Our Q4 2024 survey highlights notable shifts in GenAI implementation and adoption among large organizations in the region. However, the main barriers and benefits identified remain consistent with findings from the Q3 report. Regulatory compliance continues to be the top challenge to scaling, while efficiency and productivity are the primary benefits which organizations aim to achieve. This highlights that we are still at the start of where this technology will take us.

Key findings from the Q4 report

Navigating the successful implementation

• Declining top management interest in GenAI: Interest from Nordic C-suite leaders and boards in GenAI has dropped since Q3, with 29% and 14% reporting high interest, respectively. To fully realize GenAI's potential, it is essential for top management to be engaged and to understand the broader business implications and integrate effectively into strategic objectives.
• Positive trend toward scaling GenAI: Nordic organizations have more conservative expectations for scaling experiments compared to global firms, but our survey results indicate progress from experimentation to at-scale implementation in the Nordics, particularly in IT, cybersecurity, strategy and operations, where more than 6 out of 10 organizations now have working GenAI implementations.

Driving value and ROI

• Executive interest drives ROI success: For the organizations with high interest from C-suite leaders in GenAI, 8 out of 10 are achieving high ROI (+10%) from their advanced GenAI initiatives, as executive support facilitates change management and the process adjustments critical for scaling and value realization.
• Nordic focus on efficiency and innovation: The top benefits sought and achieved by Nordic organizations include improved efficiency (54%), uncovering new insights (36%), and fostering innovation (34%). This reflects a growing maturity in selecting and scaling GenAI initiatives that deliver tangible business outcomes.

Unlocking barriers to scaling

• Regulatory compliance is the top barrier: Compliance with regulations, especially the EU AI Act, has become the most significant challenge for Nordic and global organizations with 46% reporting that it is holding them back from developing GenAI applications.
• Declining trust in AI: Trust in GenAI has dropped significantly in Nordic organisations, with high trust levels falling from 53% to 40%. This decline reflects increased awareness of AI's limitations and risks, driven by regulatory scrutiny and could reflect personal experiences with early versions of this new technology which does not meet the high expectations.

Looking forward – the agents are coming

• Cautious approach to realising long-term gains: The current hype around GenAI is undeniable, yet Nordic organisations are preparing for a gradual transformation. While excitement is high, 34% of respondents believe substantial organisational change will take more than three years to implement, reflecting a strategic and cautious approach to achieving GenAI's full potential
• Nordic organizations are missing out on AI agents: Nordic organizations show significant interest in emerging technologies like autonomous agents and multimodal AI, but only 11% are exploring these technologies extensively, compared to 26% globally. This gap could limit Nordic organizations’ ability to fully capitalize on GenAI's potential and fall behind in a globally competitive market.