Anticipating the Future in Industrial Markets: The Importance of Future Visualization in Industrial Markets

Abstract

Future is uncertain. By making efforts to visualize future we try to offset this uncertainty in order to make appropriate plans. These plans are traps laid to capture the future. The right kind of plants ensures the enterprise against failures and setbacks. They form the basics of control and help in co-ordination, motivation and decision making. Therefore future visualization of the relevant internal external environment is necessary if a firm desires to excel.Surprisingly, most Indian firm does not spend much time contemplating the future. They have become complacent because of their low growth needs, strength or success in the past. But this kind of behavior will definitely not help them in the future as markets are becoming more and more competitive and consumer is getting better informed. Firms which are not serious about future visualizations should change themselves and spend time contemplating the future. Successful global players earn more than 30 percent of their revenues from products that are less than 10 years old. The secret of their success lies in visualization of future needs. They have learnt the two basic rules and are implementing them.Rule No.1 You can’t drive using only the rear view mirror.Rule No. 2 The faster you move, the further you need to see.