Purpose: This study aims to identify the evolution of the field of corporate foresight over the last decade and its association with the theme of intellectual capital to capture factors that aid organizations succeed in the long term. Originality/value: When it refers to foresight and resource-based management, the effect of dynamic capabilities on intangible assets has already been discussed, but there has been no direct mention of futures studies and intellectual capital. Method: A systematic literature review was performed to investigate works published on the Web of Science database between January 2015 and June 2024. Results: The relationship with intellectual capital was predominant in structural capital factors of product and process innovations, advanced technologies and management tools. Besides that, anticipatory studies about human and relational capital factors seemed to be relevant for decision-making in future. Conclusions: This study demonstrated that through corporate foresight analysis it was possible to identify the changes needed to improve key intellectual capital factors that can be responsible for differentiating products and services in the market in terms of innovation and competitive advantage.

Predictive analytics is redefining how organizations interpret complex market dynamics and execute strategic decisions. The convergence of big data, advanced analytics, and machine learning (ML) enables firms to transform raw market signals into actionable growth strategies. This study explores how predictive analytics contributes to strategic decision-making by integrating machine learning models into corporate foresight and execution systems. Using simulated data and model-based illustrations, the paper demonstrates how predictive algorithms such as regression analysis, clustering, and neural networks can forecast demand, identify emerging market opportunities, and enhance strategic agility. The findings suggest that organizations applying predictive analytics within decision architectures achieve measurable improvements in market responsiveness, forecasting accuracy, and growth realization. The research proposes a framework linking data-driven foresight to strategic execution, offering implications for corporate leaders seeking to operationalize analytics-driven strategy in volatile business environments.

OVERVIEW: This study explores the integration of generative artificial intelligence (gen AI)—specifically ChatGPT—into corporate foresight practices, focusing on how its use influences scenario generation and strategic thinking. Using a combination of critical discourse analysis and content analysis, we identify three distinct ways innovation managers engage with ChatGPT: full delegation, confirmation of beliefs, and information retrieval for cognitive support. Our findings reveal how these different interactions affect the depth and diversity of foresight exercises, influencing whether gen AI challenges or reinforces existing assumptions. This study contributes to the foresight literature by illustrating that gen AI’s role in creative processes is contingent on user interaction. We provide managerial insights on how to leverage gen AI to enhance strategic imagination while promoting critical evaluation, ultimately supporting more balanced and reflective future-oriented decision-making.

OVERVIEW: Due to uncertain contexts, organizations struggle to foresee innovation opportunities that are plausible and desirable to society and the environment. Speculative design, with its ability to leverage artifacts to spark discourse, can complement corporate foresight approaches to envision plausible and desirable futures. A case study of two global design studios unveils a three-step process to foresee and design futures (augmenting, reflecting, and redirecting), and unpacks six roles of speculative artifacts within the process. The study findings provide effective levers for practitioners willing to manage speculative projects.

Abstract Case studies developed in real settings are essential to generate insights into Corporate Foresight research, as they provide evidence of the relevance of foresight approaches in practical contexts while inspiring new approaches and applications. Proper reporting of methods used in case study publications is necessary to communicate the results' validity, enable studies' replicability, and learn from practice. A key component of case studies in Corporate Foresight is the design and implementation of participation. Aiming to show how participation has been utilized in the Corporate Foresight field, this study presents a systematic literature review that examines the participatory component of Corporate Foresight case studies published between 2003 and 2023. The review was designed to inform about which contexts have case studies been applied to and which decisions have been supported; which participatory processes and methods have been adopted over time, and whether new processes and methods are being used and shaped by emerging technologies; and whether participatory processes and methods have been documented to enable study replicability and an understanding of participatory processes. For this later purpose, we built a taxonomy to enable analysis of the level of documentation of participation in the reviewed case studies. Results show (i) literature is diverse and growing, but the application of participatory methods is often limited to traditional setups; (ii) few case studies comprehensively describe their participatory component, revealing significant gaps in the documentation required to understand how and why it was designed and implemented. An integrative review helped understand the reasons for these findings and make a case for improving the documentation of participation and exploring the use of novel technologies in Corporate Foresight research. We propose guidelines to help future researchers better document their case studies, enable research replicability, and generate more insights and learnings for future studies.

Four archetypes of organizing corporate foresight at the intermediate maturity stage: A multiple case study

ABSTRACTA highly uncertain and complex operating environment with numerous sustainability challenges creates pressure on companies and other societal actors to renew their practices and business models. Practicing corporate foresight, that is, applying foresight methods in strategic decision‐making, together with a futures‐conscious mindset, can help diverse companies to maintain their competitive advantage. Companies' dynamic capabilities on foresight and futures consciousness can facilitate sensing unexpected events, seizing emerging opportunities, and reconfiguring their business models and strategies to respond to changes in the operating environment. This study explored the foresight‐related dynamic capabilities of small and medium‐sized enterprises (SMEs) in the Finnish forest‐based bioeconomy. A mixed methods approach was followed in which data were collected from Finnish SMEs using semi‐structured interviews and an online questionnaire. The data were analyzed using interpretive content analysis and descriptive statistics. The findings suggest that the included Finnish forest‐based bioeconomy SMEs do have the capability to sense and seize opportunities within the changing operating environment. However, the managements' perceptions emphasize short‐term operational planning of their activities occurring in a rather closed and predictable environment. There were only limited indications of the capability to reconfigure business models in a futures‐conscious way. Thus, it can be suggested that nurturing a more open mindset toward alternative future pathways, recognizing how company actions impact other actors and the operating environment, and utilizing foresight‐generated knowledge in strategic planning and decision‐making can provide opportunities to create new sources of sustainable competitive advantage.

This study aimed to empirically investigate resource-based and dynamic capability theories in startup failures, categorize factors that contributed to failures, and study the gender effect on startup failure. Data consists of 40 information and communication technology startups in the voluntary liquidation phase. The questionnaire technique was developed based on SHELL model. Research questions were investigated using principal component analysis, Ward’s hierarchical cluster, and cross-table analysis. The main identified groups of startup failure factors are mostly dynamic capabilities, supporting dynamic capability over a resource-based view. The lack of dynamic capabilities is clearly identifiable in one subgroup of failed startups. The relevance of some failure factors changes with the life cycle of startups. This study found a positive relationship between the presence of female founders and the startup survival. Besides, it highlights the importance of innovation and corporate foresight training programs, mentorship access, and the need to strengthen project screening standards by focusing more on dynamic capabilities. This study underpins the necessity to develop policies easing the gender gap. These would improve the efficiency of the startup ecosystem and entail positive social effects.

Correction: Corporate Foresight: Navigating Uncertainty in a VUCA World

Corporate Foresight: Navigating Uncertainty in a VUCA World

Purpose: Most businesses find it to be a challenging task to maintain positive performance always, especially in these current phases of economic meltdown. Therefore, organizations that might survive in this kind of situations are organizations that are flexible, responsive, and dynamic. These features are associated with organizations that are agile coined as Strategic Agility (SA). Overall, the study aimed to assess the impact of implementing strategic agility practices by deposit-taking SACCOS in Nairobi County on their performance. Precisely, the study examined the impact of resource fluidity, corporate governance dimensions and corporate foresight on performance of the Saccos. Methodology: In this research, the theoretical review focused on three theories; socio-technical systems theory, the dynamic capability theory, and the agency theory. The research was descriptive in design and population was drawn from the 57-deposit taking Saccos in Nairobi County. The study included 196 staff members as the total population. Findings: The findings were organized using frequencies, percentages, mean, and standard deviation. Regression analysis assessed the statistical significance of the relationship between specific strategic agility practices and performance among deposit-taking SACCOS in Kenya. The study showed that although resource agility and performance had a favorable relationship, the effect was not statistically significant. The second objective's results showed that corporate governance had a favorable, but statistically negligible, impact on SACCO performance. The study's findings also showed that corporate foresight significantly and favorably affected SACCO performance. Finally, the study demonstrated that inventive capability had a favorable and noteworthy impact on SACCO performance. Unique Contribution to Theory, Practice and Policy: The study also recommended improving planning and communication strategies, particularly when making substantive changes to the organizational culture since clear communication can minimize resistance and ensure smoother transitions. The study further recommended that Saccos should maintain and enhance routine engagements with regulators to identify and address gaps in corporate governance practices which can lead to more robust governance frameworks.

Exploring individual foresight: Implications for organizational learning and innovation in firms

Abstract Corporate foresight (CF) can be considered a future‐oriented capability that incorporates perceiving and prospecting. Extant CF‐related studies tackle the CF−innovation relationship but do not provide details on how CF relates to innovation climate. As we assume that the innovation climate of companies is a relevant antecedent to innovation, we conduct a quantitative empirical study with 147 upper‐tier managers to investigate how CF and the respective training of managers relate to a corporate's innovation climate. Results show that strong perceiving and prospecting positively influence the innovation climate, whereby prospecting is of particular importance. Further, we find that training managers in future‐oriented capabilities is only under certain circumstances (i.e., low prospecting) beneficial to the innovation climate in companies.

Small and medium-sized enterprises (SMEs) are the backbone of many economies. In today's world of VUCA (Volatility, Uncertainty, Complexity, Ambiguity), SMEs face diverse challenges to survive and stay competitive. SMEs must prepare themselves for these challenges by practicing foresight. However, foresight, and especially corporate foresight, has been conceptualized and researched in the context of large corporations. Applying foresight in SMEs is therefore complicated by the question of how to implement foresight in the context of SMEs given their specific requirements and limitations. This article provides an overview on the literature on the application of foresight in SMEs is, along with a summary of the extent to which SMEs conduct foresight from an organizational and individual perspective. Besides offering a compendium on the state of foresight in SMEs, a research agenda is formulated, incorporating the idea of a toolbox tailored to SMEs based on existing approaches and prior works.

Abstract Corporate foresight involves strategically exploring multiple potential futures and serves as a tool to guide organizational decision‐making processes. Despite its significance, a predominant focus on immediate, short‐term issues often characterizes the operational mindset of many companies. As a result, companies frequently encounter challenges in achieving organizational ambidexterity—the ability to balance and leverage both the exploitation of current capabilities and the exploration of new opportunities in the future. In this paper, we propose a theoretical investigation of corporate foresight. We develop a conceptual framework that delineates different relationships between corporate foresight and organizational ambidexterity, providing a structured approach to understand how these concepts interact and influence each other. Our framework proposes three ways corporate foresight can significantly enhance ambidexterity within organizations. First, corporate foresight can be pivotal in identifying and analyzing future trends and disruptions, which can inform strategic decision‐making. Secondly, corporate foresight can better align an organization's long‐term strategic goals and short‐term operational objectives, thus enhancing ambidexterity. Finally, corporate foresight can bridge different organizational units, promoting collaboration and knowledge sharing, aiding in developing a holistic approach to strategic planning that encompasses daily operational excellence and future‐oriented strategic posture.

Abstract Our study emphasizes the evolving nature and increasing relevance of corporate foresight (CF) in a volatile, uncertain, complex, and ambiguous world. This research, therefore, contributes to the foresight literature, concerned with the antecedents and motivators of CF as it investigates how external events that are characterized by great uncertainty influence the CF practice of large companies. On the example of the COVID‐19 pandemic and based on a study of 25 interviews, this empirical research reveals that such events provoke an intensified engagement with the future within companies as implied by a greater resource commitment and interest in foresight. Thereby, CF and especially the development of multiple future scenarios, are considered helpful in countering uncertainty and facilitating responsiveness.

This study analyses the work between a global dairy company and a corporate foresight consultancy over a four-year, three-project span. It evaluates the development of two primary futures skills: anticipation and cognitive flexibility, and their impact on decision-making. This study was conducted by employing a thematic analysis of semi-structured interviews with company personnel involved in these projects. The interviews covered the participants’ experiences, the use of the selected futures skills, and the impact on decision-making. The interviews were coded, and emergent themes were identified and refined. While there were no direct changes to decisions because of the projects, the futures work has influenced the participants’ futures skills, namely anticipation and cognitive flexibility. This influence, in turn, had a discernible impact on their decision-making processes and the company’s decision-making culture.

During the last decade, low-cost airlines have dominated the European air transport market. The low-cost airline industry is expected to grow at a compound annual growth rate (CAGR) of more than thirteen percent from 2022 to 2027. In this study, we conducted a comparative case study analysis to analyse and compare the entrepreneurial behaviour of two of the most prominent players in the airline industry (Ryanair and Wizz Air). For example, our first research framework was used to examine how Ryanair and Wizz Air applied entrepreneurial behaviours (innovativeness, proactiveness, and risk-taking) to respond to changes due to Brexit and the Covid-19 pandemic. According to the results from the study’s first framework and second framework (the process of foresight), Wizz Air responded more innovatively and proactively to the changes caused by Brexit and the Covid-19 pandemic. Lastly, this study found that in comparison with Ryanair, Wizz Air was able to adapt its business model more efficiently to changes in its external environment.

Abstract Urban living is changing. Citizens explore new lifestyles in practice and envision alternative urban futures. Companies, as significant stakeholders in cities, are building urban infrastructure and serving citizens' needs. To succeed in the future, companies must be able to navigate the complexity and diversity of evolving cities. However, former corporate foresight research on cities is sparse. This participatory corporate foresight study examines city life in 2040 by engaging a group of London citizens with a lead user profile. A qualitative multimethod approach, consisting of online diaries, a futures imagining workshop, and in‐depth interviews, explores citizens' images of the future and lifestyle changes. The lifestyle adjustments experienced during the COVID‐19 pandemic period have acted as a catalyst for novel personal and communal futures. The broad range of visions included both continuity and discontinuity, with a moderately optimistic undertone, and featured communal, infrastructural, ecological, and technological aspects of life. These visions emphasized sustainability in multiple areas of life and demonstrated the dynamic relationship of the past, present, and future. The methodological contribution of this paper lies in its multimethod approach, which enabled an agile collection of textual and audio‐visual datasets in both online and face‐to‐face contexts. This agility is particularly relevant in a corporate foresight context, where companies must balance efficiency, depth, and applicability while operating under resource constraints. The article also extends the lead user approach's use from individual products and services to the city environment and urban lifestyle in general.

Gaining future competitive advantage through corporate foresight value creation: A case study on local affiliate companies in ASEAN’s automotive industry