Corporate Foresight in Multinational Business Strategies
The paper explores corporate foresight as a new important tool within the strategic management system of multinational corporations (MNCs). The author directly connects the recent rise of corporate foresight with MNCs’ growing need to fill the gaps in traditional corporate strategic management, whi...
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| Format: | Article |
| Language: | English |
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National Research University Higher School of Economics
2017-03-01
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| Series: | Foresight and STI Governance |
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| Online Access: | https://foresight-journal.hse.ru/article/view/19336 |
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| author | Alexey Bereznoy |
| author_facet | Alexey Bereznoy |
| author_sort | Alexey Bereznoy |
| collection | DOAJ |
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The paper explores corporate foresight as a new important tool within the strategic management system of multinational corporations (MNCs). The author directly connects the recent rise of corporate foresight with MNCs’ growing need to fill the gaps in traditional corporate strategic management, which struggles with the challenges of today’s global turbulent business-environment (known as VUCA world characterised by unprecedented volatility, uncertainty, complexity and ambiguity). From this perspective, corporate foresight is capable of providing a number of viable responses. They include the significant expansion of the horizon of MNCs’ long-term future vision, enhanced capabilities of business-environment scanning (identifying not only clearly visible trends but the so-called weak signals as well) and strengthening intra-firm communications over the course of the strategy development process, thus contributing to the implementation capacity of multinational corporate team. Within the analysis of the actual corporate foresight practices of major multinationals, special attention is paid to the common features of foresight organization (standard process phases, the typical set of methods used) and peculiarities related mainly to different MNCs’ sector-specific environment characteristics, including the complexity and dynamics of change. An attempt is also made to describe the actual impact of corporate foresight activities on the effectiveness of the key functions of MNCs’ strategic management. The author draws the conclusion that corporate foresight is becoming a core element of the strategic management architecture of multinational businesses, striving to protect and strengthen its global market positioning in an increasingly turbulent and unpredictable environment. For MNCs’ top management, trying to find the right strategic course in a radically changing competitive landscape, this powerful tool is increasingly playing the same role as a GPS navigator for car drivers lost in an unfamiliar city.
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| format | Article |
| id | doaj-art-43c52cc6b7bb42dfa0fdd5bd5d24a61d |
| institution | Matheson Library |
| issn | 2500-2597 |
| language | English |
| publishDate | 2017-03-01 |
| publisher | National Research University Higher School of Economics |
| record_format | Article |
| series | Foresight and STI Governance |
| spelling | doaj-art-43c52cc6b7bb42dfa0fdd5bd5d24a61d2025-07-11T11:28:31ZengNational Research University Higher School of EconomicsForesight and STI Governance2500-25972017-03-0111110.17323/2500-2597.2017.1.9.22.Corporate Foresight in Multinational Business StrategiesAlexey Bereznoy0HSE University The paper explores corporate foresight as a new important tool within the strategic management system of multinational corporations (MNCs). The author directly connects the recent rise of corporate foresight with MNCs’ growing need to fill the gaps in traditional corporate strategic management, which struggles with the challenges of today’s global turbulent business-environment (known as VUCA world characterised by unprecedented volatility, uncertainty, complexity and ambiguity). From this perspective, corporate foresight is capable of providing a number of viable responses. They include the significant expansion of the horizon of MNCs’ long-term future vision, enhanced capabilities of business-environment scanning (identifying not only clearly visible trends but the so-called weak signals as well) and strengthening intra-firm communications over the course of the strategy development process, thus contributing to the implementation capacity of multinational corporate team. Within the analysis of the actual corporate foresight practices of major multinationals, special attention is paid to the common features of foresight organization (standard process phases, the typical set of methods used) and peculiarities related mainly to different MNCs’ sector-specific environment characteristics, including the complexity and dynamics of change. An attempt is also made to describe the actual impact of corporate foresight activities on the effectiveness of the key functions of MNCs’ strategic management. The author draws the conclusion that corporate foresight is becoming a core element of the strategic management architecture of multinational businesses, striving to protect and strengthen its global market positioning in an increasingly turbulent and unpredictable environment. For MNCs’ top management, trying to find the right strategic course in a radically changing competitive landscape, this powerful tool is increasingly playing the same role as a GPS navigator for car drivers lost in an unfamiliar city. https://foresight-journal.hse.ru/article/view/19336Corporate Foresightweak signalsmultinational corporationscorporate strategic managementturbulent global environmentstrategic positioning in global markets |
| spellingShingle | Alexey Bereznoy Corporate Foresight in Multinational Business Strategies Foresight and STI Governance Corporate Foresight weak signals multinational corporations corporate strategic management turbulent global environment strategic positioning in global markets |
| title | Corporate Foresight in Multinational Business Strategies |
| title_full | Corporate Foresight in Multinational Business Strategies |
| title_fullStr | Corporate Foresight in Multinational Business Strategies |
| title_full_unstemmed | Corporate Foresight in Multinational Business Strategies |
| title_short | Corporate Foresight in Multinational Business Strategies |
| title_sort | corporate foresight in multinational business strategies |
| topic | Corporate Foresight weak signals multinational corporations corporate strategic management turbulent global environment strategic positioning in global markets |
| url | https://foresight-journal.hse.ru/article/view/19336 |
| work_keys_str_mv | AT alexeybereznoy corporateforesightinmultinationalbusinessstrategies |