A cookbook for predicting the future: Introduction of foresight tools

Here we define foresight as a view forward or exploring alternatives for the future. The current global business environment is ever-changing, and new technologies, innovations, threats and opportunities emerge continuously. Early identification of discontinuities can prevent companies from losing ground in this competitive environment. Thus, many companies have already started to prepare better for the future by initiating foresight practices. Foresight requires futureoriented awareness and planning that enable businesses to respond quickly to future threats and opportunities in the market. Foresight is a necessity for companies aiming to survive as the world around them is changing. Foresight is an activity that guides a company to: I. actively scan the environment, identifying trends in consumer and customer behaviour, industrial trends, disruptions, emerging technologies, competitors, clients' needs, wild cards and weak signals. II. interpret the identified signals and find opportunities and threats. III. prospect the opportunities and threats and evaluate options for decision-making. These options may be incremental innovations around an existing product or service or radical innovations with a new product, service or even customer.