Annika leads the technological direction at SKF Group, shaping strategy and overseeing global R&D. With over 20 years in engineering and data science, she champions diversity in STEM and chairs several boards, including the Jacob Wallenberg Foundation. She holds degrees from Chalmers University and Waikato University.

In a recent conversation with Global Woman Leader Magazine, Annika shares her views on the industry's rapid technological advancements, emerging trends, and the importance of fostering creativity within tech teams. She also highlights how diverse and inclusive teams drive innovation, citing a specific instance of breakthrough success through these initiatives.

Given the rapid pace of technological advancements, how do you perceive the current landscape in our industry, and what emerging trends do you see shaping the future?

Given the advancements in new and emerging technologies such as AI, machine learning and digitalization combined with the focus on sustainability, the current landscape for business is both dynamic and transformative. We are leveraging these technologies to not only enhance our operations but also offer more innovative solutions to our customers as per our intelligent and clean strategy. For example, condition monitoring systems analyze vast amounts of data in real-time and provide insights that help customers reduce downtime and optimize maintenance. Another key focus is sustainability. At SKF, we are committed to reducing our environmental footprint and helping our customers do the same. By developing products that are not only more efficient but also more environmentally friendly, we continue to deliver value to our customers and drive the industry forward.

Innovation thrives in environments that foster creativity and risk-taking. How do industry leaders cultivate such a culture within your technology teams, ensuring they are empowered to experiment and ideate freely?

Creating a culture of innovation includes autonomy, risk-taking and experimentation to help us explore new ideas generated both internally and externally. It requires a few key things.  First, a strong customer focus.  Listening to their needs, understanding their challenges, and developing solutions that address them directly. If we serve the customer better than anyone else, we will have good business outcomes. Second, always challenging assumptions and exploring unconventional approaches. The benefits are numerous. We can ensure reliable operations, greater profitability for customers and create a more sustainable future. But it also empowers our workforce by creating new opportunities and fostering a culture of innovation.

Research indicates diverse teams lead to more innovative solutions. Could you discuss a specific instance where diversity and inclusion initiatives within the teams directly contributed to a breakthrough innovation or solution?

Research shows that diverse teams drive innovation and yield more effective solutions. One notable example is when a tech company implemented diversity and inclusion initiatives, leading to the formation of cross-functional teams with varied backgrounds. This diverse collaboration resulted in a groundbreaking product that addressed unmet market needs, significantly enhancing customer satisfaction. We believe that diversity and inclusion are not just nice to have but also strategic imperatives. From brining varied perspectives and creative problem-solving, to identifying emerging trends and developing effective solutions, diverse teams can fuel innovation and company’s growth.

Women remain underrepresented in tech leadership roles. From your experience, what strategies have proven effective in empowering and advancing women within an technology teams, ensuring their voices are heard and talents recognized?

Empowering and advancing women in technology teams is crucial for fostering innovation and diversity. As a woman CTO, I am a minority. My goal is that this should not be the case in the next generation. That’s why, I continue to engage in tech communities and act as role model to reimagine diversity and inclusion. By fostering a learning and collaborative culture, I contribute to a more innovative and sustainable future for everyone to thrive. We emphasize on psychological safety and trust – a foundation for innovation. It should be safe for people to experiment and learn from it. This fosters a culture of innovation and allows us to seize new opportunities and deliver value to customers. Additionally, some strategies that have proven effective are providing leadership and professional development opportunities tailored to women, helping them build the skills and confidence needed for leadership roles. We also focus on implementing unbiased recruitment processes to ensure a diverse pool of candidates and actively seeking out female talent. Its an ongoing journey for us and by focusing on these initiatives we aim to create a more inclusive and equitable workplace, empowering women to thrive and lead in technology.

With great technological advancements come ethical responsibilities. How does your role as CTO address ethical considerations and ensure that innovation aligns with both regulatory standards and societal expectations?

SKF has grown and transformed over centuries to continuously create value for our stakeholders. Today, we develop solutions that provide our customers with competitive edge while also contributing to sustainability. Throughout this incredible journey, we have steadfastly upheld our commitment to conducting business with the highest level of integrity and ethical standards. As CTO, we ensure our innovations align with regulatory standards and societal expectations by using several important strategies. These include setting strong ethical guidelines for technology development and usage, ensuring that all innovations adhere to regulatory requirements and industry standards, and prioritizing user data protection while complying with privacy laws. As our business expands, our guiding principle is a profound commitment to maintaining the highest standards of ethical business conduct and professional behavior.

Technology evolves rapidly. How do you approach long-term technological investments to ensure they remain relevant and adaptable in a dynamic market environment?

Increased investments in technology and innovation are strategically important to develop our customer value proposition. We work with R&D throughout the full value chain, allowing us to roll out new products faster, particularly in high growth segments, supporting our profitable growth agenda. External collaborations and partnerships give us a technological edge and speed up our time to market. We have also taken another step in connecting the customer needs in our global industries and product lines with our investments in innovation and technology development. This has resulted in a strong innovation pipeline with several new products being launched in 2023, bringing significant customer value to our high-growth segments.