Strategic foresight is a planning-oriented discipline related to futures studies. In a business context, a more action-oriented approach has become well known as corporate foresight. [1]
Strategy is a high level plan to achieve one or more goals under conditions of uncertainty. [2] Strategic foresight happens when any planner uses scanned inputs, forecasts, alternative futures exploration, analysis and feedback to produce or alter plans and actions of the organization. [3] [4] Scenario planning plays a prominent role in strategic foresight.
Strategic planning always includes analysis, but it may or may not involve serious foresight on the way to developing a plan, or taking an action. A consideration of possible futures (alternative futures) and of probable futures (forecasts, predictions) is important to developing a preferred future (plan), even the simple mental plans made prior to taking an action. [5] It is the job of the strategic foresight professional to make sure appropriately diverse and relevant inputs, forecasts, and alternatives are considered in the analysis, decision making and planning processes, that plans are appropriately communicated and that when actions are taken, appropriate feedback occurs and after action reviews take place to improve the foresight process. [6]
Strategic foresight is a growing practice in corporate foresight in large companies. [7] Its use is also growing in government and non-profit organisations. [8] [9] In recent years, researchers and managers have also elaborated more on the links between foresight and innovation management. [10]
Strategic foresight can be practiced at multiple levels, including:
"To manage ones expectations according to what is most predictable,act within reason, time is the measure of the function of all things that can be considered equally as important." Curtis Carpenter. Aphorism.