1. Summary: Exploring value creation from the corporate foresight activity
The article Exploring value creation from the corporate foresight activity explains in details, both technical and the human aspect, the value creation from the future research. As the future research involves a monitory as well the human capital the return on investment is an important debate. While discussing the return on investment the time line is also a concern that when the return of the present investment would be physically enjoyable. The paper starts with a brilliant introduction of the thesis statement and the author has argued the most common question “Have the predictions been accurate? ‘With the ...view middle of the document...
The initiator role: corporate foresight could identify innovation potential and thus trigger and contribute to the renewal of product portfolios
2. The strategist role: corporate foresight could help break away from path dependency by challenging dominant mental models and providing a systematic view on emerging markets and help create radical innovations
3. The opponent role: corporate foresight could continuously monitor the external environment, inform about relevant changes
Empirical investigation and the methodology: Author has used a data from 20 case studies and has conducted some 120 interview from the period of 2006 to 2010.Semi structured interviews were the prime tool for the data collection. The potential value creation for the foresight activities are compiled in the following table
Group Potential Value Contribution Description
Trigger Response 1. Identify relevant external change
7. Trigger new innovation initiatives
9. Challenge innovation development to ensure state-of-the-art Based on a continuous scanning of the
environment, the corporate foresight
activity ensures that the firm responds
adequately to meet threats and grasp
Start and facilitate
strategic discussions to
enable strategic change
2. Challenge and change existing
3. Moderate strategic discussions
4. Promote participation
8. Support breaking away from
path dependency The corporate foresight activity motivates,
orchestrates, and drives strategic discussions
that—through active participation of relevant
internal stakeholders—lay the foundation for strategic corporate change.
Identify and support
acquisition of needed
strategic resources 1. Search resources
2. Decide on development or
acquisition of resources The corporate foresight activity identifies
resources that are needed to generate a competitive advantage in changed
environments and support their acquisition
The author has concluded the article in two views, a practitioner’s view and a researcher’s view. From both the views the examples and the empirical evidences suggest foresight activities to be a very good investment for the organization. But the dilemma of time of the research activity remains. Through the case discussion it is concluded that the corporate foresight activity can result in
• Identify relevant change
• Trigger innovation initiatives
• Challenge innovation development
• Contribute to overcoming dominant mental models
• Moderate strategic discussions
• Support the breaking away from path dependency
• Support the search, development, and acquisition of strategic resources through scouting networks, etc.
From a researcher’s point of view the author has suggested a linking of foresight activity to the knowledge pool of the organization (may it be strategic body) and has ended with a long standing research question; how can firms become future-oriented?
The author has found out main four success criteria for corporate...