Digital maturity in Finnish family-owned SMEs - Current state and impact
Lindblom, Anton (2022)
Lindblom, Anton
2022
Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi-fe2022061045841
https://urn.fi/URN:NBN:fi-fe2022061045841
Tiivistelmä
As digitalization continues to have a huge impact on businesses and competition, some companies gain competitive advantages whereas others are left behind. Previous research suggests that more digitally mature companies also perform better financially, and that family businesses might be lacking in digital awareness. This study aims to examine the impact of digital maturity on Finnish SME family businesses and examine the current awareness of digitalization possibilities.
The thesis was conducted using quantitative methods. Digital maturity was assessed with a closed-ended web survey, and regression analysis was used for assessing the correlation between digital maturity and financial profitability. Data was collected through a web survey which received 114 complete answers, out of which 97 were by Finnish SME family businesses. Respondents were mainly entrepreneurs, business owners, and C-level executives. Additionally, financial information was collected for 28 companies through Suomen Asiakastieto Oy’s and Finnish Patent and Registry Office’s databases.
A strong positive correlation between digital maturity and financial profitability could not be confirmed. The analysis and its reliability were affected by the small sample size of companies with publicly available financial data. Finnish SME family businesses seemed to be generally well aware of digitalization possibilities, except for having a distinct digitalization strategy and measuring its goals, which divided the respondents to some extent. Digital business was deemed important for the overall success of the businesses, with many companies planning on investing more in digital business initiatives within the next year.
Digital maturity’s impact on Finnish family businesses has not been researched before to a great extent. This study serves as a notable addition to the topic with a more extensive sample of 97 surveyed respondents and helps to clarify the current status of digitalization in Finnish SME family businesses.
The thesis was conducted using quantitative methods. Digital maturity was assessed with a closed-ended web survey, and regression analysis was used for assessing the correlation between digital maturity and financial profitability. Data was collected through a web survey which received 114 complete answers, out of which 97 were by Finnish SME family businesses. Respondents were mainly entrepreneurs, business owners, and C-level executives. Additionally, financial information was collected for 28 companies through Suomen Asiakastieto Oy’s and Finnish Patent and Registry Office’s databases.
A strong positive correlation between digital maturity and financial profitability could not be confirmed. The analysis and its reliability were affected by the small sample size of companies with publicly available financial data. Finnish SME family businesses seemed to be generally well aware of digitalization possibilities, except for having a distinct digitalization strategy and measuring its goals, which divided the respondents to some extent. Digital business was deemed important for the overall success of the businesses, with many companies planning on investing more in digital business initiatives within the next year.
Digital maturity’s impact on Finnish family businesses has not been researched before to a great extent. This study serves as a notable addition to the topic with a more extensive sample of 97 surveyed respondents and helps to clarify the current status of digitalization in Finnish SME family businesses.
Kokoelmat
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