Mission Statement, Vision, & Core Values (2024) of Nokia Oyj (NOK)

An Overview of Nokia Oyj (NOK)

General Summary of Nokia Oyj

Nokia Oyj, founded in 1865, is a Finnish multinational telecommunications, information technology, and consumer electronics company. Initially a manufacturer of paper products, Nokia has evolved significantly over the years, transitioning through various industries including rubber and cables before focusing on telecommunications in the 1990s. Today, Nokia is known for its extensive portfolio that includes network infrastructure, technology services, and consumer devices.

As of 2024, Nokia's notable products and services include:

• 5G Network Infrastructure
• Mobile and Fixed Networks
• Cloud Solutions
• Internet of Things (IoT) Technologies
• Consumer Mobile Devices

In 2024, Nokia reported an approximate sales revenue of €24 billion, reflecting its strong position in the telecommunications market.

Company's Financial Performance in the Latest Financial Reports

Nokia's financial performance for the fiscal year 2023 has shown remarkable growth, with record-breaking revenues primarily driven by the sales of its 5G network solutions. Key financial highlights include:

The company has experienced significant growth in various markets, particularly in North America and Asia, where investments in telecommunications infrastructure continue to expand.

Introduction to Company as One of the Leading Companies in the Industry

Nokia stands as a leading player in the telecommunications industry, thanks to its commitment to innovation and robust product offerings. The company has been at the forefront of developing next-generation technologies, cementing its reputation as a trusted partner for service providers worldwide. As a result, Nokia has gained significant market share and recognition.

For those who wish to understand more about how Nokia has maintained its leadership and success within the telecommunications sector, further exploration of its strategic initiatives and technological advancements is encouraged.

Mission Statement of Nokia Oyj (NOK)

Mission Statement Overview

Nokia Oyj's mission statement is a guiding framework that articulates the company's purpose and the strategic focus in delivering value to its customers and stakeholders. It serves as a roadmap for the company's long-term goals and operations. As of 2024, Nokia emphasizes the significance of connectivity and innovation in its mission, particularly in the context of the ongoing digital transformation of industries worldwide.

Core Component 1: Delivering High-Quality Products

Nokia's commitment to delivering high-quality products is a central component of its mission statement. The company aims to provide state-of-the-art technology to enable seamless networking and communication solutions. In 2023, Nokia reported a net sales figure of €22.67 billion. The company allocated approximately €4.5 billion in research and development, reflecting its dedication to innovation and quality assurance.

Core Component 2: Enabling Digital Transformation

Another integral aspect of Nokia's mission is its emphasis on enabling digital transformation across various sectors. The company actively participates in the advent of 5G technology, helping industries transition into more connected and efficient operations. Nokia has a market share of approximately 20% in the global 5G infrastructure sector, positioning itself as a key player in this transformative phase.

Core Component 3: Commitment to Sustainability

Nokia's mission statement also reflects its commitment to sustainability and responsible business practices. In 2023, the company reported that 49% of its energy consumption came from renewable sources. Nokia plans to reduce its carbon emissions by 50% by 2030, aligning itself with global sustainability goals.

Vision Statement of Nokia Oyj (NOK)

Vision for Digital Transformation

Nokia's vision as of 2024 emphasizes its commitment to driving digital transformation across industries. The company aims to leverage advanced technologies such as 5G, cloud computing, and artificial intelligence to enhance connectivity and improve operational efficiencies. In 2023, Nokia reported a revenue of €23.9 billion, with a significant portion attributed to its networking solutions that support digital transformation in various sectors.

Commitment to Sustainability

Nokia’s vision also encompasses a strong dedication to sustainability. As part of its environmental strategy, the company aims to reduce its greenhouse gas emissions by 50% by 2030 compared to 2019 levels. In 2022, Nokia reported a carbon footprint of 3.57 million tonnes of CO2 emissions, showcasing the baseline from which it plans to make significant reductions.

Enhancing Customer Experience

The vision statement further highlights Nokia’s goal to enhance customer experience through innovative solutions. In 2024, Nokia aims to achieve a customer net promoter score (NPS) of 40, reflecting increased customer satisfaction and loyalty. In 2023, their NPS was reported at 32, indicating ongoing enhancements in service delivery and product offerings.

Investment in Research and Development

Nokia's commitment to innovation is evident in its projected investment in research and development (R&D). For 2024, the company plans to allocate approximately €5 billion to R&D initiatives, aiming to advance technology in areas such as network infrastructure and mobile broadband. In 2023, Nokia’s R&D expenditure was €4.8 billion, accounting for 20% of its total revenue.

Global Reach and Partnerships

The vision statement stresses Nokia's objective to expand its global footprint and foster partnerships. As of 2024, Nokia is focusing on increasing its market presence in regions such as Asia-Pacific and Latin America, where it currently holds a market share of approximately 15% and 10%, respectively. Additionally, the company has formed alliances with over 150 telecommunications operators worldwide to enhance its service delivery.

Core Values of Nokia Oyj (NOK)

Customer Commitment

The core value of customer commitment emphasizes the importance of understanding and fulfilling customer needs. This commitment is reflected in Nokia's continuous investment in customer relationships and service.

In 2023, Nokia reported a customer satisfaction score of 88%, demonstrating its dedication to delivering quality service and products.

Nokia has launched programs such as the Enhanced Customer Engagement program, which includes:

• Weekly feedback sessions with major customers
• Dedicated customer success teams
• Tailored solutions for enterprise clients, resulting in a 20% increase in upsell opportunities.

Innovation

Innovation is a cornerstone of Nokia's operations, driving the company towards developing cutting-edge technologies.

In 2023, Nokia invested approximately €2.3 billion in research and development, accounting for 15% of its total revenue, which generated a significant number of patents:

Nokia’s innovation initiatives include:

• 5G network solutions, with over 40 commercial contracts signed globally
• Partnerships with universities to foster new technologies
• Investment in AI and machine learning applications to enhance network performance.

Integrity

Nokia upholds integrity as a vital value, ensuring ethical standards in all business practices.

In 2023, Nokia achieved a score of 85% in the Ethics & Compliance category in external audits.

Nokia’s integrity initiatives involve:

• Annual ethics training for all employees, with a 100% completion rate
• Whistleblower program implemented in 2022, receiving five reports in 2023, all thoroughly investigated
• Transparency reports published quarterly that detail corporate governance practices.

Collaboration

This core value underscores the importance of teamwork and partnerships within and outside the organization.

Nokia has established over 150 partnerships with local and international firms to enhance its business offerings.

Examples of collaborative efforts include:

• Joint ventures for 5G deployment with various telecom operators, contributing to a 25% increase in network rollout efficiency
• Community engagement initiatives aimed at fostering local talent, benefitting over 1,000 young people in technology skill development since 2022
• Cross-functional teams that spearheaded the development of new product lines, achieving a 30% faster time-to-market.

Sustainability

Sustainability is integral to Nokia’s business approach, focusing on minimizing environmental impact and promoting social responsibility.

Nokia’s sustainability goals include:

• Reducing carbon emissions by 50% by 2030, with a 5% reduction achieved in 2023
• Achieving 100% recyclable product packaging by 2025
• Investing €500 million in sustainable energy projects globally.

The company’s sustainability initiatives also include: