Why you need to hire a futurist

If you’re seeking to transform your business in the face of astonishingly rapid change, it may be time to hire a futurist. Futurists are responsible for conducting research and identifying future trends to predict the products and services that will be in demand in the future. You can think of a futurist as future proofing your business.So what can a futurist do?For one, they can save you money. You know all about the high costs associated with researching, developing and launching a new product. Imagine spending that money and effort to launch a product that’s obsolete by the time it’s on the market.A futurist can help you avoid such mishaps by analyzing your product offering through the lens of their unique insight and intervene to modify your approach before you go all in on a losing strategy. Moreover, a futurist can help you evolve your business model to better leverage upcoming trends and opportunities.Interestingly, it may not be all about rushing out to buy cutting edge technology. Sometimes it’s about making better use of already existing tools. There may well be a better way of doing something that’s already available and your futurist is dedicated to identifying those opportunities for you.They can also bring a fresh, outsider’s perspective to your business. Because you and your team are so heavily invested in your business, you may be too close to it and miss the forest for the trees. Therefore a futurist may be a dissenting voice on your board, identifying your company’s shortcomings and organizational blindspots.A word of warning, however: don’t bother hiring a futurist if you’re not prepared to at least entertain his or her seemingly outlandish ideas. And even if you at first struggle with implementing them, remember that everything around us is changing so rapidly and unpredictably that today’s crazy is tomorrow’s industry standard.Translating insight into actionTo effectively leverage your futurist’s insights, you shouldn’t get defensive when they challenge your assumptions. Change feels confrontational, but you can manage it if you’re willing to set aside your ego and unflinchingly face feedback and disruption.Here, your futurist may pinpoint changes in related industries that will have an impact on yours that can then impact the way you market your products.For example, if you’re selling laundry detergent, IOT is probably a lot less relevant to your company than if you’re making smart furniture or connected kitchen appliances. However, that doesn’t mean you can’t leverage the hell out of IOT to grow your business and that’s where your futurist comes in.Imagine a dishwasher manufacturer integrating IOT sensors in their washers that monitor cleaning supplies and alert users when they’re running out of cloths and detergent. A futurist may suggest evolving your business model to create a partnership with that dishwasher manufacturer. Perhaps you can strike a deal for them to package your detergent with their washer.The key is that there is a lot of room to innovate outside your core product or service and your futurist can identify that opportunity for you.Parting thoughtsKeep in mind that futurists don’t necessarily predict the exact details of a given future, but one of their specialties is challenging prevailing assumptions and conventional thinking. Challenging business as usual, they’re better positioned to lay out the pros and cons, as well as challenges and opportunities of a given future scenario.Going forward, business owners will need to adopt a futurist mindset if they wish to become leaders. The key to thinking like a futurist is being open to the idea of “multiple futures” as opposed to one set in stone. This helps you create several plans to cover multiple contingencies and conditions your thinking to be open to change and transformation.Let us know how you are embracing change. Let us know. Comment below or tweet us @TheShepherdGroup