Introduction: Foresight and Strategy in Asia Pacific Business

Abstract

The world is fast approaching an existential crisis. The dominant neoliberalism sweeping the world is deeply embedding practice defined in procedural and material terms. Expediency and narcissism has replaced principle, and within the context of rapid change and increasing complexity the current trajectory of business practice is dangerously perilous. Individual concerns with the future and how it is being shaped by our current business behaviour has declined over the last 100 years. The way society and business now functions is evidently decreasing our human ability to create while increasing our dependence on technology and automated knowledge. As the world economy shifts eastward at an extraordinary rate it is incumbent on governments, educational institutions and organizations themselves to enable and prepare their leadership and workforce with the capacity to deal with the challenges of these and likely more complex times in the future. Mega-shifts in business thinking are taking place. There are gaps between predominant traditional views of the purpose of business and the shift in business thinking required for future business success, and gaps between business leaders/business structures and the aspirations of the emerging workforce. Business is seen as not doing enough to address societal challenges. Young people generally believe that the success of business should be measured, in addition to financial performance, by the level at which it is engaged with and improves society. What is apparent in the Asia Pacific region generally is that there is a lower appetite at the top (decision making level) to recognize and adapt to the significant shifts taking place. There is also a resistance to acknowledging that change is required from leaders to let go of traditional business practices and authentically engage in foresight and strategic thinking in making business strategy “fit for the future”. This chapter presents the five key themes around which the book is organised: Theme 1: Change has Changed, Theme 2: The purpose of business in the twenty-first century, Theme 3: Creativity, its importance and decline, Theme 4: Foresight and Strategic Futures for the Asia Pacific, and, Theme 5: Making strategy real.