October 2019 Nordics - Deloitte · 2021. 3. 7. · reach the cost-reduction targets they are aiming...

Save-to-transform as a catalyst for embracing digital disruptionDeloitte’s Second Biennial Global Cost Survey: Cost management practices and trends in the NordicsOctober 2019 Nordics

Contents

Foreword 3

About the survey 4

Executive summary 6

Key differences between the Nordics and other regions 10

Nordic survey results: Detailed insights 14

Digital technologies and solutions applied 28

Save-to-transform as a catalyst for embracing digital disruption 34

Appendix 38

Looking ahead 41

Authors and Contacts 42

2

Save-to-transform as a catalyst for embracing digital disruption | Deloitte’s Second Biennial Global Cost Survey: Cost management practices and trends in the Nordics

Digital disruption is changing the world. It is considered to be both a risk to and an enabler for cost management and business transformation. Digital disruption was barely identified as an emerging risk in Deloitte’s first 2017 Biennial Global Cost Survey1. Now however, in the 2019 survey2, digital disruption and cyber security are among the top risks identified by respondents. Meanwhile, investing in new technology has increased to be one of the top strategic priorities, both from a cost management and a growth perspective.

While cost management remains a strong imperative globally, the prevailing mindset seems to be expanding from save-to-grow to save-to-transform. Companies in the Nordics and Europe continue to have very positive expectations for revenue growth, and many are using cost reduction as a tool to help fund their continual growth. However, in today’s increasingly digital world, more and more businesses also recognize the need to transform their operations and other capabilities with infrastructure investments in key digital innovations such as robotic process automation, cognitive technologies, business intelligence and cloud-based ERP systems.

These digital technologies and innovations can deliver dramatic improvements in competitiveness, performance, operating efficiency and cost savings. Equally important, they can also strengthen a company’s positioning for adverse future events, including economic downturns and digital disruption.

In this highly dynamic environment where digital innovation is a critical enabler for both cost reduction and business transformation, we are delighted to present our latest cost survey report. The study includes responses from 48 Nordic company executives as part of the 414 executives and senior business leaders across 11 European countries, with strong representation from every major industry.

This report provides an up-to-date view of the cost-management practices and trends shaping the future of business in the Nordics, Europe and globally. It also takes a detailed look at how the latest digital technologies and cost-management strategies are acting as a catalyst for transformation in a world being actively redefined by digital disruption.

We hope you find these insights useful and look forward to hearing your thoughts and feedback.

Foreword

1 Thriving in uncertainty in the age of digital disruption: Deloitte’s first biennial global cost survey report. December 20172 Save-to-transform as a catalyst for embracing digital disruption: Deloitte’s second biennial global cost survey report. April 2019

Tore Christian Jensen Denmark Partner, Nordic Operations Transformation Leader

Tuomo Saari Finland Partner, Strategic Cost Transformation Leader

Bjorn GrenmanNorway Partner, Strategic Cost Transformation Leader

Jonas Malmlund SwedenPartner, Strategic Cost Transformation Leader

3


Deloitte Consulting LLP (Deloitte or Deloitte Consulting) engaged Dynata to conduct a global cost-management survey including company representatives in the Nordics, Europe and around the world. The aim was to better understand business leaders’ perspectives on current and future cost-reduction initiatives within large companies, multinationals and companies representative of regions surveyed. The first European version of Deloitte’s biennial cost survey was released in 2016 and the first global version in 2017. It has since then been released several times to highlight different regions. In April 2019 a new global survey was released, containing new data collected in November and December 2018, from more than 1,200 senior executives across all major global regions and industries. Now, with this report, a Nordic cut from this data will be shared, focusing on the Nordic respondents and highlighting where and how the Nordic cost-management initiatives differ from other areas.

Study objectives

Understand factors, approaches, actions, and targets related to cost initiatives

Assess the effectiveness of the cost actions, including lessons learned from previous efforts

Understand the drivers and scope of past and future cost initiatives

Provide context on how digital disruption and advanced digital technologies are affecting cost management

Assess industry results, and provide insights on different behaviors related to cost reduction

MethodologyData was collected through detailed online surveys conducted between November and December 2018.

January February March April May June July August September October November December

About the survey

1. These Countries were grouped under Nordics

Deloitte Consulting LLP (Deloitte or Deloitte Consulting) engaged Research Now to conduct a global cost management survey in order to better understand business leaders’ perspectives on current and future cost reduction initiatives within large companies and multinationals.

Study objectives

Understand factors, approaches, actions, and targets related to cost initiatives

Assess the effectiveness of the cost actions, including lessons learned from previous efforts

Understand the drivers and scope of past and future cost initiatives

Provide context on how digital disruption and advanced digital technologies are affecting cost management

Assess industry results, and provide insights on different behaviors related to cost reduction

MethodologyData was collected through detailed online surveys conducted between November and December 2018.

January February March April May June July August September October November December

United States (226 responses)

Europe (414 responses)

Asia Pacific (APAC) (332 responses)

Canada (50 responses)

Latin America (LATAM) (167 responses) South Africa

(30 responses)

FirmographicsThe survey included responses from 1,219 executives directly involved in cost management in their organizations. Respondents were from 24 countries representing all major regions, including 48 Nordic responses from 4 countries:

About the survey

LATAM representation: Mexico; Brazil; Chile

APAC representation: India; China (incl. Hong Kong); Australia; Japan; New Zealand; Singapore

Europe representation: UK; Germany; France; Spain; Netherlands; Italy; Belgium; Finland; Norway; Denmark; Sweden

8

Save-to-transform as a catalyst for embracing digital disruption | Deloitte’s second biennial global cost survey

of which 48 Nordic responses)

44



About the survey

Management-level breakdown, Nordics% of Nordic respondents by level

Management-level breakdown(% of respondents by level and region)

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UKSwedenSpainNorwayNetherlandsItalyGermanyFranceFinlandDenmarkBelgium

7%

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46%

19%

8%

27% of responses were from president or CEO roles, 19%

from CFO and COO roles, and the rest

from other executive management

positions

27%

President, CEOExecutive Management (business units)Executive Management (enabling functions) CFO, COO

20%

60%

20%

42%

14%

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29%

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33%

33%

31%

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18%

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28%

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50%

20%

14%

41%

25%

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60%

20%

Only relevant executives with direct involvement in cost-management decisions were included in the survey.

Figure 1. Respondent breakdown by management level and region

38%

14%

21%

27%

46%

8%

19%

27%

Europe Nordics

Industry breakdown in the NordicsNordic respondents (%)

Industry breakdown: number and percentage of responses by industry and region

23%

21%

15%

23%

8%

10%

Industry representation in the Nordics ranges from 8%

to 23%. Consumer & industrial products and

Energy & Resources are the most highly represented industries in the Nordic

survey (23% each)

Public Sector Other

Financial services Technology, Media and Telecommunications

Life Science and Health care

Consumer and industrial products

Energy and Resources

Europe

Nordics

109 100 68 45 50 32 10

11 10 7 5 11 4

Industry-specific information was collected to provide meaningful insights around six major industries. Industry representation in the Nordics ranges from 8% to 23%. Consumer & industrial products and Energy & Resources are the most highly represented industries in the Nordic survey (23% each).

Figure 2. Industry breakdown

55

Executive summaryKey differences between the Nordics and other regions

Cost-reduction efforts are less common in the Nordics than in Europe, the United States and globally, but the Nordics seems to be catching up over the next 24 months. Further, Nordic cost targets tend to be more aggressive.

Save-to-transform has surpassed save-to-grow as the predominant cost-reduction mindset in the Nordics; however, the shift is less pronounced than in Europe and especially than the US and globally.

Technology implementation levels for the next 24 months are higher in the Nordics than in Europe, the United States and the global averages.

The failure rate for Nordic cost programs is higher (92%) than in Europe (83%) the United States (82%) and globally (81%). The failure rates for cost programs are generally very high and it will be a future challenge to turn this around.

Cost management tends to be less mature in the Nordics, with less than one eighth of Nordic companies (13%) reporting a high level of maturity in cost management — 16 percentage points lower than the European average (29%), 22 percentage points lower than the global average (35%) and 37 percentage points lower than US companies (50%).

Nordic survey results: Detailed insights – Targets and success rates

Cost reduction is less prevalent in the Nordics, than elsewhere.

50%of Nordic companies surveyed plan to undertake cost-reduction initiatives over the next 24 months; however, this number is significantly lower than the averages of

66% of European companies

71%for companies globally and

84%in the United States.

Cost program failure rates are high.Cost programs have a hard time to reach the cost-reduction targets they are aiming for. It’s a challenge for any management considering initiating cost programs to solve this issue. The rise of new technologies could be part of the solution, but there are other barriers identified in the survey (see top barriers page 7).

The average failure rate for Nordic cost programs is

92%,

up 50 percentage points from 2016.

Cost reduction targets in the Nordics are up significantly.On average,

2/3(69%) of Nordic companies surveyed have overall cost-reduction targets

above 10%

4/10

(42%) have targets

above 20%,

more than double the number from 20161 (16%).

1 Thriving in uncertainty. Deloitte’s first biennial cost survey: cost improvement practices and trends in Europe. October 2016

6


Nordic survey results: Detailed insights – Outlook and risks

Growth expectations are high. Nordic companies have a very positive growth outlook, with

90%

of respondents reporting revenue growth over the past 24 months and

79%

expecting revenue growth over the next 24 months.

Tactical cost actions have been slightly favored in the Nordics.The most frequently implemented cost-reduction actions were tactical in nature:

28% tactical vs. 25% strategic

The two most common actions reported are:

35%streamlined business processes and

33%changed business configuration.

Commodity price fluctuations and Digital disruption are now the top external risks according to Nordic respondents.Other top external risks among respondents are Cyber security, New market entrants and Macroeconomic concerns.

Strategic cost actions are dominant for the future. Over the next 24 months, Nordic companies surveyed expect to implement more of strategic cost actions compared to tactical.

69% strategic vs. 66% tactical cost actions for the next 24 months (in-process or planned).

Growth and competition are the top drivers of cost reduction for the future. Previous top drivers for Nordic companies’ cost reduction used to be changed regulatory structure and increased international growth opportunities. This will change and over the next 24 months respondents find growth and competition to be the top drivers.

Reliability and functionality of information systems is the top internal risk. Other top internal risks are lack of controls for business continuity and lack of regulatory, legal and management controls.

Top barriers to effective cost management. In the Nordics, the top barriers to successful cost reduction are:

54%management challenges in implementing initiatives

52%erosion of savings due to infeasible target setting

50%lack of an effective ERP system.

Nordic strategic priorities align with save-to-transform.The top-four strategic priorities over the next 24 months are:

69% product profitability

67%Technology implementation

60%Balance sheet management

58% Cost reduction

These priorities, combined with other important objectives, e.g. technology implementation (56%) and sales growth (52%) altogether indicate an increasing save-to-transform mindset.

7


Nordic survey results: Detailed insights – Lessons learned

Lessons learned in the Nordics.The top lessons for effective cost management are:

67%assess, validate, and adjust targets reasonably to reflect reality throughout the implementation phase

58%

design a solid tracking and reporting process

58%

invest in technology improvements to enable data availability, reliability and decision-making process

58%deploy change-management activities to raise awareness, acceptance, and benefits of initiatives.

Cost-management maturity is relatively low in the Nordics compared with other regions.

54%of Nordic respondents have a low or very low cost management maturity level

only 13% of Nordic respondents have a high cost maturity level.

A high level of cost-management maturity is characterized by cost policies and procedures that are continually reviewed and examined to ensure best practices around efficiency and cost management.

Cloud soars above the rest.Among the breakthrough technologies covered in our survey, the most widely implemented by Nordic companies were

33%Cloud

25%business intelligence

Nordic survey results: Digital technologies and solutions applied

Most technology implementations meet or exceed expectations. At least

50% of Nordic respondents say their expectations were met or exceeded when implementing the various technologies covered in the survey. The level of success is much higher for cloud and automation than cognitive.

Top reasons for applying digital technologies. In the Nordics, the top reason for respondents using cloud is tightening data security and improving business control. The top reason for using automation and cognitive technologies is reducing costs and increasing productivity.

Technology implementation is higher in the Nordics than globally. Over the next 24 months, implementation levels (in-process or planned) for all the surveyed technologies (RPA, BI, Cloud, Cognitive & AI), except automation, are expected to be higher in the Nordics than globally. For all four technologies the Nordics have higher or equal implementation than Europe and United States.

8


Digital rises to the top of the agenda. In 2016, digital disruption was seen as a significant external risk in the United States but was barely on the radar in the Nordics and Europe. Now,

67% of Nordic companies surveyed cite digital disruption as a key external risk, which represents a

+59 percentage points increase in awareness.

Save-to-grow evolves into save-to-transform. Save-to-grow used to be the primary cost-management mindset for respondents in the Nordics, with cost and growth as the main levers, and talent as another key component. Now, that mindset is expanding into save-to-transform, which includes an additional focus on technologies and digital enablement. Save-to-transform can help a company capitalize on digital opportunities, while at the same time positioning itself for potential adversity by using digital innovations to unlock new levels of cost savings.

Nordic survey results: Save-to-transform asa catalyst for embracing digital disruption

9


Key differences between the Nordics and other regions


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Nordic key differences In most cases, the results from this year’s global survey are consistent across all major regions. However, there are a number of key differences between the survey findings for the Nordics compared to the Europe, US and global findings:

1. Cost reduction is not as prioritized as a future strategic area compared to average. For instance 50% of Nordic respondents are likely to reduce costs in the next 24 months, compared to 71% as global average and 66% in Europe.

2. The Nordics aim higher when they take action on cost reductions, but they also fail to meet targets more often. Although the Nordic respondents claim their top lesson learned regarding cost cutting initiatives to be “Assess and adjust cost targets according to reality during the implementation phase”, 92% of Nordic respondents are unsuccessful in meeting their cost cutting targets.

3. Many companies surveyed in the Nordics are adopting a save-to-transform mindset. However the Nordic trend lags behind Europe, US and global average. Save-to-transform can help a company capitalize on digital opportunities, while at the same time positioning itself for potential adversity by using digital innovations to unlock new levels of cost savings.

4. Cost management maturity levels are much lower in the Nordics compared to global, US, and European levels. A high cost maturity level is when cost policies and procedures are continually reviewed and examined to ensure best practices around efficiency and cost management.

5. One reason for limited cost reduction success in the Nordics may be that the Nordics have been lagging behind average levels of new technology implementation. However, this is a Nordic key strategic priority for the future 24 months. The Nordic respondents signal an higher level of planned or current technology implementations than the global, US and European averages.

Here is a closer look at each of these key differences.

Cost-reduction efforts are less common in the Nordics, but targets are more ambitious

Half of the Nordic companies surveyed (50%) plan to undertake cost-reduction initiatives over the next 24 months. That number is lower than the averages from the other regions. However, a relatively high percentage of Nordic companies (42%) have set

aggressive cost-reduction targets of more than 20%, a proportion that is larger than the average globally (31%), the United States (27%) and in Europe (34%). At the other end of the spectrum, the average percentage of companies with cost-reduction targets of less than 10% is almost identical in the Nordics (29%), Europe (30%), the United States (30%) and globally (30%).

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Likely Neutral

Likelihood Cost targets

Unlikely <10% <20% >20%

71%66%

50%

20%

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31%

8% 6%10%

19%

30% 30% 30% 29%

37%42%

33%

27%31%

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84%

Global US Europe Nordics

11


Cost program failure rates in the Nordics are higher than elsewhere

The percentage of cost programs in the Nordics that failed to fully meet their targets (92%) is higher than the average for companies in all benchmarked regions (Europe 83%, U.S. 82% and global average 81%). Also, the Nordic companies have the lowest

Save to transform is the predominant cost reduction mindset, although less pronounced in the Nordics

Save-to-transform uses cost reduction as a means to fund investments in growth and transformational digital technologies, while in turn applying many of those same technologies to boost the efficiency and effectiveness of cost-reduction programs. Many companies in Europe are adopting a save-to-transform mindset, which is characterized by a simultaneous strategic focus

on sales growth, cost reduction, technology implementation, and digital enablement. However, this mindset—while present in Europe—is currently less pronounced in the Nordics, while being more pronounced in the United States and globally. The Nordics are, relative to the global averages, less focused on the strategic priorities associated with sales growth (-21%), cost savings (-11%), technology (-6%) and digital enablement (-13%).

Figure 4. Cost program success and failure

Figure 5. Strategic priorities and save-to-transform

1. Thriving in uncertainty. Deloitte’s first biennial cost survey: Cost improvement practices and trends in Europe. October 2016

81%

14%

82%

13% 12%6%

83%

5%

92%

5% 5% 2%

Did not meet goals Met goals Exceeded goals

% o

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espo

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% o

f tot

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espo

nden

ts

73% 73%69% 69% 69%

73%76% 76%

70% 71%78%

64%69% 70%

65% 64%67% 67%

60%

69% 67%

58% 58% 56%

48%

75%

61%

50%


Product profitability Digital enablementTechnology implementation

Sales growth Balance sheet management

Cost reduction Organization and talent

percentage of cost programs that meet goals (6%) and exceed goals (2%). The Nordic failure rates have increased dramatically since 2016 (+50 percentage points) to very high levels of 92%, compared to 42% in 2016. During the same period failure rates in Europe increased with 26 percentage points to an average of 83% compared to 57% in 2016.

12


Cost management tend to be less mature in the Nordics and Europe

A small proportion of Nordic companies (13%) report high levels of cost-management maturity. That number is far lower than both the global average of 35% and the United States with 50% of respondents reporting high cost maturity levels. Europe in

general report a lower proportion of high maturity cost levels, but with 29% they are still far ahead of the Nordics. A high level of cost-management maturity is characterized by cost policies and procedures that are continually reviewed and examined to ensure best practices around efficiency and cost management.

Next 24 months

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Lowest Low Intermediate High

15%

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35%31%

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13%

% o

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Figure 6. Cost-management maturity

High Cost policies and procedures are continually reviewed and examined to ensure best practices around efficiency and cost management

Intermediate Relevant cost policies and procedures are typically well known, and personnel are trained and generally comply

Low There may be written cost policies and procedures documented but not readily available and essentially not followed

Lowest Few or no formal cost policies or procedures are employed or documented, or they are significantly fragmented

Figure 7. Technology-implementation levels next 24 months

High technology-implementation levels for the next 24 months in the Nordics

Technology-implementation levels in the Nordics are expected to be higher over the next 24 months compared to the US and European levels. Of the Nordic respondents 60% are in process of implementation or plan to implement RPA, 69% cognitive & AI (in-process or planned), 60% for business intelligence (in-process or planned), and 54% for cloud solutions (in-process or planned).

The Nordic respondents also stand out on a global level, where they have higher levels of technology implementation (in process or planned) for three out of these four categories (cognitive & AI, BI, cloud) compared to global average. All regions indicate that automation and cognitive are expected to be the most actively implemented technologies out of these four categories for the next 24 months.

Not implemented but planned Global US Europe Nordics

62%

24%

38% 34%43%

29%39% 36%36% 31%

39% 35%35% 33%33% 31%24%

35%

24% 20%

14%

15%21%

15%

9%

26% 24% 23%

16%31%

38%27% 19%

63%59%

47%

59% 57%

50%

33%

60% 60% 58%

47%

60%

69%

60%54%

% o

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RPA RPA RPA RPABI BI BI BICloud Cloud Cloud CloudCognitive& AI

Cognitive& AI

Cognitive& AI

Cognitive& AI

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Nordic survey results: Detailed insights


14

Cost reduction is prevalent in the Nordics, but less than elsewhere

Half of the Nordic companies surveyed (50%) plan to undertake cost-reduction initiatives over the next 24 months. However, this is significantly lower than the averages for companies globally (71%), in the United States (84%) and in Europe (66%). Almost 1/5 (19%) of Nordic respondents claim they are unlikely to undertake cost-reduction initiatives. Further, Nordic companies have over

Likely Neutral Unlikely

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20%

the past 24 months indicated a lower cost-maturity level (see figure 20) and less strategic focus on cost initiatives (see figure 14), indicating cost-management has been less prioritized also in the near past. The likelihood of cost reduction initiatives in the Nordics has decreased from 92% in 2016 to 50% this year. A similar trend was seen in Europe where likelihood of cost reduction initiatives decreased from 83% in 2016 to 66% this year.

Figure 8. Likelihood of cost reduction over the next 24 months

Survey findings On average, 50% of Nordic respondents plan to undertake cost-reduction initiatives over the next 24 months, a relatively low number

compared to the US (84%), the global average (71%) and Europe (66%).

In the Nordics and Europe, neutral and unlikely expectations for cost initiatives are higher than the global average and the US.

Comparison to 2016 cost survey results in the Nordics and Europe1

• Likelihood of cost reduction initiatives in the Nordics decreased from 92% in 2016 to 50% this year.

• A similar trend was seen in Europe where likelihood of cost reduction initiatives decreased from 83% in 2016 to 66% this year.


15


Cost-reduction targets in the Nordics are ambitious69% of Nordic companies have overall cost-reduction targets above 10%, which is similar to the survey results for companies globally (68%) and in the United States (69%). 42% of Nordic companies indicate aggressive cost targets of more than 20%. Overall, the Nordic companies show the most ambitious

Survey findings 69% of Nordic respondents aim to achieve cost-reduction targets above 10%, a similar number to Europe (67%), the United States (69%)

and the global average (68%).

The Nordic respondents show the lowest percentages in the two intervals when cost-reduction targets are below 20%. However, when cost-reduction targets are above 20%, the Nordics have the highest percentage of respondents (42%). This, makes Nordic companies the most ambitious in regards to cost-reduction targets.

costreduction targets when compared with the other regions (U.S. and Europe) and globally. The ambitious cost reduction targets in Nordic companies are strengthened by the high levels of future digital implementations in RPA and Cognitive & AI (see figure 24), which are primarily implemented to reduce costs and increase productivity (see figure 2).

< 10% < 20% > 20%

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30% 30% 30% 29%

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37%

Figure 9. Cost-reduction targets across Nordics2

Comparison to 2016 cost survey results1

• Cost-reduction targets above 20% have increased significantly in the Nordics from 8% of respondents in 2016 to 42% this year.

• In Europe cost-reduction targets above 20% have increased on average from 13% of respondents in 2016 to 34% this year.

1. Thriving in uncertainty. Deloitte’s first biennial cost survey: Cost improvement practices and trends in Europe. October 20162. Respondents that selected “no specific targets were established” were not included in the results

16


Survey findings On average, European companies have lower rates of meeting or exceeding their cost goals (17%) than the global average (19%)

and US (18%) – largely due to low rates meeting or exceeding their cost goals in the Nordics (8%).

Cost reduction failure rates in the Nordics (92%) are remarkably higher than the European average (83%), global average (81%), and US (82%). Compared to the 2016 survey, the failure rates in the Nordics have increased by 50 percentage points while total European increase was limited to 26 percentage points.

The Nordic region has the bottom low of respondents exceeding their cost reduction goals, with only 2% of respondents.

Cost-program failure rates are the highest in Nordics

The percentage of Nordic cost programs that failed to fully meet their targets is the highest of all surveyed regions (92%). USA, Europe and Nordic show larger failure rates than the global average. Also, the Nordic companies shows the least percentage of successful cost-programs, with 6% meeting goals and only 2% exceeding goals. The Nordic respondents find the top barriers of successful cost reductions to be Management challenges,

lack of effective ERP systems and target setting (see figure 18). The relatively high targets (see figure 9) combined with the experienced barrier with target setting could be part of the reason with high failure rates. Other reasons may be the relative lower use of technology for cost cutting (see figure 21), lower levels of centralization initiatives (see figure 17) or less focus on cost cutting as a strategic priority (see figure 14).

Did not meet goals Met goals Exceeded goals

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81% 82% 83%

92%

13% 12%6% 5% 5% 5% 2%


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14%

Figure 10. Cost-program success and failure

Comparison to 2016 cost survey results

• The Nordic failure rates have increased (+50 percentage points) to very high levels of 92%, compared to 42% in 2016.

• During the same period failure rates in Europe increased with 26 percentage points to an average of 83% compared to 57% in 2016.

17


Growth expectations are high

Most companies surveyed have a positive growth outlook. Over the past two years, a majority of companies surveyed reported increasing revenue growth. When looking back at the past 24 months, the Nordic countries surveyed showed the highest growth rates as 90% increased their profit, compared to 84% for Europe

Survey findings Over the past 24 months, the Nordics had a higher percentage of respondents with positive revenue growth (90%) than the

European (84%), US and global averages (86%).

Over the next 24 months, the Nordics has the least positive revenue outlook, with only 79% (-11 percentage points from past 24 months actual revenue growth) of respondents expecting growth, while the global expectations stays in line with the results of the past 24 months.

and 86% for the US and globally. Looking ahead, the Nordics has the least positive growth outlook, with only 79% of companies expecting revenue growth over the next 24 months. This is below the other benchmarked regions, where US and global averages expect revenue growth to be equal to past actual growth (86%) and Europe with 83%.

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Next 24 months

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Increase Anticipate flat top line Decrease

86% 86%83% 79%

8% 9% 10%6%

15%6% 4%

86% 84%90%

7% 7% 8% 6% 7% 7% 8%4%



6%

Figure 11. Revenue performance and expectations for growth

18


Survey findingsAll regions rank Digital disruption and Cyber security as two of their top three external risks.

The top external risks among respondents in the Nordics are Commodity price fluctuations (69%), Digital disruption (67%), and Cyber security (60%).

Commodity price fluctuation is now the top external risk

The top external risks among respondents in the Nordics are Commodity price fluctuations (69%), Digital disruption (67%), and cyber security (60%). The impact of digital disruption is particularly noteworthy, since it was barely on the radar in the 2016 survey1, but now rated as one of the top external risks. While digital

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disruption only was rated second in the Nordics, it has a higher percentage than all the other benchmarked regions. The Nordic companies did not find political climate as a key risk, and it was rated 17 percentage points lower than the European average.

Figure 12. Top external risks

Comparison to 2016 cost survey results in Europe1

• Commodity price fluctuation has continued to be the highest rated external risk for Nordic companies, similar to the 2016 survey. For European average Macroeconomic concerns was the highest rated external risk in 2016, but it is now considered less .

• Digital disruption was not recognized as a major risk at the time, but is now recognized as the top risk in Europe and the second top risk in the Nordics.


59% 61% 62% 59% 59% 59% 61%69%

62%67%

58% 60%55% 54%55% 52%

57%

42%

57%

40%

54% 54%57% 56% 52% 54%

57% 58% 59%55% 58%

69%


% o

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Commodity price fluctuations New market entrantsDigital disruption

Credit risks Currency fluctuations Political climate

Cyber security concerns Macroeconomic concerns

19


Survey findings Reliability and functionality of information systems is the top internal risk across all surveyed regions, 34% in the U.S., 27% in Europe, 26% globally and 25% of Nordic respondents.

Recruitment, development and retention of required talent is ranked as the top second internal risk for the regions (29% in the U.S. and 25% in Europe and globally) except for Nordics where it’s ranked as the forth risk (19% of respondents)

Reliability and functionality of information systems is the top internal risk

The top internal risks among respondents in the Nordics are reliability and functionality of information systems (25%), lack of controls, processes and system (23%) and lack of regulatory,

legal and/or management controls (21%). Moreover, Lack of strategic plan, Liquidity and financial position and Recruitment, development and retention of required talent has fairly lower percentages than the Global, Europe and U.S. averages.

Figure 13. Top internal risks

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Reliability and functionality of information systems to support business processes and decisions

Liquidity and financial position to support business plans

Lack of controls, processes and systems to ensure business continuity

Lack of strategic plans or execution to provide clear direction to the business

Lack of regulatory, legal and/or management controls

Recruitment, development and retention of required talent to support business initiatives

20


Survey findings Compared to the other regions, the Nordic respondents are less focused on sales growth as a strategic priority. Only

52% of Nordic companies rank sales growth as a strategic priority, compared to 67% in Europe, 73% globally and 78% in the US.

The changes for Nordic surveyed companies between past and future strategic priorities are most distinct for Balance sheet management, increasing 12 percentage points (from 48% to 60%), Cost reduction and Organization & Talent, both increasing 8 percentage points (from 50% to 58%).

The Nordics’ strategic priorities align with save-to-transform

In the Nordics, the top-four strategic priorities over the next 24 months are product profitability (69%), technology implementation (67%), balance sheet management (60%), and cost reduction (58%). These priorities are generally consistent with a save-to-transform mindset, which uses cost reduction to fund investments in growth and transformational digital technologies, while in turn applying

many of those same technologies to boost the efficiency and effectiveness of cost-reduction programs. The changes for Nordic surveyed companies between past and future strategic priorities are most distinct for Balance sheet management, increasing 12 percentage points (from 48% to 60%), Cost reduction and Organization & Talent, both increasing 8 percentage points (from 50% to 58%).

Figure 14. Strategic prioritiesPast 24 months

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21


Growth and competition remain the top drivers of cost reduction

In the Nordics, past and future drivers of cost reduction vary slightly with past growth initiatives focused around Changed regulatory structure (63%) and Increased international growth opportunities (63%), while future growth initiatives center around growth and competition, similar to the other regions. The Nordic top-rated drivers for the next 24 months are expected to be Investment in growth areas (58%), Competition among peer group

(50%), and International growth opportunities (48%). The least cited cost drivers in the survey continue to be liquidity (33%) and consumer demand (40%). The Nordic survey results show lower percentages of all surveyed cost-reduction drivers for the next 24 months, than the other benchmarked regions.

Figure 15. Past and future cost-reduction drivers

Survey findingsThe top drivers for Nordic cost reductions the next 24 months are expected to be Investment in growth areas (58%), Competition among peer group (50%), and International growth opportunities (48%).

The Nordic survey results show lower percentages of all surveyed cost-reduction drivers for the next 24 months, than the other benchmarked regions.

Past 24 months

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Required investment in growth areas

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22


Survey findingsSimilar to the other benchmarked regions, the Nordics find their top developed capabilities to be Automation, AI & Cognitive solutions, ERP, and New policy implementation.

Except for automation, the levels of implemented cost-management capabilities in the Nordics tend to be lower than the other regions.

Technology-related capabilities are the primary focus

In the Nordics, the top cost-management capabilities developed over the past 24 months are Automation (48%), Cognitive (31%), ERP (29%), and New policy implementation (27%). Technology-related capabilities tend to rank highest, with automation being the most developed.

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Zero-based budgeting continues to be the least developed of the cost-management capabilities in the survey, only recognized by 13% of Nordic respondents. Except for automation, the levels of implemented cost-management capabilities in the Nordics tend to be lower than the other surveyed regions.

Figure 16. Development of cost-management capabilities

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Developed or implemented Automation technologies

Improved processes for forecasting, budgeting and reporting to enable effective cost management

Developed or implemented Cognitive and Artificial Intelligence technologies

Implemented zero-based budgeting system or process

Set-up or improved ERP infrastructureCreated a new executive position and/or full time positions to drive cost managementImplemented new policies and procedures, and strengthened the compliance mechanisms

48%42% 41%

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Not implemented but planned

Action 1

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71% 72%67% 69%68% 68%58%

Expected next 24 months2

Survey findings Over the past 24 months, the top actions in all regions were tactical in nature. The Nordics is the region leaning most towards strategic

cost actions over the next 24 months.

The Nordics are behind other regions in centralization as a cost-reduction action. Only 15% of Nordic respondents report they increased centralization over the past 24 months, compared to 30% in Europe, 35% globally and 43% in the U.S.Expected implementation of Automation/Cognitive technologies over the next 24 months is higher in the Nordics (67%) than Europe (63%), United States (53%), and the global average (53%)..

Tactical cost actions have been favored in the Nordics

The most frequently implemented cost-reduction actions in the Nordics were tactical in nature – including the most common action: Streamlined business processes (35%). Tactical actions tend to produce incremental improvements and relatively small cost savings, whereas strategic actions typically have a much broader and deeper impact. In the Nordics, the most common strategic action over the past 24 months was Changed business configuration (33%), while, the most common strategic action in

Europe was Outsourcing/Offshoring business processes to low-cost service providers (33%). Looking ahead, respondents in the Nordics are expected to implement tactical and strategic cost actions in roughly equal measure (with slight favor for strategic actions). Over the next 24 months the Nordics most popular cost actions are Streamlined organizational structure (72%), Increased centralization (71%), and Outsource/Off-shore business processes (69%).

Figure 17. Cost-reduction actions past 24 months1

Action 1 Increased centralization - Integrated business units and functions into the corporate center

StrategicAction 2 Changed business configuration - Divested underperforming assets, adjusted number of products/services, geographies, customers, etc

Action 3 Outsourced/Off-shored business processes to low cost service providers

Action 4 Streamlined organization structure – Increased spans of control, and modified reporting relationships

Tactical

Action 5 Streamlined business processes

Action 6 Improved policy compliance

Action 7 Reduced external spend by leveraging scale to source purchased materials/services and reduced demand for materials and services

Action 8 Implementation of specific automation or cognitive technologies

Action 9 Aligned incentives of executives or employees to cost reduction objectives (Not part of next 24 months actions)

1. Responses based on implemented actions for respondents’ companies2. Respondents who had planned to implement those actions or were in process of implementation are represented in this tabulation

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Act. 1 Act. 2 Act. 3 Act. 4 Act. 5 Act. 6 Act. 7 Act. 8 Act. 9

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24


Survey findings Implementation challenges is the top barrier across all surveyed regions.

Barrier ratings are lower in the Nordics compared to the other regions, especially regarding weak/unclear business case.

Top barriers to effective cost management

In the Nordics, the top barriers to successful cost reduction according to respondents are Management challenges in implementing initiatives (54%), Erosion of savings due to infeasible target setting (52%), and Lack of an effective ERP system (50%).

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The top ranked barriers follows the same order in the Nordics as well as in Europe, however, the level is generally lower in the Nordics compared with the other regions.

Figure 18. Barriers to successful cost reduction

Comparison to 2016 cost survey results in the Nordics and Europe1

• Implementation challenges is the top barrier across all surveyed regions, Lack of effective ERP system and Erosion of savings due to infeasible target setting are among the top three barriers for all regions.

• Weak/unclear business case for cost improvement is now the lowest ranked barrier in the Nordics, down from a third place in 2016. For Europe lack of understanding has decreased from being the second highest barrier to now be the lowest ranked barrier.


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58% 60%55% 56%

51%

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Global US EuropeNordics

Management challenges in implementing initiatives

Weak/ unclear business case for cost improvement

Erosion of savings due to infeasible target settingLack of an effective ERP systemLack of understanding/ acceptance of the solution by the audiencePoorly designed reporting and tracking

25


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Survey findingsAggregated over all regions, Adjusting targets, Investing in technology improvements and Tracking & reporting are the most common lessons learned.

On average, percentage ratings for lessons learned are lower in the Nordics compared to the other regions. Investing in technology improvements is the top lesson learned in USA (76%), globally (72%) and Europe (68%), but is relatively undervalued in the Nordics (58%).

Lessons learned

According to the survey, the Nordic companies top lessons learned for effective cost management are:

• Assess, validate and adjust targets reasonably to reflect reality throughout the implementation phase (67%)

• Invest in technology improvements to enable data availability, reliability and decision-making processes (58%)

• Design a solid tracking and reporting process (58%)

• Deploy change-management activities to raise awareness, acceptance and benefits of initiatives (58%)

Among the lessons learned, designating a full-time position to drive cost improvement ranked the lowest in all regions.

Figure 19. Lessons learned for effective cost management

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Assess, validate and adjust targets reasonably according to the reality throughout the implementation phase

Designate a full time position to drive efficiency and cost improvement initiatives

Deploy change management activities to raise awareness, acceptance and benefits of initiativesDesign a solid tracking and reporting processInvest in technology improvements to enable data availability, reliability and decision-making processDevelop, validate and sponsor a clear business case for cost improvement

26

Survey findings Only 13% of the Nordic respondents have a high Cost management maturity level, lower than Europe (29%), global average (35%) and

essentially lower than the US (50%).

The Nordic cost management maturity level is far behind compared to the global, US and European average and may be a reason why companies in the Nordics have a relatively high failure rate for cost reduction.

Cost management tend to be less mature in the Nordics and Europe

A smaller proportion of Nordic companies, limited to only 13%, report high levels of cost-management maturity. That number is far lower than both the global average of 35% and the United States with 50% of respondents reporting high cost maturity levels. Europe in general reports lower proportion of high maturity cost levels, but with 29% they are still far ahead of the Nordics. A high level of cost-management maturity is characterized by cost policies

and procedures that are continually reviewed and examined to ensure best practices around efficiency and cost management. Generally speaking, the Nordic countries show a lag behind the benchmarked regions regarding cost-management in the past. However, with expected revenue decrease (see figure 11) the cost reduction actions seem to increase for Nordic companies (see figure 17), while more intensely leveraging new technologies (see figure 24).

Figure 20. Cost-management maturity levels

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Intermediate Relevant cost policies and procedures are typically well known, and personnel are trained and generally comply

Low There may be written cost policies and procedures documented but not readily available and essentially not followed

Lowest Few or no formal cost policies or procedures are employed or documented, or they are significantly fragmented

27

Digital technologies and solutions applied


Cloud technology soars above the rest

Among the breakthrough technologies referenced in our survey, the technologies most widely implemented by Nordic companies were Cloud (33%) and Business Intelligence (25%). Cloud and BI were also the most widely implemented technologies in the other benchmarked regions.

Survey findings Cloud (33%) and BI (25%) were the most widely implemented technologies in all regions, although lower implementation levels in

the Nordics.

The Nordics lag behind in technology implementations when comparing averages on global, US and Europe levels of the investigated technology implementations over the past 24 months.

Technology-implementation levels were relatively consistent between Europe and other regions, whereas US report higher levels and the Nordics lower levels of Technology implementations for cost-management reasons over the past 24 months. However, the Nordic companies show higher ambitions with implementing new technologies due to cost-management reasons in the next 24 months, compared with the benchmarked regions (see figure 24).

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Figure 21. Technology-implementation levels (past 24 months)

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Cloud Solutions Business Intelligence (Not including Cognitive or AI)

Automation: Robotics Process Automation Cognitive technologies: Artificial intelligence and machine learning

Global US EuropeNordics

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Top reasons for applying digital technologies

In the Nordics, the top reason for respondents using cloud is Tightening data security and improving business control (56%). This is consistent with the survey results for Europe (63%), the United States (63%) and globally (64%).

Reducing costs and increasing productivity is the top reason for using Automation/RPA and Cognitive/AI, not only for the Nordics, but for Europe as a whole.

Survey findings Reduce costs and increase productivity are the main drivers for implementing RPA and Cognitive & AI technologies. When

implementing Cloud it is rather about tightening data security and improving business control.

For Cloud, Nordic respondents do not consider reducing cost and increasing productivity to the same extent as other countries. For the Nordics, 44% of respondents implement Cloud for this reason, compared to 63% globally, 58% in Europe and 57% in US.

The top reason to implement RPA, Reduce costs and increase productivity (78%), is almost twice as common as the second reason of the survey alternatives (Enhance product/service capabilities, 44%) among Nordic respondents.

Figure 22. Reasons for applying technologies

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Cloud

RPA

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Tighten data security and Improve business control

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Most technology implementations meet or exceed expectations

When implementing each of the technologies covered by this year’s survey, at least 70% of the respondents across Europe say their expectations were met or exceeded. For the Nordics, implementing cognitive and AI have 49% of surveyed respondents replying the

Survey findings In the Nordics, 56% of the companies that implemented cloud had their expectations met, and 25% had their expectations exceeded, very similar to the other regions.

When implementing RPA, 56% of Nordic companies had their expectations met, and 22% had their expectations exceeded. The Nordics had higher percentage of respondents reporting results according to expectations, whereas the other regions were more unequal, with a higher percentage of respondents reporting results both below and above expectations (except for US results below expectations).

When implementing Cognitive & AI, 38% of Nordic companies had their expectations met, and 13% had their expectations exceeded.

results below expectations, hence limiting the success ratio to at least 51% across the technologies. In the Nordics, the success factors for Cloud 81% (56% met + 25% exceeded), for RPA 78% (56% met + 22% exceeded), and for Cognitive and AI, 51% (38% met + 13% exceeded).

Figure 23. Implementation results

Global

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Cloud

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The Nordics are expected to set the pace for technology implementation

Over the next 24 months, implementation levels (in-process or planned) for all the surveyed technologies are expected to be slightly higher in the Nordics than in the US and Europe.

Survey findings Automation (RPA) and Cognitive & AI are expected to be the most actively implemented technologies for all regions.

The Nordics have high ambitions for implementing Cognitive and AI, RPA and BI over the next 24 months. Even though the ambition for implementation of Cloud technology is slightly lower, it will be of greater focus in the Nordics than the rest of the world.

Figure 24. Technology-implementation levels (next 24 months)1

When comparing against global survey results, the same pattern follows, except for RPA, that has a higher implementation level than in the Nordics (62% compared to 60%). AI & Cognitive and Automation (RPA) are expected to be the most implemented technologies overall.

Not implemented but planned Global US Europe Nordics

62%

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29%39% 36%36% 31%

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RPA RPA RPA RPABI BI BI BICloud Cloud Cloud CloudCognitive& AI

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32


Save-to-transform as a catalyst for embracing digital disruption


1 Thriving in uncertainty in the age of digital disruption. Deloitte’s first biennial global cost survey report. December 2017 2 Cyber security was included for the first time in the 2019 report3 Save-to-transform as a catalyst for embracing digital disruption. Deloitte’s second biennial global cost survey report. April 2019

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Digital disruption 20171 Digital disruption 20192

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+59 percentage points


6% 8%

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Figure 25. Digital-related business risks

Digital rises to the top of the agenda

Digital disruption and Cyber security are now both recognized among the top external risks in the Nordics. In 2016, digital disruption was seen as an emerging and significant external risk by survey respondents in the United States but was barely on the radar elsewhere, in the Nordics (8%), in Europe (6%) and globally (6%). In this year’s survey, however, 67% of Nordic companies

now cite digital disruption as a key external risk, which represents a 837% increase in awareness. Meanwhile, cyber security is recognized as one of the top-three external risks in the Nordics (60%) and Europe (58%), although at levels somewhat lower than in the United States (69%) and globally (62%), where it’s recognized as the top external risk.

Survey findingsDigital disruption is cited as an external risk by a greater percentage of companies in the Nordics than in Europe, globally and in the United States

In 2017, digital disruption was mostly recognized in the United States

Cyber security is now perceived as a top external risk in the Nordics, although at lower levels than globally and in the United States, but higher level than Europe.Cyber security is ranked as a top-3 external risk in the Nordics and Europe, but is the top external risk globally and in the United States

35


Save-to-grow

In the recent past, most companies were firmly grounded in save-to-grow mode where cost and growth are the main levers, with talent (including capabilities) as another key component. Cost reduction is a high priority, with the savings used to fund growth initiatives and strategic investments to support a differentiated business strategy.

1 Source: Deloitte Consulting LLP

Figure 26. The continuum of cost-management approaches3

TurnaroundSave-to-turnaround. Focus on immediate actions to reduce costs, maximize liquidity, achieve stability, and capture savings to avoid further deterioration of the business.

FundSave-to-fund. Focus on actions that help improve cost and competitive position; avoid cuts that might inhibit future growth rebalance costs to fund investment in business strategy enablers.

GrowSave-to-grow. Enable or develop a scalable cost/business platform to fuel growth and investment in core capabilities while supporting a differentiated business strategy.

TransformSave-to-transform. Invest in digital technologies and technology infrastructure to make operations more efficient and effective, enabling new and more agile business models to prosper in a digitally disrupted market.

Turnaround Fund Grow Transform

Cost levers

Liquidity Cost Growth Growth

Cost Growth Cost Cost

Talent Talent Talent Talent

Growth Liquidity Liquidity Liquidity

Prio

rity

+

-

“The rise of digital technologies and innovations are also contributing to a shift in how Nordic companies approach cost management, with the save-to-grow mindset from 2016 steadily evolving into a save-to-transform mindset where investments in digital enablement and transformational technologies play a prominent role.”

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Save-to-transformNow, many companies are moving into save-to-transform mode, with the save-to-grow approach expanding to include a strong focus on digital enablement and technologies that can transform the business. Further, the save-to-transform mode can help a company capitalize on digital opportunities, while at the same time

Figure 27. Save-to-grow expands into save-to-transform

1. Save-to-turnaround 2. Save-to-fund 3. Save-to-grow 4. Save-to-transform

Scope Narrow Broad

Competitive situation

• Losing market share • Structural operating flaws • Liquidity concerns • Flat profit growth

• Adjusting to demand levels • Growth concerns • Healthy balance sheet • Excess cash flow/reserves • High growth potential

Playbook

Defense-oriented playbook

• Short-term tactics to improve balance sheet • Cash flows • Stabilize business through any cost and/or liquidity

improvements • Compensate sales decline

Growth-oriented playbook

• Achieving profitable and sustainable growth through structural cost efficiencies and improvements

• IT investments • Innovation • Actions to strengthen performance and competitive position

Cost levers priority

Save-to-turnaround Save-to-fund Save-to-transform levers

Growth Talent Cost Liquidity Growth Talent Liquidity Cost Growth

Technology

Talent CostLiquidity

New

Low Low HighHigh Low High

1 Source: Deloitte Consulting LLP

positioning itself for potential adversity by using digital innovations to unlock new levels of cost savings. Adapting operating models and implementing agile ways of working may potentially increase the positive effects that comes with the digital save-to-transform mode.

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Appendix

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Survey findings On average, Brexit action levels in Europe are expected to remain similar to the past.

• In the UK, action levels are expected to remain consistent; however, there is great variability in other countries, with the Nordics, France, and Spain planning to take more actions, and Germany and Belgium and Netherlands planning to take less.

Beyond the UK, Spain and Germany are the two countries expecting to undertake more action than average over the next 24 months, with Spain focusing on risk and talent initiatives and Germany on cost reduction.

Belgium and Netherlands have the lowest percentage of respondents expecting to undertake Brexit-related actions over the next 24 months (on average, 40% less than the other countries in Europe).

Top

Pref

eren

ces

of R

espo

nden

ts (i

n %

)

Actions undertaken / planned to be undertaken as a result of the UK referendum to leave the EU

Cost Reduction Initiatives Growth Initiatives Talent Initiatives Liquidity Initiatives Risk Prevention Initiatives

0

10

20

30

40

50

60

70

80

0

10

20

30

40

50

60

70

80

Europe Germany France

+5%+28% +19%

+8%+9%

+7% +10%

+10%

+36%

+18%

+4%

B

B

AA

1

1

353%

54% 55% 55% 55%60%

63% 64%61%

64% 66% 66%64%

50%

58%54%

59% 61%

69%

59%

70%

50%48%

58%

44%

56%

41%

54%

49%

41%

61%

42% 44% 44%

52% 54%

42% 40%44%

51%49%

54% 53%

59%63%

66% 64% 64% 65%

58%54%

64%60%

64%61%

53% 54% 54%57%

50%52%

60%

48%

60%

39%

49%

54%49%

56%

46%

60%

52% 50%

56%

36% 35%

42%

35%

49%

+4%2 2

2

UK Spain Belgium & Netherlands

NordicsItaly

57%

Figure 28. Brexit-related actions

A. UK and Germany reported the highest levels of actions over the past 24 months

B. Nordics are the countries in which actions to be undertaken are expected to grow the most (on average, +6%); Germany expects the greatest decrease (on average, -7%)

Appendix A: Cost management practices as a result of Brexit

On average, the level of Brexit-related actions across Europe is expected to remain similar to past levels. Not surprisingly, the UK has the highest percentage of respondents taking (or planning to take) Brexit-related cost actions over the next 24 months (63%). In the UK, future activity is generally at the same high level as prior activity. A high level of Brexit-related cost-reduction activity is also expected in Germany (61%) and Spain (58%).

Respondents in Spain also expect to significantly increase their talent initiatives (+28%), while respondents in the Nordics predict an even larger increase in their growth initiatives (+36%), perhaps as a means to capitalize on economic opportunities enabled by Brexit.

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14%

35%

17%

29%

21%

17%

20%

13%13%

2%

15%

4%

$200 mn to lessthan $500 mn

$500 mn to lessthan $1 bn

$1 bn to lessthan $5 bn



Over $60 bn

Europe

Nordics

7% 4%

15 %

21%

15%

17%

20%19%

13% 13%

0%

19%

10% 10% 10%8%

Less than 1,000 1,000 to 2,499 2,500 to 4,999 5,000 to 9,999 10,000 to 24,999 25,000 to 49,999 50,000 to 99,999 More than 100,000

Europe

Nordics

Appendix B: About the survey, break-down by revenue and headcount

Figure 29. Revenue breakdown

Figure 30. Headcount breakdown

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Save-to-transform can not only help a company capitalize on digital opportunities, it can also position the company to withstand potential adversity that may be on the horizon by using the power of digital solutions as the key to unlock new levels of cost savings.

Looking ahead

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Authors

Nordic contributors

Jonas Malmlund Partner Strategic Cost Transformation Leader SwedenDeloitte [email protected] +46 733 97 13 03

Per BlomqvistManagerStrategy, Analytics and M&ADeloitte [email protected]+46 700 80 20 70

Christoffer AhlConsultantTechnology Strategy and Transformation Deloitte [email protected] +46 700 80 33 22

Niclas HallerthConsultantFinance and PerformanceDeloitte [email protected]+46 700 80 25 14

Omar Aguilar Principal Deloitte Consulting LLP Strategic Cost Transformation Global Market Offering Leader [email protected] USA +1 215 870 0464 International +1 267 226 8956

David Izquierdo Sánchez Senior Consultant | Monitor Deloitte Deloitte Consulting, SLU [email protected]

Sakshi Kastiya Consultant | Strategy & Operations Deloitte Consulting India Private Limited [email protected]

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Contacts

Global

Omar Aguilar Principal Deloitte Consulting LLP +1 267 226 8956 [email protected]

Europe

Alexander Kainer (Austria) Partner Deloitte Services Wirtschaftsprüfungs GmbH +43 664 805 372 800 [email protected]

Catherine Hannosset (Belgium) Partner Deloitte Belgium + 32 494 56 68 55 [email protected]

Zlatko Bazianec (Croatia) Partner Deloitte Croatia +385 1 2351 906 [email protected]

Tore Christian Jensen (Denmark) Partner Deloitte Denmark +45 22 20 28 30 [email protected]

Nordics

Tore Christian JensenPartner, Nordic Operations Transformation leadDenmark+45 22 20 28 [email protected]

Anders Harritz LundSenior Manager, DK Strategic Cost Transformation leadDenmark+45 30 93 69 [email protected]

Søren Birch B. Kristensen Manager, DK Strategic Cost Transformation co-leadDenmark+ 45 22 51 56 [email protected]

Tuomo Saari (Finland)PartnerDeloitte Finland+35 840 505 91 [email protected]

Olivier Perrin (France) Partner Deloitte France +33 6 87 14 17 38 [email protected]

Alexander Mogg (Germany) Partner Deloitte Consulting GmbH +49 151 5800 1290 [email protected]

Alan Flanagan (Ireland) Partner Deloitte +35 314 172 873 [email protected]

Umberto Mazzucco (Italy) Equity Partner Deloitte Consulting SRL +39 0283323053 [email protected]

Willem Christiaan van Manen (Netherlands) Partner Deloitte Consulting B.V. +31 882883118 [email protected]

Bjorn Grenman (Norway) Partner Deloitte AS +47 911 61 726 [email protected]

Irina Biryukova (Russia) Partner Deloitte Russia +74 957870600 [email protected]

Gorka Briones (Spain) Partner Deloitte Consulting, S.L. +34 914432520 [email protected]

Jonas Malmlund (Sweden) Partner Deloitte Sweden +46 75 246 33 03 [email protected]

Hugh Macquarrie (Czechia) Partner Deloitte Consulting AG +41 795 298 228 [email protected]

Lorraine Barnes (UK) Partner Deloitte MCS Limited +44 7765 897434 [email protected]

Tuomo SaariPartner, Strategic Cost Transformation leader FinlandFinland+35 840 505 91 [email protected]

Bjørn GrenmanPartner, Strategic Cost Transformation leader NorwayNorway+47 911 61 [email protected]

Fredrik GilleboSenior Manager, Strategic Cost TransformationNorway+47 917 84 [email protected]

Turi PettersenSenior Consultant, Strategy and OperationsNorway+47 47 33 95 [email protected]

Jonas MalmlundPartner, Strategic Cost Transformation leader Sweden Sweden+46 733 97 13 [email protected]

Per BlomqvistManager, Strategic Cost TransformationSweden+46 700 80 20 [email protected]

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October 2019 Nordics - Deloitte · 2021. 3. 7. · reach the cost-reduction targets they are aiming...

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