How major Nordic industries are evolving with AI, the trends shaping this evolution, and the associated challenges and opportunities. During their internship, Anni and Alec conducted an in-depth analysis of six sectors: banking, insurance, process manufacturing, discrete manufacturing, energy, and public services.
"Our goal was to understand the needs and priorities of each industry sector so that we could form sector-specific Industry Points of View and Value Propositions."
Research methodology
- To understand strategic priorities and challenges, insights were gathered from industry leaders in Finland, Sweden and Norway.
- Market research was conducted using a variety of sources, including industry data, consulting publications, company reports and news.
- Emerging technology priorities were identified in response to these trends.
- The innovative approaches adopted by leading organizations to implement these priorities were analyzed.
Key trends across industries
During the work, they observed consistent patterns shaping Nordic industries:
Digital transformation is accelerating with organizations modernizing legacy systems.
Cybersecurity and resilience are becoming foundational, especially in sectors exposed to geopolitical risks and digital threats, including those with expanded attack surfaces from industrial IoT.
Sustainability remains a shared priority, driven by ESG data and climate goals that spur innovation and regulatory compliance.
Workforce transformation is also underway, as companies address talent shortages and aging demographics through upskilling and automation.
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A key finding across all industries was the disruptive potential of AI in its various forms, including Generative AI and Agentic AI. It became clear that AI is no longer just an innovation on the horizon, but a strategic imperative.”
AI as a strategic priority
AI emerged as a top technology priority across all sectors. The pace of preparation is evident:
- In insurance, 73% of senior professionals are using or planning to use AI to cut operational costs, though only 29% have adopted it so far [FinTech Global¹].
- In manufacturing, 95% of global players have invested or plan to invest in AI/ML and GenAI within five years [Rockwell Automation²].
- In the public sector, 85% of global government respondents prioritize embracing new technologies over maintaining legacy ones [KPMG³].
Despite growing interest, Nordic organizations still lag behind. For example:
- Only 2% of Nordic manufacturers have fully integrated AI into operations, compared to 8% in the EMEA region [Cision News⁴].
- The Global AI Index ranks Finland 15th, Sweden 25th, and Norway 26th out of 83 countries [Tortoise⁵].
This gap between aspiration and execution signals a risk of falling behind in competitiveness and innovation.
AI-first transformation at Tietoevry Tech Services
Tietoevry Tech Services supports this shift through its AI-first approach: building responsible AI foundations, optimizing IT operations, modernizing core processes, and enabling human-AI collaboration.
The AI impact is tangible:
- In insurance, AI-driven risk assessment can improve loss ratios by 40–50%, with productivity gains of 30%+ for service and operations employees [McKinsey⁶, BCG⁷].
- In manufacturing, AI can increase production by 10–15% and EBITA by 4–5% [McKinsey⁸].
- In the public sector, AI can save up to 35% of budget costs in specific government functions [BCG⁹].
“It was fascinating to see how AI is not just a technology trend, but a strategic lever for change across industries. The work gave us a front-row seat to the challenges and opportunities organizations face – and the role that thoughtful, responsible AI adoption can play in shaping a more resilient, sustainable, and innovative future.”
About the writers
Anni Aikala is a master’s student at Hanken School of Economics, with a major in International Strategy and Sustainability. This is her second summer working at Tietoevry Tech Services, and she has enjoyed contributing and learning in a variety of strategy-related tasks.
Alec Mellin is a final year master's student in Finance at Hanken School of Economics, with work experience in debt financing and M&A. At Tietoevry Tech Services, he has especially enjoyed strategy-related work, as it has given him new ways of thinking about business challenges and a broader perspective on the tech industry.
Sources and further reading:
FinTech Global¹
Rockwell Automation²
KPMG³
Cision News⁴
Tortoise⁵
McKinsey⁶
BCG⁷
McKinsey⁸
BCG⁹