Boston Consulting Group Reveals Strong Belief in generative AI Among Danish Leaders
In Denmark, the enthusiasm for AI's future is palpable. 81% of Danish executives in 2024 recognises its potential, as reported by the Boston Consulting Group.
However, actual integration remains low, pointing to a fertile ground for innovation and growth. This gap presents a strategic opening for foreign AI companies to introduce their expertise and technologies, energizing industry-wide adoption and execution.
A Danish paradox
A new report from Boston Consulting Group in 2024 shows that 81% of Danish executives and senior management, spanning various industries and company sizes, foresee generative AI (GenAI) to have a favourable influence on their businesses. Additionally, 50% of the responds predict GenAI will have a transformative factor. The study, which surveyed 572 top managers in Denmark, aims to examine the integration and utilization of GenAI within Danish companies, as well as to analyse their interactions with and utilization of AI technologies.
"The report shows that understanding the potential behind generative AI has struck companies. The majority of business leaders clearly see the importance and opportunities for creating value - to a much greater extent than with any other technology in recent years. But the technology is new and only a few have actually started implementing the technology. Implementing generative AI will require significant changes in the way we collaborate, as well as new knowledge on how we use data. The best way forward at this early stage is a strong understanding at the top management level, as well as anchoring the subject with the CEO - it's not an agenda that can be delegated to the IT department."
The report highlight a significant fact of the implementation of AI in Danish companies:
"The Boston Consulting Group report underscores that Danish executives perceive AI as having a huge potential for their businesses. However, to experience a significant surge in AI adoption in Denmark, we must accelerate the implementation process. This requires the involvement of experienced players who possess both IT and business innovation skills as well as a strong focus on upskilling our workforce to a new AI landscape.”
Excitement and execution kick-starts the AI journey
Historically, Denmark has cultivated a robust digital and technical infrastructure build on trust, which has made it possible for Danish companies to implement technologies and digital tools within business domains. It enables them today to imagine how they can leverage AI in their business as well as pursue AI transformative potential.
According to the report, the implementation of AI in companies is about excitement and execution. The more excited industries are for AI, the higher the execution of AI in companies. But the level of excitement and execution varies greatly from industry to industry.
The exhibit below shows that the Technology, Media and Telecommunications(TMT), Science & Engineering and Services & Marketing industries presents a high excitement and a high execution of AI. The reason for that is due to the industries existing level of digital and technical structure in their core business, which therefore makes it natural for them to see the potential in AI in their business.The exhibit below shows that the Technology, Media and Telecommunications(TMT), Science & Engineering and Services & Marketing industries presents a high excitement and a high execution of AI. The reason for that is due to the industries existing level of digital and technical structure in their core business, which therefore makes it natural for them to see the potential in AI in their business.
So what opportunities does it offer foreign companies and investors in Denmark?
International companies can help Danish companies fill the gap between high excitement and low implementation rate, by bringing their expertise, resources, and insights to Denmark, capitalizing on Danish executives' strong belief in AI's business potential to foster innovation and drive growth. According to Thomas Føge, Managing Director & Partner in Boston Consulting Group, co-writer of the report is AI a necessity depends on collaboration:
"To master AI is not just an additional business potential, but quickly becomes a necessity for both companies and for Denmark as a whole, if we are to compete in the global market. AI, and especially generative AI, will hit us hardest in areas where we are already strong; namely in data usage, knowledge, and innovation. Therefore, it is crucial that we become proficient in using the technology. However, we cannot solve this task in isolation within companies, or alone in Denmark. We need to open up, collaborate, and experiment collectively."
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