Is generative AI already transforming Nordic companies?
Generative AI has garnered significant attention since the release of the ChatGPT app in November 2022. But what exactly is this technology, and how extensively is it being embraced by Nordic companies?
Across Nordic organizations, knowledge workers are leveraging generative artificial intelligence as a helpful aide for routine tasks, streamlining operations and allowing more time for productive endeavors. From generating summaries and quick translations to swift information retrieval, AI has accelerated these processes, simplifying the lives of knowledge workers.
This transformative technology is predicted to revolutionize the work landscape, akin to the internet's impact in the late 1990s. Its potency lies not in a singular application but in its potential to reshape work practices across diverse job functions and industries.
What exactly is generative AI?
What is this technology that writes poetry and code and wins art competitions really about?
Generative AI, a subset of artificial intelligence, generates novel content based on acquired data. Capable of producing text, images, music, and code, it analyzes data, creates reports, and performs various tasks by drawing on its training with language models. This advanced data analysis enables the system to comprehend language nuances and context, generating outputs based on learned associations and understanding.
"Global economy's productivity could potentially increase by trillions of dollars due to generative AI's influence."
What is the business impact of generative AI?
According to a recent McKinsey & Company study, the global economy's productivity could potentially increase by trillions of dollars due to generative AI's influence. The study suggests that 75% of productivity-boosting applications exist in customer operations, marketing, sales, application, and product development.
Generative AI holds the potential to significantly transform both business and the nature of work. While specific details, and at times, even the direction, remain somewhat unclear, the shift is already in motion.
Navigating the AI landscape in the Nordics
Discussions about generative AI's business applications in the Nordic region are still relatively broad and lack specific insights into its adoption among Finnish, Swedish, Norwegian, or Danish companies. To comprehend the extent and systematic use of generative AI, we engaged with over a thousand business and public sector decision-makers in 2023.
Our in-depth interviews with 76 Finnish business leaders, combined with insights from Swedish and Norwegian counterparts, have been compiled into a comprehensive overview. This overview sheds light on the current state of generative AI utilization in Nordic companies.
The responses reveal a spectrum of adoption, ranging from early technology adopters to those progressing at a slower pace. As the landscape evolves, decision-makers are grappling with questions surrounding AI implementation and its potential impact on their businesses.
The insights gathered underscore the evolving nature of AI utilization among Nordic companies. The next step is to explore where your organization stands on its own AI journey.
Director, Nordic Offering
A change agent, storyteller, organizational culture geek and agile-aficionado. Passionate about life, universe and digital transformation. Mika is responsible for Innofactor's Nordic offering. During his career Mika Okkola has worked with mobile app development, sales, marketing, professional services, consultancy and IT security. In addition to business roles, he has also worked with people and competence development.