Is it strategic planning or strategic innovation?

A recent IBM survey of more than 1,500 CEOs from around the world revealed that more than half are struggling with the quickening pace of globalization, technology, the economy, customer expectations – everything is more complex these days. IBM CEO Study, 2010.

If that’s the case then we have to question the 50 year old practice of the annual strategic planning process (which for many is beginning about now). The typical process involves mind numbing spreadsheets and historical data analysis designed to predict the future. How about inventing the future?

Today’s leadership team that becomes adept at gathering and analyzing current data and applying it to the future- wins! Current data comes from trend spotting, voice of the customer, crowdsourcing, open innovation, scenario planning, ethnographic research, social media, technology roadmaps. It’s about uncovering this data and quickly developing new products, services, processes and even business models.

The reality of 2010 involves spotting trends with all methods possible and quickly executing a revised business strategy….not based on any strategic planning calendar.