Corporate foresight

The capacity for a corporation to identify and assess future possibilities to improve decision-making. This tends to be done more systematically in larger corporations as an input to strategic planning with the board of directors, CEO’s office, and in large divisions. Popular methods include environmental scanning (for trends, forecasts, patents, competitive intelligence), scenario construction, and various forms of future-focused group meetings. The foresight of an organization comprises two major types of foresight: strategic foresight, which sets broad guidelines for long-term organizational activities, and managerial foresight, which aims to support change within the organization.