Corporate foresight in light of the COVID‐19 pandemic—The crisis as a driver?

Abstract

Our study emphasizes the evolving nature and increasing relevance of corporate foresight (CF) in a volatile, uncertain, complex, and ambiguous world. This research, therefore, contributes to the foresight literature, concerned with the antecedents and motivators of CF as it investigates how external events that are characterized by great uncertainty influence the CF practice of large companies. On the example of the COVID‐19 pandemic and based on a study of 25 interviews, this empirical research reveals that such events provoke an intensified engagement with the future within companies as implied by a greater resource commitment and interest in foresight. Thereby, CF and especially the development of multiple future scenarios, are considered helpful in countering uncertainty and facilitating responsiveness.