McKinsey Study Finds “Dissecting” Trends Important
While many executives recognize the need to consider the impact of global trends, many companies fail to maximize the benefit of trend assessment and analysis by combining it with a comprehensive look at the business environment. Social Technologies has used this comprehensive approach to analyzing the impact of trends, and now a study by consulting firm McKinsey has provided solid evidence from 416 companies in a broad range of industries that this technique is highly effective.
By assessing trend impacts at multiple levels, business leaders are better able to develop specific strategies that will help their companies ride changes wrought by global trends. McKinsey’s report said:
Companies should navigate important trends by first studying their impact on subindustries, segments, categories, and micromarkets. That kind of analysis breaks down megatrends into microtrends that companies can invest in with confidence.
In other words, the “starting point for…trend analysis is to break down market information into increasingly fine-grained levels.” Focused insights at multiple levels of the business environment will enable better strategic decision making that drives growth, the report said.
At S)T, one of our programs--Futures Interactive--is particularly well-suited to a granular approach to tracking trends across industries, subindustries, market segments, product lines, and other categories.
Beyond trend analysis, it is essential that businesses also have the processes in place to successfully implement the lessons learned from these processes. Check out our list of custom consulting offerings for more.
Image: Olivier Bareau (Flickr)
Peter von Stackelberg
in Futurism
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