”The biggest obstacle is your mindset” – raise the bar for projects by fixing these 3 errors in thinking
Excessive risk aversion is one of the reasons why Finnish companies fail to maximise the benefits of their technology investments. Sanna Suomela and Jussi Suominen give three tips on how a company can raise the bar on its requirements.
There is a peculiar contradiction in the technology investments of large Finnish companies. According to our market survey carried out last fall, Finnish companies regard technology projects primarily as successful, yet only a few believe that the projects have increased their productivity significantly.
The problem is that Finnish companies are not fully capitalising on the benefits of the technology at their disposal. There is a plethora of reasons, but the contradictory result of the survey reveals the first one: companies settle for too little in their investments. Even though technology would enable a productivity leap, too many set their goals significantly lower than their true potential.
How can you raise the bar? Start by fixing the following three issues:
- Do not cling to the present
The level of satisfaction of Finnish companies in their technology projects tells more about how success is most often measured by adherence to budgets and schedules rather than how well projects contribute to achieving the company’s business objectives.
- Do not get stuck in your head
So why do company directors approach technology projects so cautiously? Often it is because prolonging projects and exceeded budgets can, at worst, be a threat to their positions. Many also regard new technology and especially AI as a personal threat.
Fear of failure and change usually arises from lack of knowledge. A leader who isn’t familiar with the possibilities of technology is also not able to utilise them. Do not settle for solutions that reinforce the current situation, but get acquainted with technology. Not everything has to be done alone: surround yourself with experts who understand technology and support bold decisions. It is important to build an environment that embraces change within the organisation, communicate clearly about future goals, and encourage employees to view change as an opportunity. As a leader, your role in all of this is highly important.
- Remember: it’s not just about your own company
No company exists in a vacuum. That is why no company can unlock the latent productivity leap only by focusing on itself and optimising its own operations. Real added value is always created in collaboration with partners and customers.
Analyse investments in technology from the point of view of your company’s whole ecosystem. It is necessary to have both internal and external goals that measure the effects of the investment on partners and customers. A genuine productivity leap creates ripple effects throughout the value chain, industry, or even the national economy.
A productivity leap is a mindset transformation program
Setting the bar too low for technology isn’t an issue only for individual companies, but for Finland’s overall competitiveness. We are already behind many of our international peers in for example leveraging the productivity boost made possible by AI. The further we fall behind our competitors, the more expensive it becomes to close the gap for both companies and our whole national economy.
Our market survey reminds us that closing the gap does not require growing the investments or more successful implementation of projects. It is more about how well we are able to harness the full potential of technology, and that requires changes in our own thinking. When we stop looking too close and start looking at the horizon, it is possible to aim our potential towards a real productivity leap.
In the following parts of this series we will go through other ways your company can unleash the latent productivity leap. Raising your ambition and demands on a new level is a crucial first step. Critical assessment of your own attitudes is a great place to start, because change begins from the inside.
What else did the company executives responsible for change tell in our survey? Download the market survey: http://sofigate.com/tuottavuusloikka
Authors
Sanna Suomela leads Sofigate’s Transformations business are with a goal of changing the world together with clients, one business transformation at a time.
Jussi Suominen is Sofigate’s Public Sector Solutions Business Director, who constantly encounters areas for improvement identified in the Productivity Leap Market Survey’s organizations.
"Coaching can and should be fun!” - Liisa Korkiakoski transforms people and organisations at Sofigate Academy
There is a productivity leap hiding in Finnish companies – here's how to get started
