Conflicts in Ukraine and Gaza, COVID-19 and disruptions to supply chains are all sobering reminders of how interconnected the world now is.
What were once domestic issues have quickly become challenges of global significance, placing immense pressure on economies and their business leaders.
But how do business leaders know when to act — or sometimes not to act — in response to unprecedented changes?
According to futurist Dr. Keith Suter AM, navigating such challenges starts with scenario planning.
“Scenario planning helps us to rethink our perceptions. It encourages us to think about the future differently. Scenario planning is the development of a number of stories that describe quite different but plausible futures.
“They are “possible futures”. They describe the futures and interpret them. They are not “predictions” – they are not based on extrapolating current trends that are essentially deeper drivers change,” said Dr Suter.
One decision can now have an impact not only on an enterprise’s operations but also extend to government policy and social support.
Dr. Suter confirms that Western Australian business leaders at the highest levels should navigate these challenges head on by leveraging a deep understanding of change drivers and their impacts. He says there is very little that global events that are on the boil won’t change to varying degrees, from housing, to veterans affairs and everything in between.
“The drivers of change can be broadly grouped into five areas: social, technological, economic, environmental and political — or STEEP for short. When mapped, understanding the implications of each of the scenarios can help business leaders prepare for what lies ahead.
“As we brace for global periods of change, such as the US election, business leaders need to consider the snowball effects of decisions made,” said Dr. Suter.
From new warfare trends, through to international co-operation and the relative US decline — the drivers of global change are rife and contextualising their impact on Western Australia can be a challenge - one that must be met if our economy is to forecast clear skies.
Dr. Suter confirms that while no one can truly predict what the future holds, due diligence and calculated assessments and associated planning are non optional.
You probably know Dr. Keith Suter AM from Channel 7, 6PR or the ABC. What you might not know is he holds three Doctorates making him truly one of a kind. Join him on September 25 to make local sense of world affairs at RAAFA’s Clear Skies lunch.
Don’t miss this exclusive event as he calls on his distinguished career to share his unique perspective and forecast what lies ahead for Western Australia and indeed the nation.
Proudly presented by RAAFA in partnership with Business News, event proceeds from ticket sales will support RAAFA’s Andrew Russell Veteran Living (ARVL) program to help build emergency accommodation for veterans experiencing or at risk of homelessness in Western Australia.
Tickets are now on sale via: Eventbrite.
