Using corporate foresight to enhance strategic management practices

Abstract

Abstract The ever-increasing environmental complexity makes strategizing a difficult multidimensional task. In this paper, we conducted a corporate foresight case study in an SME in packaging industry in Iran. The case study offers a detailed procedure of implementing corporate foresight (CF) and how it can reshape traditional strategic planning. A multimethodological approach was taken in this case study. Once an intraorganizational team in studied company was formed, archival document analysis, PESTEL and weak signal analysis, importance/uncertainty matrix, cross-impact balanced (CIB) analysis, scenario construction, wind tunneling, robust decision-making, and premortem session were used to create foresight intelligence. This paper presents a detailed description of how CF can be linked to conventional strategizing and reshape it. Key variables, driving forces, critical uncertainties, and 4 plausible scenarios are presented. The case study illustrates that as alternative realities challenged the foresight teams ingrained presuppositions, they found the dialectic between “weight of history” and “pull of future” both revelatory and indigestible. The CF intervention illuminated the fragility of preexisting strategic objectives, the implicit optimism bias underlying them, and an overflowing-plate syndrome of formulating too many strategic objectives. Consequently, studied company decided to revisit their strategic objectives, prepare a contingency plan for worst-case scenarios, and begin developing a crisis-ready culture. The comprehensive case study demonstrates how CF can enhance and contradict traditional strategizing, presents a rich know-how of added value of scenarios, and provides some subtleties and complexities of CF interventions.

Keywords

• Corporate foresight
• Strategy
• Scenario thinking
• Strategic planning