Managing Foresight for Innovation

In: Business and Management

Submitted By linabakker
Words 6243
Pages 25
Managing Foresight for Innovation in Large Firms Lina Bakker & Linn Johansson

Summary
Corporate foresight has the potential to create competitive advantage by providing strategic orientation and supporting future insights. As humans we apply foresight every day by anticipating the future and preparing for it. Yet, in a corporate context the concept has been much less explored. There is a lack of research covering how to organise for foresight, particularly in an innovation setting. The purpose of this study was therefore to examine how large companies can manage foresight. This was investigated in a qualitative research with the means of multiple case studies and expert consultation. The findings of this study show that managing and organising for foresight in large firms can be done on the basis of two approaches, formal or informal. This is based on theory and has been extended and modified in this study. The formal approach builds on structure and processes whereas the informal approach is based on the corporate culture. Which approach is more suitable depends on the existing structures and culture in place, as well as the desired outcome of foresight.

1 Introduction
Today’s business environment is defined by rapidly changing technology and intense competition, in which innovation has become a critical success factor to sustain competitive advantage. More and more companies are searching for strategic orientation and feel the need to support more future insights to win the innovation race[1]. Large companies in particular face challenges of high rate of change, ignorance and inertia when trying to cope with changes in the environment, which reduce the ability to successfully identify changes. Innovation management plays an important role here in generating and developing ideas to manage the challenges of the future[2]. However, an idea only becomes an…...

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