Do internal foresight activities add value to decision-making? Insights from an empirical investigation

Abstract

In a large empirical investigation of 400 managers in large U.S. and European corporations, we shed light on the effects of internal strategic foresight activities for decision-making, asking whether and how firms’ internal foresight activities add value to their decision-making. Enabling and supporting strategy conversations is conceptualized here as a central activity of strategic foresight. Our empirical investigation demonstrates that internal foresight activities have a significant and positive effect on strategy conversations within a firm. Against the assumptions of previous research, however, we cannot confirm the positive influence of strategy conversations in general on challenging the status quo in a firm or the overall helpfulness of strategic foresight activities in the context of decision-making. Future research should delve deeper into organizational studies to gain a more nuanced understanding of the processes and factors influencing future-oriented decision-making, as well as identifying key enablers that facilitate these decisions.