several thousand trends which were ranked on maturity and future growth potential to help PepsiCo define their next generation of product innovations. Three macro trend insights emerged that led to the Bubly product concept.

 

#2 Ethos – qualitative customer research

Qualitative research through smartphones – often called mobile ethnography – is a powerful way to capture insights from people in their natural environments or day-to-day lives. In this case study from Ethos, mobile ethnography was used to help map patient journeys – which are notoriously unique, complex, and sensitive

The Ethos mobile app was used to capture real-time in-context experiences, and AI-powered analysis then sifted through data to pinpoint unmet patient needs, service gaps, and differentiators for new service innovation.

#3 Upsiide – generating ideas

Innovation platform Upsiide conducted a series of tests in which both ChatGPT and the Upsiide team came up with new ideas for milkshake flavours, dipping sauces, and credit card rewards. The ideas that were generated were then tested using the Upsiide platform with an audience of North American consumers. The results showed that AI is very effective at generating creative concepts with strong appeal to niche consumer groups.

 

#4 foresightAI – innovation search fields

By identifying patterns and tapping into real-time data, foresightAI analyses the business environment and provides users with a list of tailored innovation search fields and recommendations. Those search fields are created based on the company’s status quo. The tool is currently available for testing and has already been successfully implemented with several companies in the metal fabrication and packaging industries.

 

foresightAI: the intersection of AI and strategy

 

 

foresightAI stands out as a pivotal tool in the strategic foresight arsenal. It operates continuously in the background, gathering and analyzing data to offer comprehensive insights into market trends, emerging technologies, and industry shifts. Here’s how foresightAI facilitates strategic foresight to give you tailored innovation recommendations:

SWOT Analysis

As a first step, we want to understand your company’s status quo. We investigate strengths and weaknesses, opportunities and threats. We especially focus on existing resources, experiences and assets.

Market Research

foresightAI monitors global markets, tracking economic indicators, consumer behavior, and competitive movements. This continuous surveillance ensures that you are always informed about market dynamics, allowing you to pivot your strategy proactively.

Trend Analysis

Identifying trends early is crucial for staying ahead of the curve. foresightAI uses algorithms to detect subtle shifts in consumer preferences, technological advancements, and regulatory changes. This foresight enables you to capitalize on emerging trends before they become mainstream.

Industry Insights

foresightAI delves deep into industry-specific data, providing tailored insights that are highly relevant to your company’s strategic objectives. Whether it’s identifying potential disruptors or highlighting areas for innovation, we want to ensure that your business remains competitive within their industry.

The Future of Strategic Decisions

In conclusion, AI is a game-changer in strategic foresight, providing unparalleled insights and efficiency. With our AI-powered foresight tool, we can identify the tailored innovation search fields for your company. 
All we need for this? Your answers to 20 questions. Then AI does the rest.

If you want to give it a try – let us know, we are happy to help you take your first steps in using AI for innovation strategy.

Test FORESIGHTAi

By identifying patterns and tapping into real time data, foresightAI analyses your business environment and provides you with a list of tailored innovation search fields and recommendations. All we need for this? Your answers to 15 questions.

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