Anticipating tomorrow: The role of corporate foresight and prospective sensemaking in managing digital changes by established organizations

Abstract

In the digital era, established organizations face significant challenges in adapting to unfolding changes. This study explores the reciprocal relationship between prospective sensemaking and corporate foresight within a large European bank engaged in digital transformation through its corporate accelerator program. By employing a qualitative single-case study design, this research explores how an established organization interprets and responds to digital changes, fostering innovation, and strategic flexibility. Data were collected through 38 semi-structured interviews with top and middle managers from the bank, its corporate accelerators, and the startups they support. Our findings reveal that environmental scanning, making sense of the future, and reflexive influencing support the development of corporate foresight capabilities, which in turn facilitate organizational adaptation to digital changes. The study also highlights the crucial role of corporate accelerators as strategic tools in navigating the complexities of digital transformation, emphasizing the importance of an innovative culture for maintaining competitiveness.