Look back to the future

If you could predict the future, such as a disaster or a tyrant, would you change it? Predictions are not easy to perceive even with a crystal ball, but seers like Nostradamus who lived in the 16th century did just that: The French Revolution, the rise of Adolf Hitler, and the attack on the twin towers in 9/11.

Leaders must look into the future to guide a business or a country. This is called forecasting. Forecasting is the process of predicting future events or conditions by analyzing past and present data.

Eisenhower employed a weather forecaster to determine what was the optimal day to launch D-Day. He listened. The blind prophet Tiresias warned Oedipus that he would kill his father and marry his mother. Oedipus didn’t listen.

Forecasting is crucial in business because it enables organizations to anticipate future conditions, make informed decisions, and strategically allocate resources to achieve sustainable growth.

According to the World Economic Forum, more than 90% of major companies now use strategic foresight, with about a third having dedicated foresight units. This includes many Fortune 500 firms that systematically scan for emerging risks and opportunities.

Walmart uses machine learning to forecast product demand across thousands of stores, improving inventory accuracy. Best Buy built a customer‑driven forecasting system that integrates browsing and purchasing patterns to fine‑tune inventory.

In 2006, the chief economist David Lereah published Why the Real Estate Boom Will Not Bust. The housing market collapsed shortly afterward, making this one of the most infamous forecasting failures.

You may not have a blind prophet from Thebes in your corner or even a common crystal ball, but without predicting the future, your business may just be history.