Trends in Scandinavian companies

We have asked our Ymer Hjelmqvist about the trends he is seeing in Scandinavian companies. How are they allocating resources when it comes to technology investments, how are they optimising? What are his tips for making the best out of your technology budget?

1. Given the threat of an economic downturn, how are the companies that you are working with changing their digitalization strategies?

I have observed a significant increase in focus, particularly on aspects that are truly important and contribute value to the business. Clients are carefully reviewing their strategic plans for both the present and the upcoming year. While they may not necessarily alter their overall strategic direction, they are diligently ensuring that their objectives concentrate on driving business growth and enhancing operational efficiency.

2. Gartner recently reported that enterprise IT spendings will remain strong into 2023 . Is that true? How are IT budgets being handled in Sweden? Are they reflecting that the IT business is now part of the core business and not just a back office?

I'd say that I hear the distinction between 'IT vs business' less frequently. Digital and IT are being treated as not only cost centers, but also profit centers more often than ever. There is a growing understanding of the value that can be derived from investments in technology. Many management teams have recently developed a keen interest in technology, showing curiosity in understanding and assisting with respective goals. This enthusiasm was not as prevalent in the past, and I personally consider it a positive development.

3. What can companies do if their budgets are cut, but they need to finish what they had started?

Reach out to me! We have tested approaches for addressing such situations, and tretton37 is equipped to help see projects through to completion. We ensure clients' challenges are met promptly and efficiently without sacrificing quality or security – instead, optimizing resource allocation for maximum effectiveness.

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4. Can you give your top 3 tips for optimising and still getting things achieved?

1 - Prioritise: Make sure you are working on the most valuable strategic goal.

2 - Be efficient and fast: Make sure you are making use of tools and methods that are a good fit for your needs. Move fast.

3 - Lead: Foster a sense of appreciation, support, and trust within your team.

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5. What should companies be focusing on right now?

Focus on developing your key products and enhancing operations. High growth coupled with profitability may not be achievable for many clients this year. Lesser emphasis has been placed on exploring new offerings in new markets, while more attention is given to existing markets with established products and services. Alongside this, persistently strive to improve operations, achieving more with less.

‍6. Is this downturn also an opportunity to get ahead?

Certainly. By continuing to invest and offering top-notch services, customers will be drawn to your product. Additionally, this strategy will place you in a prime position for growth and expansion.

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7. Does hiring a technology consultancy make more sense now than ever before? Why?‍

My clients have become more selective in initiating projects, and some even challenge me to devise innovative methods to deliver value more quickly and efficiently - which I enjoy! For instance, we have been working with no-code and low-code tools like Noodl since last year. It has been exciting to learn something new and observe where these technologies truly prove useful, such as rapidly testing value, launching an MVP, or other exploratory activities.

8. How can companies ensure they get the best outcome for their investment if they hire a consultancy company?

It is important to give the consultant access to key stakeholders and customers, allowing them to ask relevant questions and gain a good understanding of the company's objectives. This way, the consultant can tailor their approach to the specific needs and goals of the business, which leads to a more successful outcome.

If the company is implementing significant changes, it's crucial to have the support of leadership. To get the most out of the investment, companies should be prepared to lead and not just tag along. This means demonstrating to the organisation why the investment is necessary and beneficial for all stakeholders, encouraging acceptance, support, and a shared vision for success. In short, technology and people really need to work together to make this successful.

‍9. What are some trends that we will see happening in the future due to the current circumstances?

• Faster adoption of no- and low-code technologies.
• Less endless feature creations, with more focus on 'good enough' and proven value.
• Companies with leaders that create opportunities, trust their teams and give them the mandate to solve problems and work on challenges.
  

10. Anything you want to add?

“If digital was easy, everybody would do it. Everybody should.”

- quote from my tretton37 colleague Tobias Kheir-Buchmann