Digitalization is reshaping businesses rapidly around the world. Digital transformation allows companies to gain access to new technologies, which transfer goods, services, production and distribution to an electronic format. This means new products and services for consumers, while also allowing companies to access new business models.
The level of digitalization is generally high in Finland. In particular, Finns rank high on digital readiness, broadband connectivity, usage of cloud computing services and competitiveness in a digital economy. Moreover, there is active cooperation between the public and private sectors, combined with a vibrant start-up scene. Finnish businesses have adjusted their business activities and strategy, but competition on a global scale requires change readiness from companies.
In recent years, large Finnish companies have recorded a double-digit growth in digital transformation investments. Based on survey results from 2020, 15 percent of companies operating in different industries were either investing or planning to invest in 5G technology within the next year. Regarding other new technologies, the Internet of Things (IoT) was used by 40 percent of companies to control or manage devices and systems in their business operations.
Internet usage is widespread in Finnish companies, especially those from the information and communication industry. In 2020, 96 percent of companies with at least ten employees had a website, while 75 percent were using cloud services. Although the majority of companies relied on public cloud services in their business operations, certain industries were more keen on using private cloud services. Another 2020 survey showed that e-mail services were the most common reason for the usage of private cloud services in business operations, followed by an option to save files and access to office software. Among small and medium-sized enterprises, the most relevant digital transformation needs were related to the development of digital marketing, communication and customer experience, while cloud migration or IT infrastructure renewal played a less important role.
The coronavirus (COVID-19) pandemic pushed companies to further assess their digital needs and the importance of cyber security is continuously growing. Employees made a quick shift to remote working in Finland during spring 2020, and many would like to continue working from home after the pandemic is over. However, the decentralized working model has brought new challenges regarding cyber security and digital transformation. As a result, a total of 80 percent of large Finnish companies agreed that this model of working has increased information and cyber security risks.
The level of digitalization is generally high in Finland. In particular, Finns rank high on digital readiness, broadband connectivity, usage of cloud computing services and competitiveness in a digital economy. Moreover, there is active cooperation between the public and private sectors, combined with a vibrant start-up scene. Finnish businesses have adjusted their business activities and strategy, but competition on a global scale requires change readiness from companies.
In recent years, large Finnish companies have recorded a double-digit growth in digital transformation investments. Based on survey results from 2020, 15 percent of companies operating in different industries were either investing or planning to invest in 5G technology within the next year. Regarding other new technologies, the Internet of Things (IoT) was used by 40 percent of companies to control or manage devices and systems in their business operations.
Internet usage is widespread in Finnish companies, especially those from the information and communication industry. In 2020, 96 percent of companies with at least ten employees had a website, while 75 percent were using cloud services. Although the majority of companies relied on public cloud services in their business operations, certain industries were more keen on using private cloud services. Another 2020 survey showed that e-mail services were the most common reason for the usage of private cloud services in business operations, followed by an option to save files and access to office software. Among small and medium-sized enterprises, the most relevant digital transformation needs were related to the development of digital marketing, communication and customer experience, while cloud migration or IT infrastructure renewal played a less important role.
The coronavirus (COVID-19) pandemic pushed companies to further assess their digital needs and the importance of cyber security is continuously growing. Employees made a quick shift to remote working in Finland during spring 2020, and many would like to continue working from home after the pandemic is over. However, the decentralized working model has brought new challenges regarding cyber security and digital transformation. As a result, a total of 80 percent of large Finnish companies agreed that this model of working has increased information and cyber security risks.
