Strategic Foresight and Firm Performance: A Review of Literature

Abstract

Firms are always looking for ways to improve their performance. The winning card can be held by those who seek to innovate, accomplish, and maintain performance. As a result, understanding and evaluating firm performance in a continually changing environment is crucial. As a result, management teams and scholars have always been interested in evaluating firm performance. Strategic foresight capability plays a vital role in generating and developing new ideas, as well as managing future issues, according to the belief that strategic foresight is critical for survival and success in business. Environmental scanning, strategic selection capability, network ties, and integrating capability are some of the relevant bits and pieces that can be used to construct a coherent image of the future that management should identify and pick. Firms typically scan the environment to comprehend external sources of change and, as a result, design effective actions that will secure or strengthen their future position. The operations in the Firm that deal with discovering an optimum option for change in the Firm's performance are referred to as strategic selection. Firms in business-to-business markets must design methods for interacting with both customers and suppliers inside the business network, and network relationships have major significance for them. Integrating capability is critical for disseminating, reproducing, and preserving information throughout the organization. The objective of the study was to look at the influence of strategic foresight on firm performance. A conceptual framework was created that can be used to evaluate strategic foresight based on strategic orientation. Strategic foresight and Firm performance are the two constructs.