Leaders are preparing for strategic planning in the age of uncertainty

economictimes.indiatimes.com:

While strategic planning is not new, the added uncertainty caused by technology shifts and changing macroeconomic situations has made it more difficult. What should leaders keep in mind while building strategic plans for 2024?

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The new priorities
Deepankar Sanwalka, Senior Partner, Grant Thornton Bharat, says in the ever-evolving business landscape, strategic focus is bringing in changes to three key areas: technology, sustainability and talent management.

“First, businesses are navigating the transformative impact of generative AI to predict, change and implement their strategies for the short and long terms. Tech-first models are gaining centre stage, and strategic alliances with digital natives are working as a catalyst for innovation and resilience.”

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Second, sustainability is not just a buzzword; it’s a strategic imperative. The planning horizon now extends beyond immediate tasks to encompass a comprehensive strategy that aligns with Sustainable Development Goals (SDG) goals and embraces Business Responsibility and Sustainability Reporting (BRSR). An increasing number of organisations are now committed to reshaping their operations to achieve net zero, adopting sustainable supply chains, and integrating environmentally conscious practices into their DNA, he says.

“Thirdly, the talent management paradigm is evolving to address the demands of the modern