Potential Opportunities Accrued

RUNNING HEAD: FUTURISTIC ENTERPRISE 1 The Futuristic Enterprise: Potential Opportunities Accrued to RACQ Name Institution Lecturer Date of submission RUNNING HEAD: FUTURISTIC ENTERPRISE 2 Contents Introduction ............................................................................................................................................... 3 Opportunities facing RACQ limited ........................................................................................................... 3 Scenario planning methodology ................................................................................................................ 4 Scenarios ................................................................................................................................................... 6 Potential opportunities accrued to RACQ limited, independent of the impact of the COVID-19 ............ 7 The collective scenario .......................................................................................................................... 8 Light at the end of the tunnel ............................................................................................................... 9 Thumbs down scenario ....................................................................................................................... 10 Conclusion ............................................................................................................................................... 11 References ........................................................................................................................................... 12 RUNNING HEAD: FUTURISTIC ENTERPRISE 3 Introduction With the declaration of COVID-19 as the modern day ’sgravest health emergency and threat across the globe, the response of the world to this unprecedented crisis will form part of the world ’shistory (Signatulin, Kryvosheev & Lukinov, 2017, pp.103 )). The steps and efforts being taken to bring hope to future generations clearly indicate that the transport system will be faced with multiple challenges over the coming years. This futuristic report is intended to highlight and give in-depth future opportunities that exist from the ongoing uncertainties in the current world to the Royal Automobile Club of Queensland (RACQ). To achieve the goals of this research, the report will begin by listing the opportunities that RACQ organization stand to benefit from. This will be further explained by providing the methodologies used to set the scenario. Lastly, the report will deeply discuss the plausibility of the scenarios. The Royal Automobile Club of Queensland Limited is the largest club in Queensland responsible for laying out banking services, car and home insurance services in addition to roadside assistance. The head offices of the organization are in Brisbane with more than 19 retail stores across the state. The organization started as aclub of drivers in 1905 who intended to support each other. Opportunities facing RACQ limited Numerous challenges over the coming years will affect the transport and health sector. These challenges bare little or no resemblance to those that were faced previously and thus new strategies should be followed. The futuristic opportunity that can be accrued by RACQ is to transform the way transport and health sector has been perceived in the past. This can act as a key process in helping the globe to respond to the health issue such as COVID-19 that has stricken the world. Innovations in the transport and health sector with the aim of curbing the RUNNING HEAD: FUTURISTIC ENTERPRISE 4 challenges are now visible. In the coming years, the transport system and health sector will need acomprehensive plan to adjust to the ongoing changes in the society. Scenario planning methodology In the development of scenarios on the future of health and transport system in relation to RACQ organization, the stakeholders in the workshop identified that the following steps were to be followed. Setting the agenda as the first process, the organization and its stakeholders need to be made aware of the main issue of concern that they are facing. It further entails determination of the driving forces, which cause future uncertainty. Chandra (2020) ,denote that helping the organization at different departments realize what their concerns in addition to what exciting changes does the future hold. The determining how the organization works towards achieving its future goals entail determining current trends. The second stage in the development of scenarios is determination of key driving forces that foster critical uncertainties. This involves the identification of trends in business, technology and social trends that are relevant to RACQ as an organization that provides insurance, banking and roadside services. The trends are further mapped categorically using the PESTEL tool to determine how RACQ can improve the health and transportation system of its members. The tools range from political, economic, social, legal, technological and environmental among others. With all the trends at hand, the third stage calls for clustering the driving forces. The organization and analysis of the ideas collected through categorization. Grouping the trends based on similarities. These clusters help build broader themes in the trend. The reorganization of ideas facilitates the creation of new contexts and situations that foster them. Upon clustering RUNNING HEAD: FUTURISTIC ENTERPRISE 5 the trends, we are supposed to define them. We need to determine whether the trends in each cluster can become areality.in case, the clusters turn out to be areality; we determined the positive and negative outcomes that they can yield. All the clusters are defined with the assumption that they can turn into reality. According to Bowman (2015), narrations revolving the opportunities and threats for each trend are based on the negative and positive outcomes emerging from definition of clusters. The fifth stage of the planning methodology entailed mapping the impacts and uncertainties of the trends that had been identified. This stage is built up from analysis of certain critical question. Determine how acertain cluster of trends is important to RACQ in the future. Does the cluster have ahuge impact to the organization? What is the probability that the cluster of trends will become areality? According to the impacts the clusters has to the organization if they became a reality, they are further grouped into two categories of less and very important (Bowman, 2015 ,p. 92) The sixth stage involves framing the scenarios based on their similarities. Are they based on virtual healthcare, are they all focused on reduced public and private transportation? The scenarios should pinpoint similarities. Scoping the scenarios becomes the seventh stage. Describing the scenes using cool names. Trying to give adetailed view of what happens in each scenario. At the end of itall, the scenarios have to be developed. Providing detailed information and explanations to the scenarios. What does the scene mean to RACQ? This process is auseful framework since RUNNING HEAD: FUTURISTIC ENTERPRISE 6 Passing cloud The COVID-19 pandemic situation iseffectively managed because of responses from the government to curb the transmission of the virus On the contrary, the impacts of the pandemic lead to economic and social inequalities.  Existence of above average constrain to the virus  Availability of good health systems Scenarios With the ongoing COVID-19 pandemic, two critical uncertainties emerge to drive the overall impact of the pandemic to health and transport transportation system.  To what extent has, the virus progressed in the nation.   What is the level of counter-initiatives actions taken to deal with the situation? The following scenarios do serve as thought starters for the future possibilities of RACQ Rapid pick The virus has resulted to rapid decline in the use of public transport and individuals are opting for personal Self-dampening The pandemic has resulted into fast evolution in the transport system, the need for self-driven vehicles and reduced congestions on road. Coordinated and rapid innovative responses Companies are innovatively thick big and work fast to go hand in hand to provide cost effective and less crowd vehicles There iscoordination to reduce mobility via public transport thus decreasing transmission of the virus. Proactive techniques, technologies being invented, and people being encouraged to use them. Provision of medical cover to members and insurance cover to modern transport system Less innovation and initiatives to facilitate change Lack of coordination among stakeholder of RACQ Insufficient and scarce responses to conquer with the shifts in transport and health sector Uncoordinated or absence of strategies to provide medical cover to members Thumbs down The pandemic period islengthened, influencing the adoption of isolation policy. As aresult, supply chain isshortened thus increasing the magnitude of the virus.  Increased cases of the diseases  Little or no coordination to innovate proper strategies RUNNING HEAD: FUTURISTIC ENTERPRISE 7 Potential opportunities accrued to RACQ limited, independent of the impact of the COVID-19 Sindakis, Depeige &Anoyrkati (2015), propose that with the increasing rates of reduced human interaction, there is need for RACQ to opt for digital insurance. The pandemic has necessitated the need to adjust accordingly to accommodate digital capabilities thus supporting online services. Additionally, the pandemic has led to high reduction in the use of vehicle as transportation mechanism thus reducing traffic jam. There is an opportunity for RACQ to shift and expand its services to accommodate cyclists and pedestrian. The pandemic has led to the reinforcement of using environmental friendly mode of transportation that meet the physical distance recommendation that has been set. Minimization of the use of private vehicles (Golubev et al.2014, pp. 8) Tapinos (2013), denote that the ongoing pandemic has accelerated the need for health cover thus RACQ can digitalize its insurance and formulate strategies that will help members across all socioeconomic levels. Collectiveness All stake holders across the globe struggle to curb the pandemic, with help from multinational organizations. This further leads toward capitalism  The pandemic does not end but rather persists   the crisis Light at the end of the tunnel Middle East nations become more effective in mitigating the virus thus becoming superpowers of the world.  Worst levels of the pandemic  Partnership health response led by Asian nations RUNNING HEAD: FUTURISTIC ENTERPRISE 8 The passing cloud scenario Signs and symptoms  there is effective partnership between stakeholders to provide necessary resources to curb the crisis  there are no indication that the virus will reoccur  all the available techniques to curb the disease are utilized such as immunization  economic activities start returning to normal as customers regain confidence Current situation/ contextual environment The pandemic turns the world upside down but after some time, efficient health systems are formulated to respond to the pandemic. Sooner than expected, the virus is curbed. This is followed by stable resumption of economic activities. The implication of situation leads to a clear separation in socioeconomic status. Based on the passing cloud scenario, the ecosystem is affected in away that the stay at home policy and reduced social interaction has opened new view to virtual services and e learning. Additionally, there is an increased progress technology for employers due to the online job platform. The collective scenario Signs and symbols The initiative to curb the virus is taken by financial institutions and businesses. There is great shift towards corporate responsibility Chen (2021) ,argues that the economic recovery takes bit longer to occur.in the contextual environment, the pandemic goes beyond the initial stages RUNNING HEAD: FUTURISTIC ENTERPRISE 9 creating much burden to the stakeholders of the nation. Banks and other corporations uplift the burden on the government. This projection is because of lack of coordination among governments (Kejriwal, 2020, pp.83) .The transport and health sector is faced by increased innovation due to increased specific degree courses that target the new opportunities. Increased need for insurance cover due to aggregate funded tuition fee rise. With this scenario in action, the ecosystem will realize ashift in research focus to medicine and other related disciplines, such activities will need insurance cover. As aresult of stay at home policy, most families will need to access virtual banking services and other digital service. With the growing rate of automated vehicles, there is need to provide safety services. Light at the end of the tunnel Signs and symbols Okorie & Agu (2015), argue that the nations from the Middle East stand out from the recovery period thus experiencing less socioeconomic impacts. The nations invest largely to ensure they attain good global reputation. The recovery rates rise during the second phase of 2025. Being the first country to encounter the pandemic, China and other Middle East countries stand out as other nations still struggle with the virus. Their rapid mitigation plan foster their quick economic recovery. The pandemic creates asocioeconomic leveling across all classes (Kapoor & Agarwal, 2017, pp. 551) .The ecosystem begins to shift as the western nation lose grounds within the global table of rank. Multilevel companies begin to decline due to lack of insurance cover. The transport system becomes largely affected by reduced private transportation system. RUNNING HEAD: FUTURISTIC ENTERPRISE 10 Thumbs down scenario Signs and signals According to (2020), the COVID-19 virus evades eradication due to mutation. All nations emphasize working from home and try to reinforce the policy of isolation. The rates of economic recovery differ across nations at different rates by 2025. In the contextual environment, the pandemic is prolonged and itmutates thus comes at different phases. Li & Wang (2020), comment that the global health system cannot contain the virus. Citizens are monitored via technology due to the isolationist policy. The transportation sector is highly developed to cutter for the social distance policy. Most services have been digitized including insurance and banking services. Students are forced to adopt online learning service. Increased technological advancement in the employment sector. The disparity in income on the basis of level of learning shrinks. RUNNING HEAD: FUTURISTIC ENTERPRISE 11 Conclusion As seen above, scenario planning is aproactive method that can be used by companies to help them prepare for future uncertainties. With the increasing level of uncertainties due to the COVID-19 pandemic, there is need for organizations to plan for the future as in the case of RACQ limited. The report above shows the different stages that have been used to plan for the scenarios. The scenario development plan helps us to come with two indistinct drives that may help determine the opportunities that afirm may get if the scenarios identified become areality. RUNNING HEAD: FUTURISTIC ENTERPRISE 12 References .Scenario planning at business unit level. Futures ,47, pp.17-27. Bowman, G., 2015. The Practice of Scenario Planning: An Analysis of Inter- and Intra- organizational Strategizing. British Journal of Management ,27(1), pp.77-96. Chandra Shit, R., 2020. Crowd intelligence for sustainable futuristic intelligent transportation system: areview. IET Intelligent Transport Systems ,14(6), pp.480-494. CHEN, Y. (2021). Study on the Application Scenarios of Blockchain in Futures Exchange Business. Destech Transactions On Economics, Business And Management ,(eeim). Chiu, C. (2020). How COVID-19 and Policies to Combat the Spread of COVID-19 Impact the World Stock Markets. SSRN Electronic Journal .doi: 10.2139/ssrn.3644471 Kapoor, R., & Agarwal, S. (2017). Sustaining Superior Performance in Business Ecosystems: Evidence from Application Software Developers in the iOS and Android Smartphone Ecosystems. Organization Science ,28 (3), 531-551. Kejriwal, M., 2020. Knowledge Graphs and COVID-19: Opportunities, Challenges, and Implementation. Harvard Data Science Review ,.pp. 81-97 Li, C. and Wang, R., 2020. Challenges and opportunities brought by COVID-19: Understanding and prevention of COVID-19. World Chinese Journal of Digestology ,28(8), pp.275-279. RUNNING HEAD: FUTURISTIC ENTERPRISE 13 Okorie, M., & Agu, D. (2015). Does Banking Sector Reform Buy Efficiency Of Banking Sector Operations? ?Evidence from Recent Nigerias Banking Sector. Asian Economic And Financial Review ,5(2), 264-278. doi: 10.18488/journal.aefr/2015.5.2/102.2.264.278 Signatulin, M., Kryvosheev, A., & Lukinov, D. (2017). 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