Corporate foresight : a structured literature review

Abstract

This review follows a structured approach to the literature search and analysis to understand how scholars have defined corporate foresight, distinguished it from other related concepts within close fields of study, which theoretical perspective they have followed to break down the construct, and their views on initiating corporate foresight. The findings portray corporate foresight as a relatively new concept within the organisational and management literature. As a result, corporate foresight appears to still have definitional and conceptual tensions within the reviewed literature. Varied theoretical frameworks are also explored to understand this construct. The studies dealing with the implementation of corporate foresight have the highest level of consensus within the literature. Scholars also agree on the methodological tools and techniques used in corporate foresight. Similarly, the literature also converges on the outcomes and success factors of corporate foresight efforts. The review concludes by exploring emergent themes and possible future research trajectories. Firstly, the unlearning concept from organisational learning theory provides an interesting perspective towards understanding corporate foresight. Future research could study corporate foresight as an unlearning practice. Secondly, social media platforms have grown significantly due to the rapid increase in technology and internet access. Future research can further establish social media analytics as a tool in corporate foresight. Lastly, corporate foresight in Small and Medium Enterprises and emerging markets is scarce. Future research should investigate this phenomenon within contexts other than those in developed Western contexts.