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Organizations are finding it more and more difficult to stay in balance with the pace of change. The continuous rise of business opportunities and the increase in global competition demands proactive knowledge management tools, new capabilities and an ability to renew and reconfigure existing capabilities. This paper presents a framework of the scenario process as a management tool for creating and sharing future‐oriented tacit knowledge in knowledge networks and describes how dynamic capabilities can be developed in view of future scenarios. The theoretical framework was tested in an inter‐industrial research project resulting in very promising findings about managing tacit, future‐oriented knowledge.

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