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Added: 11.04.2021
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To browse Academia. Skip to main content. Log In Sign Up. Download Free PDF. Book Review: Detecting Change.
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In our recent study we find, that Companies that strategically prepare themselves for the future outperform other companies — both in terms of profits and company value. However, very few companies actually prepare systematically for the future. Companies that recognise that the future might change the very foundation of their business, that prepare for it and change their course of action accordingly, are 33 per cent more profitable than companies on average.
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Corporate foresight has been conceptualised as a set of practices, a set of capabilities and an ability of a firm. It enables firms to detect discontinuous change early, interpret its consequences for the firm, and inform future courses of action to ensure the long-term survival and success of the company. There are three major challenges that make it difficult for organizations to respond to external change: [1]. In addition to the need to overcome the barriers to future orientation a need to build corporate foresight abilities might also come from:.
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