Technological investments experienced a significant shift in priorities due to the COVID-19 pandemic. The changes appeared in various industries. Learn more about post-pandemic tech investments: Where Scandinavian IT companies are allocating resources.
Even with industrial and regional varieties, there are several common trends.
First, the shift to remote work led to increased investments in technologies supporting virtual collaboration, communication, and remote access. Another essential change concerns digital transformation. Due to changing consumer behavior and operational challenges, many businesses require digital transformation to adapt to these new realities.
E-Commerce
E-commerce has always largely depended on IT, though the COVID-19 pandemic directed IT firms’ attention to enhancing online shopping platforms, including those for mobile devices. It improved user-friendly interfaces, intuitive navigation, and enhanced search and filtering capabilities. IT companies used the development of AI and machine learning to analyze customer data and behavior and provide personalized product recommendations and targeted marketing campaigns.
One of the exciting features developed is virtual try-on and augmented reality (AR). It compensated for the limitations of in-person shopping. Advancements concern payment options, either. IT firms provided streamlined checkout processes and multiple payment options, represented by digital wallets and mobile payment solutions.
Scandinavian IT companies modernized supply chain and inventory management systems that allow businesses efficiently manage stock levels, optimize order fulfilment, and ensure timely delivery to customers. Additionally, to meet the increased demand for online shopping, Scandinavian IT companies have developed last-mile delivery solutions, including route optimization algorithms and real-time tracking capabilities.
IT firms have also succeeded in providing e-commerce platforms with integrated click-and-collect options, enabling customers to order online and purchase from desired pickup points. The customer base also got expanded due to the facilitation of cross-border e-commerce. The process covered solutions for international shipping, customs, and currency conversion.
E-commerce also implemented analytics tools, bringing businesses valuable insights into customer behaviour, sales trends, and performance metrics. Significantly, reflecting the region’s commitment to sustainability, Scandinavian e-commerce technologies may incorporate eco-friendly practices, such as carbon footprint tracking, sustainable packaging options, and transparency regarding product sourcing.
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Healthcare
Healthcare technology was revealed as a crucial one at times of the pandemic. Scandinavian IT companies focused on enhancing healthcare delivery, improving patients’ experience, and ensuring the safety of both patients and healthcare providers. Remote patient monitoring solutions allow healthcare providers to track patients’ vital signs, symptoms, and medication adherence from a distance, which is particularly valuable in the case of managing chronic conditions and monitoring COVID-19 patients in quarantine.
Modern digital health apps provide users with information, symptom assessment, self-care guidance, and mental health support. Scandinavian IT, including Lanars, firms took an active part in developing healthcare analytics and data management. It allowed for tracking and analyzing the virus’s spread, predicting outbreaks, and allocating resources efficiently. After receiving these tools, healthcare authorities can make informed decisions based on real-time data.
A substantial brunch of healthcare technology development was the development of platforms for managing and tracking COVID-19 vaccine distribution. It helped to ensure the delivery of the vaccines to the correct locations and administered to the appropriate individuals.
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Virtual Reality
Scandinavian IT companies have also explored the use of Virtual Reality (VR) and Augmented Reality (AR) in healthcare, aiming to enhance medical training, simulate surgical procedures, and facilitate remote consultations and collaboration among healthcare professionals. Healthcare robotics and automation technologies development improved healthcare settings, particularly tasks such as disinfection, medication delivery, and patient monitoring. Considering AI and machine learning (ML) in diagnostics, Scandinavian IT companies have developed these technologies to enable them to analyze medical images and clinical data to support accurate and timely diagnoses.
Entertainment
With people spending more time at home, there was a surge in investments in streaming platforms, online gaming, and digital entertainment content, and Scandinavian IT companies have been actively involved in it. IT companies have contributed to the evolution of video content, music, and gaming streaming platforms. IT companies have created tools and software that empower content creators to produce high-quality videos, music, and other digital media. Scandinavian IT companies have explored VR and AR technologies, including VR gaming, AR apps for entertainment, and virtual tours of cultural attractions.
e-Sports and online gaming
Moreover, Scandinavian companies have contributed to the growth of e-sports and online gaming ecosystems, expanding gaming platforms, tournament management systems, and interactive experiences for gamers. A lot of it was done by leveraging AI and machine learning to personalize recommendations concerning movies, music, games, and other kinds of entertainment. The overall goal appeared to be gaining a new level of accessibility and inclusivity of digital entertainment content. IT companies cater to consumers’ changing preferences and behaviours, seeking entertainment options in the post-pandemic era.
Environmental concerns
The pandemic demonstrated how vital sustainability and environmental concerns are. Scandinavian IT firms have advanced sustainability, creating smart grid solutions that improve energy distribution, storage, and consumption management. Their software and hardware solutions for monitoring and optimizing energy consumption in buildings, industries, and transportation systems help reduce energy waste and greenhouse gas emissions. The development of the special platforms allows connecting businesses and consumers to promote the exchange of used products, materials, and resources, facilitating the transition to a circular economy where people reuse, recycle, and repurpose resources.
Scandinavian IT firms develop solutions for better environmental management, represented by air quality sensors, water management systems, and wildlife tracking technologies. Furthermore, IT companies have contributed to sustainable transportation technologies, including electric vehicle charging infrastructure, smart traffic management systems, and mobility services platforms.
Other essential aspects of IT firms’ involvement in sustainability development include waste management technologies, agriculture technologies, building information modelling (BIM) software, energy-efficient building management systems, and sustainable construction materials.
Cross-functional collaboration
Scandinavian IT firms have a reputation for innovation, high-quality products, and a strong focus on sustainability. To maintain leading positions in the competitive technology landscape, Scandinavian IT firms invest heavily in research and development to create innovative solutions and praise talent. They often collaborate with universities, research institutions, and other companies. The following central strategy outlines user experience and design thinking for creating user-friendly, intuitive, and aesthetically pleasing products that resonate with customers.
Many Scandinavian IT firms prioritize sustainability and corporate social responsibility, presenting environmentally friendly products, reducing their carbon footprint, and contributing positively to society. They choose agile methodology and open and collaborative culture. It also concerns the focus on flexible work arrangements. While rooted in their local markets, Scandinavian IT firms have a global mindset. They expand internationally, seeking partnerships and markets beyond their home countries. The discussed IT firms are open to emerging technologies like AI, machine learning, IoT, and blockchain. Significantly, quality assurance and cybersecurity are paramount for Scandinavian IT firms, which allows their products to be associated with reliability, security, and data protection.
Post-Pandemic Tech Investments: Where Scandinavian IT Companies are Allocating Resources – Conclusion
Though the strategies discussed are not exclusive to Scandinavian IT firms, the Scandinavian countries’ unique cultural and societal values often contribute to a distinctive approach to business and innovation.
Post-Pandemic Tech Investments: Where Scandinavian IT Companies are Allocating Resources, written dedicatedly for Daily Scandinavian by Arslan Tayliiev. Taylijev is CEO at LANARS, a hardware & software development company with a headquarter in Oslo, Norway. 15 years of experience as an entrepreneur and a degree in Business Economics, he is interested in the latest IT technologies, cryptocurrencies, blockchain, and space science. Arslan is enthusiastic about the versatility of fields and topics to dive into — Internet of Things, fintech, or manufacturing challenges. His biggest business drive lies in learning as much as possible about the specifics of the domain he is working with, to find the right solution for the optimization and digital transformation of a client’s venture or project.