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Corporate foresight: An emerging field with a rich tradition

TLDR
Corporate foresight is defined as a practice that permits an organization to lay the foundation for a future competitive advantage as discussed by the authors, and it has been studied extensively in the literature, including the field of finance.
About
This article is published in Technological Forecasting and Social Change.The article was published on 2015-12-01 and is currently open access. It has received 190 citations till now. The article focuses on the topics: Futures studies.

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The path-to-purchase is paved with digital opportunities: An inventory of shopper-oriented retail technologies

TL;DR: In this article, the authors present an encompassing inventory of retail technologies resulting from a systematic screening of three secondary data sources, over 2008-2016: (1) the academic marketing literature, (2) retailing related scientific ICT publications, and (3) business practices.
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Cultivating business model agility through focused capabilities: a multiple case study

TL;DR: It is argued that successful companies nurture specific capabilities in order to act proactively and to reach strategic agility and direct these to specific key elements of the business model (building blocks), thus enabling the renewing of the entire business model.
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Corporate Foresight and its Impact on Firm Performance: A Longitudinal Analysis

TL;DR: In this paper, the authors developed a model that judges a firm's future preparedness by assessing the need for corporate foresight (CF) and comparing it to the maturity of its CF practices.
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The nature of strategic foresight research: A systematic literature review

TL;DR: This article conducted a systematic literature review searching two library databases, Business Source Complete and ScienceDirect, for scientific articles related to the topic of strategic foresight in the context of the organization.
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Level 5 autonomy: The new face of disruption in road transport

TL;DR: In this article, the authors examined the early stages of the AV transition within the EU automotive industry and assessed the major policy challenges that face industry regulators tasked with underwriting this radical and dynamic transition to autonomous driving.
References
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Dynamic capabilities and strategic management

TL;DR: The dynamic capabilities framework as mentioned in this paper analyzes the sources and methods of wealth creation and capture by private enterprise firms operating in environments of rapid technological change, and suggests that private wealth creation in regimes of rapid technology change depends in large measure on honing intemal technological, organizational, and managerial processes inside the firm.
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Dynamic capabilities, what are they?

TL;DR: Seeks to present a better understanding of dynamic capabilities and the resource-based view of the firm to help managers build using these dynamic capabilities.
Journal ArticleDOI

Explicating dynamic capabilities: the nature and microfoundations of (sustainable) enterprise performance

TL;DR: In this paper, the authors draw on the social and behavioral sciences in an endeavor to specify the nature and microfoundations of the capabilities necessary to sustain superior enterprise performance in an open economy with rapid innovation and globally dispersed sources of invention, innovation, and manufacturing capability.
Related Papers (5)
Frequently Asked Questions (10)
Q1. What is the importance of actively working towards securing a future competitive advantage?

Whilewe agreewith the importance of activelyworking towards securing a future competitive advantage, the authors believe that the exclusive focus on novel strategic resources could be diverting the attention away from more powerful competitive mechanisms. 

Berger emphasized the need to include the decision-makers into this collaborative thinking, as he believed that failing to include them in the process, will result in the failure to trigger meaningful decisions, let alone engage in meaningful collective actions. 

The authors see three theoretical launching platforms for such research:• Managerial cognition, which emphasizes the role of the individual and group cognition in shaping perception and influencing decisionmaking (Hodgkinson and Clarke, 2007). 

Authors conceptualize corporate foresight as an ability to alter individual or group cognition in particular through organizational practices. 

More importantly however, corporate foresight systems faced the demand to create continuous scanning and interpretation approaches (Slaughter, 1990; Brockhoff, 1991). 

In such environments, firms can either focus on maximizing flexibility and responsiveness, or acquire new capabilities to proactively build a future competitive advantage. 

It can be a catalyst, which integrates theoretical foundations from general management theory and the latest empirical evidence from strategic-foresight-related research, and boosts knowledge creation about how organizations can strive in their uncertain and hypercompetitive environments. 

This rapid growth has also resulted in some key challenges for the future development of the research stream, including:• Ambiguous terminologies. 

Their main objective for editing this Special Issue and writing this introductory article was to clarify terminology and to provide a platform to catalyse the academic debate within the corporate foresight research stream. 

in other public-private domains such as theplanning of armament as documented in Wiegand et al., strategic foresight approaches have been found to enhance and facilitate planning (Weigand et al., 2014).