Tomorrow Never Knows – But Fiction Does: The Power of Storytelling as a Strategic Planning Tool

By Woody Wade, Scenario planning expert, Demian Hodari, Professor of Strategic Management at Ecole hôtelière de Lausanne, HES-SO // University of Applied Sciences Western Switzerland | 4 Dec 15

One of the great 20th century philosophers, Major League Baseball player and pundit Yogi Berra, once opined, "It's hard to make predictions, especially about the future." And while we may nod at this oft-quoted remark, smirking at its cleverness, in business we nevertheless find ourselves every couple of years trying to do just this: forecast how the future will turn out. And most of us fail miserably at doing so. Business, for example, is littered with the remains of firms that engaged in high level (and often very expensive) strategic forecasting, only to end up in bankruptcy for not having foreseen how dramatically a particular change would impact their business or industry. Think of Tower Records, Blockbuster Video and Borders bookstores, who all continued to build new brick-and-mortar stores stocking obsolescent products as the digitalization of media and online retail options continued gathering steam. Or Kodak, who developed the digital camera but somehow missed its long-term ramifications on photographers. In the hospitality industry, will we one day look back and say the same thing about hotel companies not fully grasping the impact of the sharing economy phenomenon and the emergence of firms such as Housetrip and Airbnb?

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About Ecole hôtelière de Lausanne

Ecole hôtelière de Lausanne (EHL) is an ambassador for traditional Swiss hospitality and has been a pioneer in hospitality education since 1893. It has created and inspired a unique professional community of 25,000 hospitality managers, united by the values and the legacy of EHL. EHL offers five academic programs; a Bachelor, a Master of Science, an MBA, an Executive MBA and a Master Class. The academic portfolio is developed to evolve and adapt to the needs of both the industry and the students, and offers a wide range of possibilities that make an EHL education flexible and accessible to young talents from all around the world. EHL is regularly recognized as the best hotel management school in the world, offering university studies to over 2,600 enthusiastic and talented students from 107 different nationalities. EHL is a member of EHL SA, a Group dedicated to hospitality management education.
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