Why do Scandinavian companies need data driven business strategy in next decade

Data is important for any organization and the organization must be able to identify and manage all sources of data for achieving a competitive advantage in business. For this reason, marketers are turning to data-driven strategies to understand their customers.

Nordic organizations had embarked on digital transformation journey several years ago with the purpose of digitalising business models and transforming the customer experiences. However, 2019 IDC Nordic report revealed that Nordic companies are significantly behind their global counterparts.

Most Nordic organizations are still in the early stage of their digital transformation roadmap. Customers expectations have evolved and to remain relevant and competent to customers, organizations are now leaning on AI and analytics to automate their processes.

This creates volumes of data that “continue to grow at 25-30% annually”. A big chunk of captured data is not fit for analysis and not relevant for making business decisions. This also leads to issues of data security, classification, and compliance. To keep up with the competition, and to transform the business the companies will need to implement proper data management systems integrated with their IT processes, business partners and customers.

Nordics spent $2.4 billions in 2019 on application development, $6.8 billion on application software and $9 billion on implementation services. It is forecasted to rise with 8% annually in the next five years. IT is at the very core of Digital transformation. And it is forecasted that 50% of Nordic organizations will have digitally transformed by 2025 improving productivity by 25%.

Scandinavian businesses know that the key to influencing a customer is to reach them at the right time and provide them with personalized and timely interactions. A fully integrated data-driven database solution allows marketers to collect information on customers that drives sales and ROI.

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