In an era of rapid change and unpredictability, your company needs the right tools to navigate the complex economic landscape. It’s no longer enough to simply react to market shifts or trends: staying ahead requires a proactive approach.
This is where horizon scanning comes into play – but a proper horizon scanning exercise requires time and effort to sort through lots of information, followed by compiling the insights to share across your teams and departments.
Horizon scanning can help organisations gain a strategic advantage, identify emerging opportunities, mitigate risks, and future-proof their operations.
Despite this, our engagement with senior business leaders recently showed us that it often falls to them to do this work. The sheer amount of time and effort required isn’t a very effective use of your time – that’s where CBI Economics can help.
Take the example from a large employer in the North-West that commissioned CBI Economics to undertake this work for them. By outsourcing, they could lean subject matter experts who instinctively know what data sources to draw upon and how to analyse them. This also frees up your strategy team to actually focus on key internal priorities, instead.
Horizon Scanning: here’s how it’s done.
We worked together with the client to develop the scope and format of the quarterly reports. We established a set of data signals based on the client’s objectives, which complement each other, to provide a picture of the environment in which the client operates.
These signals combine insight into both current and future conditions. They also merge national and local data, and sector-specific data with industry-wide trends and forecasts.
The numbers inform the overall narrative for your business, drafted by our experienced economists. We also collect data sources that aren’t frequent enough or even quantitative, but still key to inform your business – like CBI member anecdotes.
The CBI Economics flexible approach adds colour and context to your data, highlighting where opportunities and risks exist for your business.
With access to so many experts in policy at the CBI, we can also provide best-in-class insight from meetings and conversations with government officials.
The quarterly reports from CBI Economics have been timed to coincide with the client’s committee meetings, which set the strategic planning direction of the organisation. The first quarterly report contained insights regarding changes to R&D tax credits that the client was not aware of, leading to much better decision-making on this company’s business priorities .
Can you benefit from Horizon Scanning?
If you think your firm could benefit from ad-hoc or regular horizon scanning undertaken by a team of experts, get in touch today.
“We’ve found that CBI Economics went to great lengths to tailor their approach to our specific needs. The final report has provided invaluable insight into the policy and macroeconomic landscape, allowing us to make informed decisions based on our operating context. The team have also been reliable and timely in their communications and commitments. They come with our highest recommendations”
There’s no team better placed to provide the latest economic and political intelligence than CBI Economics, given our unique positioning among the business and policy communities across the UK.
About CBI Economics:
At CBI Economics, we have a team of dedicated economists with wide-ranging experience in evidencing policy recommendations. We can help you calculate the fiscal costs of your policy ideas, demonstrate their economic impact, and even help you to best articulate the issues you face through economic evidence.
Find out more about economic consultancy from CBI experts.