Many industries in Finland are still struggling: revenues have declined, and near-term economic forecasts do not predict significant change. One good example is the construction industry, which has seen a rise in bankruptcies and unemployment.
Challenging economic times often lead companies to hit the brakes on investments. However, tough times should be seen as an opportunity to build the foundation for future growth, as evidenced by the COVID-19 pandemic. According to several studies, including McKinsey's, companies that invested in digital transformation during the pandemic saw their revenues grow faster than those that hesitated with their investments.
The current situation is very similar: the future market landscape is being reshaped. The winners will be companies that are able to invest and are forward-looking. Private sector investment decisions are critical for Finland’s export-driven economy, and we cannot afford to give foreign rivals any more competitive advantage.
Why using data in business is the cornerstone of digitalization
Digitalization is becoming increasingly critical for businesses, processes, and sales. Using data in business decisions helps companies identify growth opportunities, streamline operations, and better understand customer needs. Data is the cornerstone of digitalization and one of the most obvious and important areas for investment.
However, harnessing the full potential of data to drive business growth requires a well-defined data strategy — something many companies still lack. A comprehensive data strategy ensures that data is collected, analyzed, and applied to support real business objectives.
Building a data strategy: The roadmap to success
A data strategy is not just a high-level PowerPoint presentation; it defines how data is systematically utilized to achieve business goals, create new innovations, and enhance efficiency. At its best, it outlines concrete steps for a company’s digital maturity and data-driven growth. A successful data strategy enables companies to manage information better and make faster, more informed decisions. Like any strategy, a data strategy must evolve alongside business objectives.
A concrete data strategy is also a prerequisite for deriving real, large-scale business value from artificial intelligence (AI). For example, cost savings achieved through the automation of basic operations can be reinvested into growth initiatives. However, AI is useless without high-quality data, and data cannot be leveraged effectively without a clear strategy.
Data investments: A competitive edge for the future
Using data in business isn’t just about operational efficiency — it’s about gaining a competitive advantage. Companies that prioritize data investments often outperform competitors by making better, faster decisions based on real-time insights.
A solid data strategy also supports corporate sustainability efforts, helping companies track, report, and optimize their environmental, social, and governance (ESG) performance. In Finland, as in many parts of the world, sustainability is becoming a core part of business strategy, and data-driven sustainability reporting helps businesses stay compliant while identifying new growth opportunities.
Conclusion: Invest in data to drive growth
Now, more than ever, companies need to prioritize using data in business as a long-term investment. Data-driven insights improve operational efficiency, enhance customer experiences, and foster innovation. In challenging economic times, these benefits become even more critical.
Investing in digital transformation and data strategy is an investment in future growth — and it’s a win for the competitiveness of Finland as a whole.
Are you interested in investing in data for your business growth? Contact me to discuss how to get started!
This text was originally published in Finnish in Talouselämä.
Sam Holmström,
Business Development Director
