For a country with less than 1% of the global population, Sweden’s unique approach to innovation has made its brands (and bands) household names the world over. It’s second only to Silicon Valley in terms of unicorn startups, and its approach to waste management has been so successful it imports trash from neighbors to create energy. It even has the world’s first green steel plant.
But this ability to sense and pursue opportunities where others demur faces a stern test today. Escalating geopolitical risks in Europe, repeated global supply chain disruptions and a severe digital talent crunch are some of the factors impeding Swedish businesses’ efforts to become future-ready modern enterprises.
Most Swedish businesses derive significant strategic value from their tech investments, but growing uncertainty over the short and long term dominates executive mindshare. With several factors emerging as critical to a modern enterprise, many are encountering challenges when it comes to implementing new processes, products and technologies.
Surprisingly, barriers to progress are often related to their use—or lack thereof—of in-house data. Strained talent pipelines and sustainability efforts, critical for immunity against disruptions, are in dire need of an injection of data-driven intelligence.
In our work to define what it takes to be future-ready—and how close businesses are to reaching a future-ready state—Cognizant commissioned Economist Impact to conduct a survey of 2,000 senior executives, including 135 Swedish executives, from across industries and geographies, as well as create a future-ready benchmarking tool (see our full report, “Ready for anything: what it means to be a modern business”).
Our own analysis of this data underscores what executives in Sweden and globally need to do now to prepare.