On May 26th Nordic Match moderated the Corporate Digitalization Strategy panel organized by Swedish Chamber of Commerce in China.

Nordic Match Partner Tony Wang moderated the panel discussion about “Assessing Corporate Digitalization Strategy for Nordic Companies in China and Why it Matters”, joined by the China Heads of Atlas Copco, Sandvik Mining and Rock Solutions, SKF Group and Hexagon AB.

Key takeaways from the panel can be summarized from four principles of the Corporate Digitalization Strategy.

  1. Digitization is no longer a choice but a necessity

Digital transformation is forcing companies to change their business models and adapt to the new market reality. Research shows that digital transformation and a focus on customer experience can generate a 20-30% increase in customer satisfaction and economic gains of 20-50%. Meanwhile, digital transformation can also help companies to meet sustainability goals.

  1. Digitization is not only a technology, but also a conceptual and organizational capability

Digital transformation is to use digital technology and thinking to address problems that can’t be solved in traditional thinking. However, if the company only follow the trend of technology introduction and promotion, it will inevitably have little effect. Thus, digitization is not simply to follow suit. Managers need to have a digital concept and make the right use of technology to achieve successful digitization.

  1. Digitalization’s impact on innovation

With the global pandemic imposing a lockdown, most businesses shut physical shops and offices and transitioned their businesses online. The pandemic is bringing an unforeseen acceleration in the digital transformation of societies around the world. For example, virtual reality is changing how companies interact with customers.

  1. Digitization and localization

Although the domestic digitalization level of internet, finance, telecommunications and other industries have reached or surpassed the international advanced level, the level of information technology infrastructure and application in most small and medium-sized company is still uneven. In addition to the lack of technology, the reasons also include the domestic market economy, backward company management concepts, weak funds and other factors.

Therefore, companies should realize that localization impacts what you have to do, and also how you have to behave when communicating and collaborating around the world.

About Nordic Match

Nordic Match is a boutique M&A and Strategy Advisor headquartered in Shanghai, China. Dedicated to Sino-Nordic transactions, we have a clear vision – to support aspiring corporates and investors in search for value-creating opportunities between Nordics and China.

More about Nordic Match: www.nordic-match.com