Factors behind Digital Transformation of the Business Sector in the Scandinavian Countries

The digitalization of the business sector has become a crucial step towards developing a competitive and sustainable knowledge-based economy. While there is a significant amount of academic literature on the topic, it remains unclear which factors are the most significant in achieving outstanding levels of business’s digitalization in the Scandinavian countries – leaders of the digital transformation of the business sector. The purpose of this study is to identify the factors that contributed the most to the digital transformation of the business sector in the Scandinavian countries. Additionally, an index was constructed to measure the state of the identified factors’ development. To achieve this aim, research was conducted using data collected from the Eurostat database, World Bank, etc. Tools such as factor, cluster and correlation analyses have been used for quantitative analysis. The study is intended to complement the existing literature on digital transformation of the economy and provide more detailed information on the factors of successful digital transformation of enterprises.