As part of its strategy work, Caverion wanted to build its understanding of future trends in smart cities and buildings. The aim was to establish an overall picture of the market, the most significant market changes, and in particular, the key opportunities and threats from the perspective of trends. VTT produced a Future Radar view for Caverion to support setting strategic priorities and identifying new business opportunities.
- 25 business opportunities and five business threats presented in the VTT Future Radar view
- Opportunities and threats described in concrete terms at the level of practical solutions, technologies and benchmarking
- Visions for strategic planning
The foresight project covered the near future over a time horizon of two and five years. At the beginning of the project, the key method used was the PESTE analysis, which examines the development of the operating environment from the viewpoint of political and legal, economic, social, technological and environmental drivers of change. Extensive source material, ranging from market databases to scientific articles, news sources, industry reviews and discussions with VTT technology experts, was used for the analysis.
What convinced us in particular was VTT's ability to systematically and critically go through extensive source material and identify key issues for Caverion through clear methodology and experts.
The project consisted of research conducted by VTT foresight experts, the results of which were reviewed weekly with the Caverion core team.
“The review sessions were facilitated by VTT with a clear focus on core issues and observations. The research results were documented in an integrated report, covering all research questions and objectives set for the project,” says Töyräs.
Vision for strategy work
The project supported Caverion's ongoing strategy process. Based on the analysis of the operating environment, a Future Radar view was formed, summarising the signals and trends identified in the PESTE analysis as areas of business opportunities and business threats.
“The results highlighted certain focus areas that Caverion should respond to as a company in its future activities. The comprehensive list of opportunities and threats created by the process provides a clear overall picture and prerequisites for prioritisation,” says Töyräs.
The report described the opportunities and threats in as concrete form as possible by means of practical solutions, technological solutions and benchmarking. The project findings support the planning and prioritisation of development measures and business opportunities in accordance with Caverion's strategy.
“The project provided a useful external view for strengthening Caverion's strategic choices and the direction, in which Caverion strives to enable performance and people's well-being in smart and sustainable built environments,” says Töyräs.
Future Radar is part of VTT's FutureX foresight services
Sustainable business growth and renewal require a clear future vision. VTT's strategic foresight services are designed to help in creating future-proof strategies, products and services. Over the past years, in the area of strategic foresight VTT has been investing in the development of its FutureX service offering.
“Recently, we have been developing the foresight process and methods from the perspectives of, for example, instability and complexity thinking, use of data, iterative working methods and experiential futures. The collaboration with Caverion showed that the FutureX tools and the Future Radar view help to structure the future of complex themes such as smart cities and buildings in a clear, agile and fruitful manner,” says Pauli Komonen, Research Scientist at VTT specialized in strategic foresight and Project Manager of the Caverion contract.