The Role of Strategic Foresight on Dynamic Capabilities

Purpose: Strategic Foresight (SF) is required for an organization in facing Uncertainty, Complexity and Ambiguity environment to maintain relevant in future. Recently, researchers have argued that strategic planning (SP) can be considered a dynamic capability (DC) in organizations. Thus the purpose of this Paper is investigate the role of Strategic Foresight on Dynamic Capabilities of firms.Methodology: This theoretical effort presents a brief review and argues that Strategic Foresight is one of the micro-foundations of Dynamic Capabilities because it supports the seizing and continuous alignment of assets and resources. Under this perspective, SF has a role in the development and implementation of all organizational DCs and is not restricted to a DC specifically.Findings: The results show that strategic foresight is effective in creating dynamic capabilities.Originality/Value: Although scholars generally agree that companies require dynamic capabilities to flexibly respond to and shape uncertain environments, only little empirical research has been conducted on the factors that facilitate the development of these capabilities. This study addresses this gap and introduces strategic foresight as an important antecedent of firms’ dynamic capabilities.

Keywords:

Strategic Foresight (SF) , Dynamic Capabilities , Oil , Gas & Petrochemical Sector