Strategic Visioning - Future of Business

Abstract

Innovations are among the most important levers in corporate management. They safeguard competitive advantages, accelerate growth, and increase earning power. But what is the right path into the future? What technologies, what new business ideas should companies rely on so they can continue to meet their customers’ needs in the future? Those questions are decisive for the competitiveness of companies. Strategic “invention of the future” as part of innovation management is needed now more than ever. Today, strategic planning of innovations means running a company’s research and development so it is as precise and success-oriented as possible - in other words, running it effectively - and using financial means efficiently. All of this requires a clear understanding of technologies, customers’ needs, and the markets of the future. This article explains a special mix of methods that has been developed at the Siemens AG over many years based on the proven “Picture of the Future” approach. Known as “Future of Business” this procedure is used by Siemens Corporate Technology to help its customers and partners within Siemens to orient their portfolios to both global megatrends and current technological trends. This method has been successfully applied to many different projects over the past three years, including “Future of Automotive 2020” (Siemens VDO), “Future of Commercial Transportation 2030” (Continental AG), and “Future of Airports 2030” (Siemens AG).