Beyond forecasting : a design-inspired foresight approach for preferable futures

Abstract

This paper engages with the literature to present different perspectives between forecasting and foresight in strategic design, while drawing insights derived from futures studies that can be applied in form of a design-inspired foresight approach for designers and interdisciplinary innovation teams increasingly called upon to help envisage preferable futures. Demonstrating this process in applied research, relevant examples are drawn from a 2016 Financial Services industry futures study to the year 2030. While the financial services industry exemplifies an ideal case for design-inspired foresight, the aims of this paper are primarily to establish the peculiarities between traditional forecasting applications and a design-inspired foresight visioning approach as strategic design activities for selecting preferable futures. Underlining the contribution of this paper is the value of design futures thinking as a creative and divergent thought process, which has the potential to respond to the much broader organizational reforms needed to sustain in today’s rapidly evolving business environment (Buchanan, 2015; Irmak, 2005; Muratovski, 2016).