Mature Nordic industry players lead digital transformation journey

February 15, 2019

Over the last few years we’ve been told that tech disruptors displace established technologies and shake up industries, changing end-user experience by introducing ground-breaking products and services.

However, according to a new report commissioned by Tieto and conducted by IDC Nordic, digital transformation’s main fuel is not coming from tech disruptors but mature industry players transforming their existing businesses. Which, in itself, is not that surprising. There is a vast amount of large mature organizations that represent enormous amounts of end-users and customers.

Although the IDC report shows that Nordic companies are lagging somewhat behind their global peers, and especially the US, in digital transformation the medium-term forecast is that over 50% of the global economy will be digitised by 2021. The expectation is that growth across all industries will be driven by digitally enhanced offerings. Globally, organisations will focus on digitalizing their offerings, supply chains, and entire business models to remain competitive and relevant. In other words, they’ll start a digital transformation journey.

According to BCG there are four pillars of digital transformation

  1. Digitizing customer relationships
    Lines between products and services will blur or even disappear. A seamless customer experience is key.
  2. Building Digital Talent and Organization
    New jobs will be created for people to design augmented and automated processes and continuously improve them.
  3. Harnessing Data and Advanced Technology
    Data will become a huge asset and learning an essential capability. Data is likely to be the most unique or protectable competitive advantage of the future, the “senses” of a company’s machines and AI.
  4. Digitizing Operations and Automating Processes
    Automation and centralization of core company processes, technology, data, governance and operating structures.

All these pillars require an open, integrated, agile, flexible, yet secure IT environment. As we know there’s still a huge amount of assets locked on mainframes behind a massive amount of Cobol code, specifically in the financial world. It is said that even today, 95% of all ATM transactions and 80% of in-person transactions still relies on Cobol programs. Over 40% of all banks still use this ‘ancient’ programming language. This leads to the conclusion that modernization is a key prerequisite for the digitalization transformation journey.

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