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Data-driven strategy ambitions and data strategy capabilities of Finnish companies

Data-driven strategy ambitions of Finnish companies

The role of data is acknowledged, but the necessary actions to utilize it are yet to be made. Read more from our study.

The role of data is acknowledged, but the actions to utilize it are yet to be made.

Data has quickly become one of the most important means of achieving a competitive advantage in business. In the digital world of today, data is the most valuable asset that companies possess in their efforts to provide customers with tailored offers and experiences.

Data is no longer a mere byproduct of business processes – it has become a critical asset that aids company decision-making. In the past, data strategies were all too often mainly technical exercises developed by companies’ IT organizations.

Today’s advanced analytics methods and solutions produce near-infinite possibilities for deriving value from data.

Today’s advanced analytics methods and solutions produce near-infinite possibilities for deriving value from data. Indeed, creating a business where data is leveraged to generate real value should be an essential goal of companies.

As we nowadays live in an “online world”, companies need to create a data-driven strategy that enables them to answer the following questions:

  • What data do we need to grow our business, as opposed to the data we need to run the organization?
  • What data will allow us to meet our strategic objectives?
  • What data do we need in order to measure the success of our actions?
  • What actions will we need to take in order to increase the value of our existing data?

The role of data is acknowledged, but the necessary actions to utilize it are yet to be made.

Thus, companies will also require a data strategy that defines the relevant data types, the ways in which the data is leveraged, the needed data tools, and the data storage and management principles and practices.

We therefore decided to investigate Finnish companies’ capabilities to define a data strategy and hence to build a foundation for a data-driven strategy. 

We wanted to know how and if Finnish companies have created data-driven strategies linked to key initiatives allowing their businesses to focus on what provides the most value for them. In particular, we wanted to investigate whether companies have established such strategies to identify opportunities for growth or for efficiency enhancement, or to eliminate or reduce the risks related to their businesses.

To the best of our knowledge, no similar study has yet been undertaken in Finland, and therefore our aim is to fill this gap. 

This study is based on interviews conducted with more than 80 respondents from 78 Finnish companies. They include listed and non-listed companies of varying sizes, having net sales between a few million and several billion euros.

We would like to thank all the participants for their time and for the insights they provided on the topic! 

More information

We have compiled the unique perspectives from our strategy experts into the regular GSG Insights to provide further insights around the strategy issues.