Digital Transformation Imperative Amidst Operational Challenges for Swedish Businesses
Swedish businesses confront urgent operational challenges as outdated systems and fragmented data hinder financial decision-making.
- • Swedish companies face significant operational challenges due to outdated systems.
- • CFOs struggle with data fragmentation, impacting their decision-making capabilities.
- • The merger of Mercur, AARO, and Aico aims to streamline finance operations through a comprehensive SaaS platform.
- • Investments in technology are essential for long-term competitiveness and efficiency.
Key details
As Swedish companies grapple with outdated systems and inefficient practices, the call for digital transformation in finance functions remains urgent. Lena Lambert, CEO of Intito Sweden, underscores that many enterprises are bogged down by obsolete technologies leading to poor data quality and prolonged reporting times. "Companies spend excessive time searching for information instead of generating insights," Lambert notes, urging a commitment to long-term structures for decision-making improvement.
Adding to these challenges, a recent survey by VIEW Group reveals that CFOs struggle with fragmented data systems, which hinder comprehensive decision-making. Despite having access to critical data, many executives feel overwhelmed and lack the tools needed for strategic analyses. Siri Hane, CEO of VIEW Group, cites that over 40% of executives neglect to set key performance indicators (KPIs), and only 5% leverage AI for data insights effectively. "A cohesive system that provides insights into what drives the business forward is essential," Hane advises.
In response to these operational hurdles, the merger of Mercur, AARO, and Aico to create a cohesive SaaS platform seeks to streamline processes from budgeting to reporting, reducing manual work and errors while enhancing efficiency. Michael Teixeira, Group CEO of the new entity, states that their unified approach allows businesses to tailor solutions according to their needs, ensuring comprehensive support for finance teams.
As companies navigate a complex economic landscape, the integration of technology with finance functions is vital to improve productivity and competitiveness. Lambert emphasizes the need for companies to view investments in technology as crucial for sustainable growth rather than quick fixes, setting the stage for future resilience in Swedish business environments.