Exploring the Functions and Applications of Organizational Foresight Programs

As far as we know, nobody can predict the future. And yet, the quality of our personal and professional existence is reliant, at least in part, on our ability to perceive and plan for the future on a regular basis. In some way or another, everyone must at some point draw on their must draw on their ability to perceive and plan for the future—whether it is an hour, day, month, year, or decades ahead. Of course, not only does this impact everyone on a personal level, it also impacts us on an organizational level as well. Informally, organizations are likely to have acquired or developed some form of foresight acumen within their own existing pool of talent. Some corporations, however, have established more formal foresight programs in order to aid them in their strategy development and to inform their decision-making. This paper is more concerned with the latter, exploring two key questions: What are the formal functions typically attributed to corporate foresight programs? What evidence, if any, is there regarding whether or not any of these functions enhance the innovative capacity of the organizations within which they have been employed