Strategic Foresight: Key to Success for Leading AEC Companies
Most companies in the construction sector are reactive. They answer a customer's needs in a particular project with their current knowledge and skills. Their vision is limited to the project backlog, which leaves them unprepared for future opportunities or threats. What they need to exercise is strategic foresight - the practice of systematically exploring and preparing for possible future events and trends to inform and guide present-day decisions and long-term planning.
Strategic foresight is no longer a luxury but a necessity. For the construction sector, embracing this approach can mean the difference between thriving and merely surviving.
How to exercise strategic foresight
Large AEC firms invest in R&D staff and use business consultants, but how can small and medium-sized AEC firms implement strategic foresight?
One of the best ways is to stay close to customers and listen to their evolving needs. What's in the future for the customer will limit or widen your future business opportunities.
Another tactic is to join industry networks and partnerships that provide insights into emerging trends and technologies.
Collaborating with local universities or technical schools can also be a mutually beneficial way to access the latest research and technological advancements. The Finnish Building 2030 and the Building Services 2030 (Talotekniikka 2030) consortia are great examples of fruitful collaboration between companies and academia.
Internally, promoting a culture that values curiosity and continuous learning among employees can be a crucial asset.
Furthermore, companies of any size should invest time in discussing the future, doing scenario work, and strategizing. My clients who have done that systematically have performed clearly better than the industry average.
The Phenomenon Network
A few days ago, I was delighted to learn about a Finnish initiative to help construction sector companies gain foresight.
The Finnish Building Information Foundation (Rakennustieto RTS) launched the Phenomenon Network initiative, which receives government support.
The Network is a dynamic platform that gathers and analyzes emerging and influential phenomena in the property and construction sectors. It pools together scattered research insights and combines them with practical knowledge from industry players, creating a more coherent and accessible knowledge base.
The Building Information Foundation’s efforts serve as an inspiring example for AEC communities worldwide. I wish the Phenomenon Network experiences a surge in momentum, as it is both timely and essential.
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