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Scenario planning is a valuable management exercise to help plan for circumstances in an unknown future. It helps to ground all the unknown into multiple scenarios, which should ideally cover off most of which brands will land in. Itโs a great process for turning the unknown into the known, then working through that. And then when circumstances arise, to better arm teams on how they can handle it.
Analytics plays an important role, it can provide an idea, of what could happen in some scenarios. Or provide some context on where certain scenarios may impact the business. Using historical data. This means a richer scenario plan, and a feedback loop as scenarios play out, as to whether it is to the same level of impact as youโd predicted.
You should in your scenario plans identify what metrics and measures will help understand early signs of a scenario playing out, what will change, what metrics will define how bad or good a particular scenario is. So as the scenario plays out, you can keep a live scorecard of its impact on the business.
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