Abstract
Internet of Things as a Digital Transformation Driver in the Finnish Manufacturing Technology Industry
Highlights
Finland's trade balance has shown a deficit for five consecutive years
The research was limited to external digital transformation and utilization of Internet of Things (IoT); that is, the added value manufacturers can produce to their customers through digital transformation and how it can be translated into a competitive advantage
This study indicates that digital transformation in the manufacturing Finnish technology industry is a primary development target which aims to improve the competitiveness of businesses on the global market
Summary
Finland's trade balance has shown a deficit for five consecutive years. In 2001, the balance was 11 910 million euros, but by 2015 it had plummeted to -427 million euros (Statistics Finland web, 2016). The wellbeing of the Finnish national economy depends on foreign trade, and the country's export industry has in recent history strongly relied on the pioneering expertise of manufacturing technology industry companies and the novelty value of innovations. Globalisation and the upsurge of technical know-how in developing countries have eroded sales in the Finnish manufacturing technology industry due to high manufacturing costs. Finland has set its sights on digital transformation as a new driver of the national economy. Actors as influential as the Government have encouraged manufacturing Finnish technology industry companies to invest in digital transformation in an attempt to raise the Finnish economy to a more sustainable level. Even government-owned development funding agencies, such as Tekes – the Finnish
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