The Value Contribution of Strategic Foresight: Insights from an Empirical Study on Large European Companies

Abstract

This paper focuses on exploring the potential and empirically observable value creation of strategic foresight activities in firms. We first review the literature on strategic foresight, innovation management and strategic management in order to identify the potential value contributions. We use survey data from 77 large multinational firms to assess how much value is generated from formalized strategic foresight practices in these firms. We show that it is possible to capture value through an enhanced capacity to perceive change, an enhanced capacity to interpret and respond to change, influencing other actors, and through an enhanced capacity for organizational learning.

Keywords: strategic foresight, value creation, weak signals, organizational future orientation

JEL Classification: E17, M1, M19