Foresight and Strategic Thinking Enabling Valuable Strategy

Luke Laan and Janson Yap
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Luke Laan: University of Southern Queensland
Janson Yap: Deloitte (Southeast Asia and Asia-Pacific)

Chapter 5 in Foresight & Strategy in the Asia Pacific Region, 2016, pp 91-107 from Springer

Abstract: Abstract Contrary to the common belief that foresight and strategic thinking are similar or even the same, it is increasingly acknowledged that they are distinctly different concepts. It is suggested that by being able to differentiate foresight and strategic thinking as academically recognized preconditions for effective strategy, and identify what the important dimensions of these forms of thinking are, we are able to predict more accurately what inputs into strategy lead to success. Although much has been written about foresight and strategic thinking, and their link to strategic leadership, there is a lack of empirical research related to these concepts and how they interact in making strategy. Foresight is an innate human cognitive ability. The way in which foresight is used by leaders differs according to context and their dominant predispositions. Styles of foresight, not mutually exclusive, are adopted by humans whenever they are required to engage the future. Strategic thinking is a task. It is a cognitive function that necessarily precedes strategy formulation. Its purpose is to develop organizationally useful direction and proposed actions based on the intention to achieve a desired viable future (short, medium or long-term). The definitions and application of foresight and strategic thinking are conceptualised. The similarities and differences between the two concepts are investigated and presented. The concept of strategic foresight is also discussed in relation to the distinct concepts of foresight and strategic thinking.

Keywords: ForesightForesight; Strategic thinkingStrategic thinking; Strategic foresightStrategic foresight; DefinitionDefinition; SimilaritiesSimilarities; DifferencesDifferences; StrategyStrategy (search for similar items in EconPapers)
Date: 2016
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DOI: 10.1007/978-981-287-597-6_5

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