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Oulu Business School

Annual Report 2016


PHOTO: JOEL KARPPANEN

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1. The preconditions for economic growth in Finland and the current features of the US economy were discussed in the May 2016 Economic Forum 2.

–project gathered 45 professionals in discussive end seminar that focused on the results from interdisciplinary studies by geoinformatics, work science, accounting, logistics and marketing.

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FOR REAL – HUMOR IN BUSINESS?!

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HEALTHY SUPPORT SERVICES

The event gathered international guest speakers and Finnish company representatives to share their thoughts on the risks and opportunities when using humor in corporate contexts.

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CONTENTS

Oulu Business School. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Milestones . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 A Word From the Dean. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 AACSB Accreditation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Management and Organization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Key Facts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Education. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Exchange Studies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32 Research. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34 Finanssi – The Association of Oulu Business School Students . . . . . . . . . 42 Recruitment of Students by Students. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45 Martti Ahtisaari Institute of Global Business and Economics. . . . . . . . . . 46 Alumni. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58 Northern Service Day 2016. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60 Brandathon . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62


Oulu Business School (OBS) at the University of Oulu is a truly international research and educational institute for business and economics. The high quality of our research and education has been acknowledged with the esteemed AACSB accreditation, earned by only 5% of the world’s business schools. We are based in Oulu, the lively capital of Northern Scandinavia and home to the multidisciplinary University of Oulu. Oulu Business School effectively collaborates with local businesses and the larger society. Our students can choose from diverse study programme options. They can become top experts in business and economics by earning a bachelor’s, master’s, or doctoral degree, or strengthen their professional expertise gained in working life — in English or Finnish. The international f lavour of OBS is also evident in the Martti Ahtisaari Institute, with its focus on global business and economy as well as

the challenges posed by advancing sustainable and responsible business. Oulu Business School is a young and dynamic community, but our success is grounded in decades of experience: economic sciences have been taught at the University of Oulu since 1959. Full degrees in economics and business administration have been in the study portfolio since 1991, and in 2000 the Faculty of Economics and Business Administration was established as an independent unit. In 2010, we changed our name to Oulu Business School to better match our mission and focus on business studies. For OBS, the first decade of the century was a time when we saw significant growth and met ever-higher quality criteria. It is with the same forward-looking pioneer spirit, and positive and active attitude, that we will grasp future challenges.

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OULU BUSINESS SCHOOL’S I M P O RTA N T M I L E STO N E S

OULU BUSINESS SCHOOL’S IMPORTANT M I L ESTO N E S

1958 University of Oulu founded. 1959 Professorship in Economics established. Students graduate with Bachelor of Science in Philosophy degree.

2000 Faculty of Economics and Business Administration established in the University of Oulu. 2001 Degree program in Logistics established.

1980 First Bachelor of Social Science degree in Economics.

2002 Degree program in Management and Organization launched.

1984 Associate Professorship in Business Economics in the field of development and management of business created.

2007 International Business becomes the latest degree program in Oulu Business School.

1991 Professorship in Corporate Economics and Business in the field of accounting established. 1992 Associate Professorship in Marketing established, followed by a full professorship in 1994.

2008 MBA Program launched. 2012 Management and International Business merge. 2012 Martti Ahtisaari International Doctoral Program launched.

2013 Oulu Business School to earn AACSB Accreditation. 2014 April 2014 – Official AACSB Accreditation Recognition Ceremony. Launch of the New Bachelor Programme. 2015 Renewal of the International Master’s Programmes. 2016 Implementation of the University’s new strategy into the Business School plan.


OUR VISION As part of the University of Oulu, we aspire to be an international, multidisciplinary, research-based business school.

OUR MISSION

We generate business competencies in cooperation with the scientific community, business partners and larger society. We strive to develop expertise, and foster the development of leadership qualities in our students. Through our actions and global mindset, we participate in the development of the economy, especially in Northern Finland.

OUR VALUES

PHOTO: RAMI HANAFI

In all our activities we follow the fundamental values of expertise, responsibility to ourselves and others, and a pioneering spirit.


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A WORD FROM THE D E A N

A Word from THE DEAN

Looking back at 2016, it’s evident that the operating environment of business schools and universities is changing, both in Finland and globally. A challenging financial situation, increasingly global business and digitalisation are among the factors that influence us. Despite this challenging environment we had an excellent year.

PHOTO: JUHA SARKKINEN

Long-term strategic planning together with university management took place throughout 2015, as the new university strategy was being planned. Therefore, 2016 was an implementation year of the strategy, and we were able to align our own activities with the strategy. A strategic theme that runs through all our activities is responsibility. The research conducted at Oulu Business School centres around responsible and sustainable business, and is organised into three subthemes and research communities: Sustainable Corporate Governance, Sustainable and Efficient Economic Development, and Complexities of Organisational Activities. Responsibility is also being introduced more strongly into education and other

activities through a mandatory course, as well as Oulu Business School’s and the Martti Ahtisaari Institute’s roles in the Sustainability Literacy Test, a widely used and acknowledged tool for the various initiatives on sustainability led by higher education institutions to assess and verify the sustainability literacy of their students. We also play an active role in a Nordic working group that aims to increase the role of responsibility and sustainability in business studies. A topic that has been more prominent than ever in the daily life of Oulu Business School is digitalisation. In 2016, a joint undertaking in digital education was planned among a number of Finnish business schools. As a result, in 2017 a new fully digital study module consisting of eight courses and a company simulation will be launched for minor subject students. It also supports entrepreneurship by equipping the students with the basic skills needed in business. Our strategic planning is also closely linked to AACSB International. In 2016 our faculty participated in AACSB conferences and updated their knowledge on the standards and current trends in business education.


A WORD FROM THE D E A N

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We had a record-breaking year in the number of Master’s graduates as well as in competed research funding.

What about the numbers? We broke records in several indicators, indicating that our faculty and staff members have done excellent job, thanks! For example, we had a record-breaking year in the number of Master’s graduates as well as in competed research funding. We feel it is ever more important to work together with the surrounding society, foster cooperation with our various stakeholders, and link our studies closer to working life. An increasing number of company representatives visit our lectures and bring the latest from the world of business to our students. In 2016, student teams carried out case assignments for start-up companies, and in the Practices in Marketing

course, companies from different fields and industries introduced the students to a practical issue in marketing, e.g. segmenting, internationalisation of born-global companies, or marketing campaigns. This type of cooperation not only helps us to keep our courses updated and current, but also motivates our students and directs their thoughts to life after university and the skills needed to succeed in their careers. I invite our partners and stakeholders to participate in the daily activities of the business school, and I extend my warmest thanks to them for their continued support.

Petri Sahlström, Dean of Oulu Business School PHOTO: RAMI HANAFI

As digitalisation is of increasing importance to us, a group of professors and lecturers took part in the AACSB Online and Blended Education seminar. We are also working closely with the European Affinity Group, and have assumed the role of Vice President of the group. This is another opportunity to strengthen our links with our AACSB partners and work closely together on common goals and challenges.


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A AC S B ACCREDITATION

Three Things with AACSB: ENGAGE, DEVELOP AND ENJOY

The future always comes sooner than you think. An esteemed colleague recently said “Remember that no matter how far a deadline seems to be when you set it, it always comes, and usually sooner than later.” Very true. It is great to see the deadline for our AACSB reaccreditation emerging – we expect the next peer review to take place in the autumn of 2018. Our next review, the Continuous Improvement Review (CIR) will mostly be about discussing the continuous improvement items that we agreed upon in 2013, at the time of the previous accreditation review.

PHOTO: TIMO HEIKKALA

During 2016 we continued our work in developing the Oulu Business School at our home University of Oulu, with our eyes especially targeted at our internationalization efforts, enhancing our education portfolio and assurance of learning (AoL) practices, and planting the new faculty qualifications framework amongst our faculty activities and processes. Wow, that

SPRING 2010 Full member of AACSB

SUMMER 2011 Eligibility

FALL 2011 Mentor appointed

sounds formal. But actually it is not, it is just about doing what we should be doing: Engage, Develop and Enjoy. We need to Engage to accomplish something great. Engage with people, our faculty and staff, our students, our stakeholders near and far. Engage with others’ ideas and thoughts. Engage with new information. You know, sometimes it is a good idea to travel far to understand something that is very near to you. You may find an answer to a problem on your doorstep by traveling to an AACSB seminar and learn how others figured out their internationalization plans or AoL practices. Or how others design their online courses, while we were at the same time figuring out what would be the best online solutions for our all-new Globally Responsible Business course (by the way, the students and faculty both experienced the online version of this course to be hugely more interactive than the more traditional format – believe it or not!).

FALL 2012 SAP (Standards Alignment Plan) submitted

FALL 2012 SAP accepted

WINTER 2012 PRT Chair appointed


A AC S B ACCREDITATION

We also need to do something with our widened perspectives and understanding – we need to Develop things. Otherwise, this would be a boring life to lead. Developing your own practices is a good place to start and implement what you gathered from around you and others. Let’s take an example. We have a group of

Nordic business schools accreditation directors from AACSB accredited schools, with whom we meet twice a year. These colleagues are great! They often solve your problems with their comments and thoughts. For example, we got wonderful input for our faculty qualifications framework, when pondering between

some final options concerning our requirements for our own school. Easier to develop by engaging with your colleagues than just by yourself. But then, life would not be a thing of beauty if you could not Enjoy the accomplishments of others, as well as your own. Sometimes it is good to take a step back, look around you, and enjoy the achievements. It is a good feeling if you and your colleagues can look upon your school and say, we did pretty good, didn’t we. The engagement and development efforts paid off – so let’s enjoy it a bit. And then continue the journey. With a view to our next AACSB deadline, there are still things to do, but in many things we can already say, we have done a pretty good job together. And we hope that through our engagement with others, we managed to contribute to their engagement and development efforts as well. And it would be great if we also managed to do our share of helping our friends to enjoy their achievements. Sauli Sohlo Deputy Director of the Martti Ahtisaari Institute Head of Accreditation, Oulu Business School at the University of Oulu

PHOTO: JUHA SARKKINEN

SPRING 2013 SER (Self Evaluation Report) submitted

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FALL 2013 PRT (Peer Review Team) visit

NOVEMBER 2013 Oulu Business School granted AACSB International Accreditation

APRIL 2014 Official Recognition Ceremony at AACSB ICAM, Singapore

SUMMER & FALL 2014 Work on continuous improvement objectives

YEAR 2015 Renewal of the International Master’s Programmes

YEAR 2016 Implementing New Faculty Qualifications Framework


12 OULU B U S I N ES S S C H O O L

OBS Management I N 2016 Professor Petri Sahlström, The Dean of Oulu Business School Professor Pauliina Ulkuniemi, The Vice Dean for Education

DEAN Council

The following are chairs of their departments:

SUPPORT Staff

Professor Janne Järvinen, Department of Accounting Professor Rauli Svento (until August) / Mikko Puhakka (from August onwards), Department of Economics

Marketing

Management & International Business

Accounting

Finance

Economics

Professor Jukka Perttunen, Department of Finance Professor Tuija Mainela, Department of Management and International Business Professor Jari Juga, Department of Marketing Professor Veikko Seppänen, Director of the Martti Ahtisaari Institute

Martti Ahtisaari Institute of Global Business and Economics

Institute Research Groups and Educational Programmes: Energy Economics, Futuralis, Innovation Appropriability and Appropriation, SHARP, Sustainable Corporate Governance, EMBA


OULU BUSINESS SCHOOL K E Y FACT S

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Oulu Business School K E Y FACT S 2016 FINANCIAL DATA (in Euros)

DISTRIBUTION OF FUNDING 2016 2015

Budgetary state funding

6 439 900

Budget funding (72%)

2016 74 %

6 638 180

72 % 8%

External funding Academy of Finland

453 395

5%

694 843

Tekes

982 720

11 %

777 518

8%

European Union

39 280

0,5 %

59 047

0,6 %

Structural funds

136 607

2%

291 814

3%

Foundation

56 095

1%

68 630

1%

Municipality

47 358

1%

55 056

1%

Other public

60 911

1%

96 657

1%

Private companies

45 874

1%

46 045

1%

358 983

4%

446 439

5%

72 517

1%

20 553

0%

Business activities (MBA, eMBA) Other income Total funding

8 693 642

72%

DISTRIBUTION OF FUNDING 2015

Operating costs Staff expenses

5 654 530

69 %

6 193 720

2 159 879

26 %

2 018 738

24 %

Depreciation

6 376

0,1 %

4 359

0,1 %

Internal items

364 507

4%

219 596

3%

Total operating costs Surplus/(deficit)

8 185 292

8 436 413

508 350

758 369

Tekes (8%) Academy of Finland (8%)

9 194 783

Other expenses

Other income (0%) Business activities (MBA, eMBA) (5%) Private companies (1%) Other public (1%) Municipality (1%) Foundation (1%) Structural funds (3%) European Union (1%)

73 %

74%

Budget funding (74%) Other income (1%) Business activities (MBA, eMBA) (4%) Private companies (1%) Other public (1%) Municipality (1%) Foundation (1%) Structural funds (2%) European Union (0%) Tekes (11%) Academy of Finland (5%)


OULU BUSINESS SCHOOL K E Y FACT S

FACULTY & STAFF

FACULTY & STAFF 2016

14

17

Teaching and research

70

81

72

74

74

28

25

18

22

23

Total

114

122

105

110

114

80 70

Other

100

74

2015

15

74

2014

16

72

2013

16

81

2012 Professors

60

171/30

201/30

55/10

65/11

International Master’s programmes (MSc)

401/55

392/53

435/67

730/111

738/115

Bachelor of Science

159

127

173

247

224

Master of Science

238

175

207

182

228

Doctor of Science

4

4

12

8

9

0

Degrees

2012

2013

2014

23

142/41

20

2015

17

Finnish Master’s programmes (MSc)

2049/190 2382/190 2643/190 2531/180

22

2003/200

14

Bachelor’s and Master’s programmes (BSc + MSc)

40

18

2016

15

2015

25

2014

16

2013

28

2012 Applications /accepted

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EDUCATION ACTIVITIES

2016

Professors Teaching and research Other

APPLICATIONS TO BACHELOR’S AND MASTER’S PROGRAMMES

35

45

47

Other scientific publications (refereed)**

48

45

38

22

43

Activities in scientific publications***

50

73

45

55

50

Other publications

38

31

22

43

50

Scientific presentations

44

80

35

37

25

Activities related to scientific conferences

20

20

7

17

8

2500 2000

2012

2013

2531

45

2382

46

2049

Scientific articles (refereed)

2643

3000

RESEARCH* ACTIVITIES

2012 2013 2014 2015 2016

2003

14

1500 1000 500

*Figures are based on the Oulun yliopisto tutkii database **Includes refereed scientific conference papers and compliances ***Includes referee tasks, member of the editorial board, Editor

0

2014

2015

2016

Applications


OULU BUSINESS SCHOOL K E Y FACT S

DISTRIBUTION OF MASTER OF SCIENCE DEGREES AT THE UNIVERSITY OF OULU, 2016 189

13 %

Faculty of Education

255

18 %

Oulu Business School

228

16 %

95

7%

Faculty of Technology

197

14 %

Faculty of Medicine

245

17 %

15

1%

167

12 %

Oulu Mining School

10

1%

Oulu School of Architecture

44

3%

Faculty of Biochemistry and Molecular Medicine

100

Faculty of Humanities

Faculty of Science

182

173

127

159

150

175

207

200

224

238

247

250

228

DEGREE DISTRIBUTION

Faculty of Information Technology and Electrical Engineering

50

2012

2013

2014

9

8

4

4

12

Bachelor of Science

0

15

2015

Master of Science Doctor of Scienc

2016

STUDENTS IN 2016

NEW STUDENTS ADMITTED

191

into Bachelor’s and Master’s Degree Programs

115

International Master’s Degree Students

16

Doctoral Students

Oulu School of Architecture (13%)

Faculty of Humanities (13%)

Oulu Mining School (1%) Faculty of Information Technology and Electrical Engineering (12%)

Faculty of Education (18%)

Faculty of Biochemistry and Molecular Medicine (1%) Faculty of Medicine (17%)

Faculty of Technology (14%)

Oulu Business School (16%)

Faculty of Science (7%)


PHOTO: RAMI HANAFI

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E D U CAT I O N IN OULU BUSINESS SCHOOL


E D U CAT I O N IN OULU BUSINESS SCHOOL

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E D U CAT I O N in Oulu Business School

Oulu Business School consists of five departments and students are offered studies in five different majors; Accounting, Economics, Finance, International Business Management and Marketing. Studies in Oulu Business School lead to following degrees: Bachelor of Science (B.Sc.) in Economics and Business Administration Master of Science (M.Sc.) in Economics and Business Administration Doctor of Science (D.Sc.) in Economics and Business Administration

Along with the five international master´s degree programmes (Finance, Financial and Management Accounting, International Business Management, Economics, Marketing), OBS has strengthened its position as an international, university-level business educator. It has become the most significant provider of courses and degree programmes taught in English in the University of Oulu.

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Learning experience, where theoretical knowledge can be applied in actual business environments, is emphasized in the curriculum. PHOTO: RAMI HANAFI

OULU BUSINESS SCHOOL is responsible for developing the knowledge and competence of its students, and for equipping them to meet the criteria required of future leaders at home and abroad. Learning experience, where theoretical knowledge can be applied in actual business environments, is emphasized in the curriculum. OBS caters for the needs of its students by providing personal tutors to guide the preparation of personal study plans.


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E D U CAT I O N IN OULU BUSINESS SCHOOL

A MESSAGE from the Vice Dean for Education

The strategic framework in which OBS develops its education sets a lot of demands, as can be seen from the above. During 2016, OBS education development has focused on advancing teaching and learning that responds to the needs of today’s business life and is based on modern pedagogical approaches. We have, for example, integrated an increasing amount of reallife cases and industry visitors into the teaching and also advanced the development and use of various concepts to facilitate student–company interactions and knowledge co-creation as a part of our programmes. The TellUs Innovation Arena (http://www.oulu.fi/ tellusarena/) at the Linnanmaa campus has provided a wonderful platform for developing such concepts.

PHOTO: JUHA SARKKINEN

PHOTO: JUHA SARKKINEN

According to its renewed strategy, the University of Oulu aims at “Pushing the boundaries of the known for a more sustainable, healthy and intelligent world”. Furthermore, AACSB International—The Association to Advance Collegiate Schools of Business—is the world’s largest business education network that connects students, academia, and business to advance business education worldwide. It has put forward a vision according to which “business schools respond to the world’s demands to be more inventive. More daring. More connected. More agile. And even more impactful.”


To generate impactful business education, it is crucial to bring students and companies together.

E D U CAT I O N IN OULU BUSINESS SCHOOL

OULU BUSINESS SCHOOL’S DEGREE PROGRAM PORTFOLIO

BACHELOR’S PROGRAMME To generate impactful business education, it is crucial to bring students and companies together. Higher education is of course based on high quality international research, but it is necessary that students are also equipped with skills to apply the research-based knowledge into practice. This application is effectively learned by doing – by applying the knowledge of one’s own field into a real-life example. In our project-based courses and assignments, this is made available to all of our students. During 2016 we have done a lot, but results of education development take time to materialize. Our vision is to educate business experts that are able to act as future generators of sustainable value for business and thus for society, as stated in the learning goals of our MSc programmes. Together with the vibrant business society around us we want to go forward in our continuous efforts to innovate, engage and impact through our education. Pauliina Ulkuniemi Vice Dean for Education

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Economics and Business Administration

MASTER’S PROGRAMMES International Business Management Accounting Marketing Finance Economics

MBA & EXECUTIVE EDUCATION Executive MBA Client Specific Executive Education Programmes

DOCTORAL PROGRAMME Management International Business Economics Accounting Marketing Finance


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E D U CAT I O N IN OULU BUSINESS SCHOOL

PHOTO: RAMI HANAFI

D I G I TA L L E A R N I N G at the Oulu Business School: How and what? Endeavors to develop the learning experience to face the challenges of the digital future have continued in OBS. While the first online course, Globally Responsible Business, has already been launched, new online courses are being planned and executed in all the programmes. One example is the Portfolio Management course, which will be conducted online for the first time. This is the first fully online course in our Bachelor’s Programme. Programmes entitled Internationalization Behaviors in International Business Management and Purchasing and Supplier Relationships in Marketing as part of the Master’s Programmes will also be organized online soon. From these courses we will get further valuable experience and feedback for future development activities. While we do not intend to transfer all our teaching online, rather wishing to continue develop face-to-face teaching with modern pedagogical ideas, we will strive to add online and digital elements into different courses. This happens wherever it would enhance the learning experience and make learning more student-centered and flexible. In line with that, to reach new challenges and to fully understand how learning experience can be facilitated with digital tools, several teachers have educated


E D U CAT I O N IN OULU BUSINESS SCHOOL

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Digitalization as a big trend should influence how we teach, but also what we teach.

PHOTO: JOEL KARPPANEN

themselves on courses such as AACSB Online Teaching Effectiveness Seminar and “Succeed in the digital leap of education,” organized by the Extension School of the University of Oulu. In addition to training, the University of Oulu is organizing a mentorship program to create a supportive structure for teachers to consult each other in their digitalization efforts and to share best practices between faculties. However, developing the digital learning experience is not limited to pedagogy – it also entails acknowledging what kind of effect that digitalization has on the information contents and skills that our graduates will need in the future work life. Indeed, digitalization as a big trend should influence how we teach, but also what we teach. Namely, digital evolution and trends are all the time molding what is relevant in different disciplines; in economics, finance, marketing, international business management, and accounting. As teachers we have to understand how technologically disruptive forces like 5G, the internet of things, or blockchain, just to mention a few, will change the working life that our students will soon enter. A huge change is just around the corner. Sinikka Moilanen, Master’s Programmes Director Satu Nätti, Bachelor’s Programme Director


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E D U CAT I O N IN OULU BUSINESS SCHOOL

HOW DOES T H E F U T U R E WO R K of a Business Expert Look Like?

PHOTO: RAMI HANAFI

As a part of our curriculum development process, in September 2016 we organized a stakeholder event to which we invited representatives of business life to discuss their views about the requirements that working life sets for our graduates as they enter their career after graduation. To engage the participants in dialogue, we also invited professors to introduce two of the key themes that have emerged from various sources: leadership skills and digitalization. During recent years, graduates have reported in surveys that compared to the requirements of working life, there has been a lack of leadership skills provided through the education. In his keynote speech, Professor of Management and International Business, Vesa Puhakka, discussed the ways in which leadership has changed and the way that innovation and entrepreneurial behaviors can be facilitated through leadership in the future. Based on the discussions we had with the participants, leadership is integrally becoming more and more about being a good human being, possessing empathy, interaction skills and being able to understand other people, from different cultures,

contexts and generations. In our education, it is crucial that we provide not only knowledge and skills, but also a mindset and understanding of such leadership. For example, in teaching and learning methods, through different types of group work assignments, such skills can be learned. Therefore, we have put emphasis on advancing e.g. group work assignments.

“

In our education, it is crucial that we provide not only knowledge and skills, but also a mindset and understanding of such leadership.

We also discussed the role of digitalization for the future work of business experts. To introduce the topic, Professor of Digital Business, Veikko Seppänen


E D U CAT I O N IN OULU BUSINESS SCHOOL

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These were only few examples of the insights that we were able to gain through the stakeholder event. We will make use of this valuable input given by the active participants in the development of our education. We aim to provide our graduates with the relevant knowledge and skills for the demands of future business life. Big thanks to all of the participants! Pauliina Ulkuniemi Vice Dean for Education

PHOTO: RAMI HANAFI

discussed in his keynote speech the tremendous development that there has been in information technology and the potential future scenarios that the development can take. Overall, for business practitioners, the developments related to digitalization were seen as significant but that there is also significant uncertainty about the development paths that this will take. Based on the discussions, the future graduates are in fact the ones that are expected to act as change agents in terms of digitalization and its impact on various business processes. Graduates are not expected to adapt to the existing ways of doing work but to find ways to do things better, with the help of the digitalization. Developing business processes naturally requires deep understanding of one’s own field and analytical skills. These have for long been at the core of university education. In addition to these, however, it is important that students are also equipped with skills that enable the implementation of projects directed to large-scale change processes.


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E D U CAT I O N IN OULU BUSINESS SCHOOL

S T R AT EG I C M A R K E T I N G P L A N FOR A TRACKER PHONE :

Problem based learning in co-operation with Haltian Ltd

The student groups on the Strategic Marketing Management course put their minds together in coming up with a marketing plan for Oulu-based ICT company Haltian and their newly launched trackerphone – Snowfox. Snowfox is a consumer gadget designed for children aged 4 to 8 years that combines a phone and a GPS locator so that kids can learn independence in a safe way and communicate with their parents without the harmful extras of smartphones. The course is aimed at 3rd year Bachelor’s and exchange students at the Oulu Business School, with the idea being that through identifying marketing problems presented by a real-life business professional, the students can shape their own relevant research question by using the conceptual and practical knowledge gathered during and between the six weeks of classroom sessions. This fall the course was set around three main themes of market analysis, brand communication, and new use cases to best help students in their independent learning process. After the six weeks and the final presentations by the teams, the best three student groups got to present their solution at Haltian offices on Friday 21st October. The jury choosing the most inventive and diligent work


E D U CAT I O N IN OULU BUSINESS SCHOOL

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The group’s catchy slogan ‘Guardian on the go’ has since been put into action in the real marketing communications of Haltian.

was formed of Heini Tuorila, Marketing Director of Haltian and presenter of the case assignment, and Pasi Leipälä, the CEO of the company. Each of the final reports formulated by the groups had unique elements in them and the best works displayed truly inspirational ideas, an ability to apply theoretical concepts linked to strategic marketing, as well as critical thinking concerning the international market and marketing opportunities of the case company. The winning team ‘Five F’s’ offered a set of emotionally effective marketing actions targeted at families in the UK market. The group’s catchy slogan ”Guardian on the go” has since been put into action in the real marketing communications of Haltian. The winning team got to spend a day at Haltian, getting to know the firm even better. Tuula Lehtimäki, Postdoctoral Researcher Hannu Torvinen, Doctoral Student Department of Marketing In the picture from left to right: Heini Tuorila (CMO, Haltian), Petteri Pohjola, Pietu Niinimäki & Caleb Williamson from the second-placed team Lost Child, and Heikki Nissilä and Pauliina Toivanen from the winning team 5 F’s.


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E D U CAT I O N IN OULU BUSINESS SCHOOL

B AC H E LO R O F S C I E N C E (BSc) in Economics and Business Administration

Our Bachelor’s Programme is a generalized, interdisciplinary programme that is based on a balance of studies from different disciplines (economics, international business management, finance, accounting and marketing). In addition, the programme includes basic-level academic studies like mathematics, statistics, language, and communications studies. There is one optional minor included that can be, for example, in business law; mathematics and statistics; languages and communication skills; industrial engineering; or entrepreneurship, to mention but a few possibilities that our multi-disciplinary university has to offer to our students. After graduating from the generalized Bachelor’s Programme, students continue to the Master’s Programme with a chosen specialization. In an accredited business school like ours and in all of our programmes, we must be able to prove that real learning happens according to the learning goals defined. In our Bachelor’s Programme we have to ensure that our graduates have knowledge across a variety of business disciplines and that they demonstrate knowledge of different business processes and key functions of organization. They

1ST YEAR

2ND YEAR

COMPULSORY STUDIES, 15 ects.:

3RD YEAR

ANALYTICAL SKILLS, 25 ects.:

Orientation to Studies, 3 ects Statistics and Mathematics, 12 ects

Finnish Economy and Economic Policy

Financial Statement Analysis

LANGUAGE AND COMMUNICATION STUDIES 20 ects:

Distribution and Retail Management

Portfolio Theory

Finnish and Swedish, 9 ects Optional Language Studies, 11 ects

Monetary Economics

BACHELOR’S THESIS, 10 ects.

ONE MINOR SUBJECT, 25 ects.

INTRODUCTION TO BUSINESS STUDIES, 30 ects.:

BUSINESS PROCESSES, 30 ects.

GLOBAL PERSPECTIVES, 25 ects.

Introductory Economics

Organisations and Management

Strategic Management

Management Accounting

Global Economics

Managing Multinationals

Contract and Company Law

Bookkeeping and Financial Reporting

Practices in Marketing

Investment Decisions

Internationalisation

Strategic Marketing Management

Financial Decisions

Company Project OR Intership

Management Control

Principals of Marketing


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27

Continuous improvement is one of our core values and also in the future we consider it crucial to maintain and improve the high quality of our educational processes.

have to demonstrate analytical thinking and oral and written communication skills appropriate to everyday business situations. In addition, we have given special emphasis to giving our students an understanding of the fundamentals of international business. Continuous improvement is one of our core values and also in the future we consider it crucial to maintain and improve the high quality of our educational processes. This includes further development of pedagogical methods, programme management, student tutoring and digitalization in education, just to mention a few examples. Developing an ever deeper connection to local business life is one way to contribute to regional development, which is also part of our mission.

PHOTO: RAMI HANAFI

Satu Nätti Oulu Business School Bachelor’s Programme Director


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E D U CAT I O N IN OULU BUSINESS SCHOOL

PHOTO: JUHA SARKKINEN

M AS T E R O F S C I E N C E (MSc) in Economics and Business Administration

MSc (Econ. & Bus. Adm.) IN INTERNATIONAL BUSINESS MANAGEMENT

MSc (Econ. & Bus. Adm.) IN ACCOUNTING

The International Business Management education focuses on managing and leading international businesses. The topics are combined from different fields of managing business, which makes international business management a truly multidisciplinary field of studies. The distinctive nature of the education materialises through the combination of management and international business, especially from the viewpoints of innovativeness and entrepreneurship. The education includes four core learning themes: theories and concepts of international business management, organisational applications, leadership execution, and personal insights into international business management. A close connection between theory and practice is maintained in research, teaching, and company projects. During the studies, the students are involved in and actively participating in assignments for both small and large companies.

Students enrolled in the programme have an opportunity to pursue either financial accounting or management accounting. Financial accounting explores profit and loss accounting, using financial statement data in decision-making, incentive compensation of top management, auditing, and firm valuation. Management accounting focuses on cost accounting, budgeting, capital investment planning, and management control. However, the programme is designed so that it gives a solid foundation for understanding the different areas of accounting. The programme also equips its students with the necessary abilities to enter doctoral education.


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MSc (Econ. & Bus. Adm.) IN MARKETING

MSc (Econ. & Bus. Adm.) IN FINANCE

MSc (Econ. & Bus. Adm.) IN ECONOMICS

Marketing practice has a strategic nature, and hence marketing education gives you the capabilities to succeed in strategic management, including at international level. Our professional focus lies in customer and network relationship management. The changes in the marketing environment, such as globalisation, the digital economy, servitization, and value-creating networks, combined with business relationships and networks, comprise our department’s focus areas in research as well as in teaching. The education we provide is based on high-quality research and active co-operation with local enterprises and organisations. Therefore, the programme also equips its students with the abilities necessary to enter doctoral education.

The programme covers the core areas of finance: asset pricing, portfolio management, corporate finance, and risk management. Additionally, students in the programme gain special insight into the areas of individual investor behaviour and the management of alternative assets. Students will develop the quantitative skills necessary to produce thorough research analysis. Therefore, the programme also equips its students with abilities necessary to enter doctoral education.

The Master’s programme in economics offers students strong theoretical and methodological knowledge in economics. The learning process in economics is based on a cumulative increase in understanding about economic processes. Exercises and the writing of term papers are included in the lecture series. Reading of international scientific journals is an essential part of the studies. Social and economic changes in the operating environment will open new missions for economists all the time.


E D U CAT I O N IN OULU BUSINESS SCHOOL

EMBA Executive Master of Business Administration After the renewal of the EMBA programme in 2014 and further refinements in 2015, we proceeded towards a solid structure and student base. The increase in the number of students in the EMBA programme and other executive education programmes is seen as a positive outcome of the work that the Oulu Business School and Martti Ahtisaari Institute conducted in the area of

The partnerships between international institutes took further steps.

management and executive education. The demand for research-based, long-term executive education in the region and in such focus areas as strategy and safety management remained an upward trend during 2016. The partnerships between international institutes took further steps, as the Executive MBA driven collaboration between EM Lyon Business School entered a more formal stage with an Erasmus exchange agreement. From now on, it is not only our EMBA or

PHOTO: PETTERI LÖPPÖNEN

30

their International MBA students who can enjoy the exchange, but also the Oulu Business School and EM Lyon BA and MA programme students! Additionally, the collaboration between Oulu Business School and the University of Shanghai for Science and Technology entered a wider and more formal stage, with universitylevel contracts signed by the rectors of the institutions.

Both above-mentioned collaborations were originally initiated by OBS Executive Education. Antti Kauppila Programme Director Executive Education


PHOTO: KATI LEINONEN

Nordic Spirit – International Heart


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OULU BUSINESS SCHOOL’S E XC H A N G E ST U D E N T S

150

Oulu Business School’s

E XC H A N G E ST U D E N T S

120

Exchanges (own students)

90 60 30 0

The University of Oulu and Oulu Business School offer many different study opportunities for foreign exchange students. Within Europe, Oulu Business School has around 50 partner universities in the Erasmus exchange program and several partners outside Europe with bilateral exchange agreements. In addition, the University of Oulu offers business students many other options for study exchanges all over the world, via university level exchange agreements. Different exchange programs and agreements allow for exchange periods of varying duration.

Exchanges (foreign students)

2011

2012

2013

2014

2015

2016

EXCHANGE TO OULU BUSINESS SCHOOL 30 25 20 15 10 5 0

a tri ium ina blic any ain ce ng taly an ein nds eru nd tion en ore SA p n o t I p h P ola ra p us U ed A elg C epu erm S Fra g K Ja ens erla P de Sw nga B t R G h t e h on Si h e F c N H c e n i L ze ia C ss Ru

EXCHANGE FROM OULU BUSINESS SCHOOL 25 20 15 10 5 0

l lia ia y il y y e n a y a n g a o d n d n ic rk in le UK on gar esi land Ital tei xic rwa lan uga tio de eni lan wa USA tra str ium raz hi hin ubl an ma pa anc s t e a n K C C v e m n B r o e r n S o us Au elg p ai Tai n r r o F P Po der Sw Slo I g Hu d e M N A t B n Th Re Ge De h o In Fe H ch ec Li ze an si C s Ru


OULU BUSINESS SCHOOL’S E XC H A N G E S T U D E N T S

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OULU BUSINESS SCHOOL’S STUDENT EXCHANGES IN 2016 Outgoing students Incoming students Outgoing and incoming students


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R ES E A RC H AT OULU BUSINESS SCHOOL

R E S E A RC H at Oulu Business School

Oulu Business School produces high-quality and topical research knowledge both for the needs of business life and society at large. Internationally recognized and esteemed research is considered a fundamental basis of the high-quality economics and business education offered by Oulu Business School. Research is conducted in the areas of Accounting, Economics, Finance, Logistics, International Business, Management and Marketing.

PHOTO: JUHA SARKKINEN

THE MAIN RESEARCH FOCUS AREAS OF THE SCHOOL ARE:

1

“Sustainable and Efficient Economic Development and Business,”

2

“Corporate Governance in Accounting and Financing Context,” and

3

“The Complexities of Organizational Activities and Business Networks in International Context”.

These topics reflect the fields of expertise of our researchers, and are also the themes of the Martti Ahtisaari Institute’s research projects.


R E S E A RC H AT OULU BUSINESS SCHOOL

35

ACCOUNTING

MARKETING

ECONOMICS

Recent years have seen an increasing demand for high-quality governance mechanisms in corporations covering financial reporting, management control, auditing, and executive compensation. Research activity at the Department of Accounting covers the design of these broadly defined governance mechanisms.

Research in marketing at the Oulu Business School has three focal areas. The first area is industrial marketing, the second is electronic business, and the third area is logistics and supply chain management.

Current research at the Department of Economics focuses on environmental and energy economics, regional economics, social economics, long-run economic development, and decision-making under uncertainty.

MANAGEMENT & INTERNATIONAL BUSINESS

FINANCE

The research of the Department of Management and International Business has two primary research themes: organizational entrepreneurship with international, institutional and innovation focuses, and strategic practice with focus on organization and network level dynamics and discourses.

The discipline of Finance at the Oulu Business School educates professionals to meet the growing needs of the finance sector. The education is based on the latest research evidence covering all the most important financial branches with an emphasis on asset allocation, delegated portfolio management and behavioral finance.

“

Oulu Business School produces international level research.


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R ES E A RC H AT OULU BUSINESS SCHOOL

Oulu Business School produces international level research in all main business subjects. All five departments produce papers sought after by high-quality international journals.

IN 2016, MEMBERS OF THE OBS FACULTY PUBLISHED IN MANY SCHOLARLY JOURNALS INCLUDING: • Journal for East European Management Studies • Kansantaloudellinen aikakauskirja • International journal of innovation management • Benchmarking : An International Journal • Journal of International Entrepreneurship • Industrial Marketing Management • International Journal of Business and Cyber Security • Corporate Reputation Review • EAI Endorsed Transactions on Cognitive Communications • Energy Economics • Biological conservation • The European Journal of Health Economics

• Qualitative Research in Accounting and Management • Industrial Marketing Management • Bmc medical informatics and decision making • Journal of Business Research • Journal of business & industrial marketing • Nordic Journal of Business • Business & management review • Journal of Business Models • Nature Genetics • Journal of east-west business • Competitiveness review • Energy policy • Marketing theory • Innovations • Silva Fennica • R&D Management

• Journal of enterprising culture • Strategic Outsourcing: An International Journal • Baltic Journal of Management • Journal of Innovation Economics & Management • Accounting, Auditing & Accountability Journal • EAI Endorsed Transactions on Cognitive Communications • Journal of Applied Accounting Research • Journal of Innovation Economics & Management • Polar Geography • Journal of corporate finance • Social indicators research • Ecological indicators • Australasian Marketing Journal

• Management & Organizational History • Industrial and corporate change • Annals of Regional Science • British Food Journal • Journal of Business Models • Journal of business & industrial marketing • Industrial Marketing Management • Hallinnon tutkimus • Telematics and Informatics • International Journal of Entrepreneurship and Small Business • International journal of innovation management • Empirical Economics


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THE E M E RG I N G P R ACT I C E S of Modern Budgeting and the Role of the Controller

PHOTO: HEIKKI ANNALA

Budgeting is a central control tool in organisations. Management’s concern has long been on the dysfunctional effects of annual budgets on people, which can actually decrease the efficiency of the organisation. Recent developments in budgeting focus more on functional aspects of budgeting, such as planning, control and evaluation, and have led to proposals to improve budgeting or abandon it entirely. Either way, the new developing practices increase the operational flexibility of the control system, which is seen as important aspect in turbulent environments.

Tiina Henttu-Aho’s academc dissertation was about the emerging practices of modern budgeting and the role of the controller.

Rolling forecasting is a planning tool that has become important for giving a more realistic perspective on changes in business. Realism in forecasting necessitates the expertise of various occupational groups in companies, which in turn increases horizontal communication and collaboration. Implementation of the rolling forecasting is often a decisive step for the change of budgeting, opening an opportunity for controllers to apply their professional knowledge and develop new skills. Despite novel lateral processes, modern budgeting usually still contains conventional vertical relationships

between various levels of managers. The control and evaluation functions of budgeting are needed to communicate strategic priorities and to provide organisational baselines of performance. Companies may benefit from practices like target-setting processes, benchmarking, Balanced Scorecard or value-based management for serving budgetary tasks. Instead of one budgeting process, a new mix of controls is formed of activities similar to those in traditional budgeting, but more clearly split into separate processes. Increasing diversity of the budgeting means that the boundaries of the process become blurred. The role of controllers is becoming more important than before, as controllers are needed to manage emerging flexibility and many of the dimensions of communication in modern budgeting. In particular, the reconciliation of separate planning and targetsetting processes might warrant more research in the future. Tiina Henttu-Aho Postdoctoral researcher Department of Accounting Oulu Business School


R ES E A RC H AT OULU BUSINESS SCHOOL

R ES E A RC H G RO U P S for global business and economics The Martti Ahtisaari Institute focuses on the challenges of sustainable and responsible business, as well as on the global market and the economy as a whole. The goal of the research is to produce new scientifically rigorous knowledge that is relevant to fostering innovation. The institute provides support in its focus area for selected research groups, in addition to carrying out research projects and funding individual doctoral research through the Martti Ahtisaari International Doctoral Scholarship Programme. The research groups are selected for a three-year period of time, with the five groups chosen for the ongoing period from 2016 to 2018 as follows: • Energy economics, led by Professor Rauli Svento • Future digital business (Futuralis), led by Adjunct Professor Petri Ahokangas • Innovation appropriability and appropriation, led by Professor Pia Hurmelinna-Laukkanen • Sensing and shaping service business relationships (SHARP), led by Professor Pauliina Ulkuniemi • Sustainable corporate governance, led by Professor Juha-Pekka Kallunki

My research topic is about the value dynamics in ICT (information and communication technologies) ecosystems from a business model perspective. Specifically, the study would contribute to the transition of today’s energy industry from a centralized control approach to a more distributed and liberalized scenario. Two aspects have motivated me. First, prior to the study, I worked for a large industrial company with environment and pollution issues. It made me realize that we need to change the way of doing business, so as to protect and preserve the environment.

PHOTO: JUHA SARKKINEN

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R E S E A RC H P RO J ECT : P2P SmarTest

Second, I later worked for a consulting agency in the energy industry, carried out research for energy utilities, technology solution providers and regulatory organizations. I discovered that technology development is only half the answer to our energy problems today, with the need for holistic thinking to underlie the business ecosystem and business model being the other half. However, it is quite often overlooked. So I want to discover new energy innovations to solve our energy issues from the business side. Fortunately, I’ve had the opportunity to work in one of the Martti Ahtisaari Institute’s EU H2020 projects in energy research, namely P2P SmarTest. The project investigates and studies a smarter electricity distribution system integrated with next generation ICT solutions, such as 5G. One primary focus of the project is to study the suitable and innovative business models for a Peer-to-Peer based smart grid. Such an approach would facilitate the participation of consumers and


R E S E A RC H AT OULU BUSINESS SCHOOL

39

The project investigates and studies a smarter electricity distribution system integrated with next generation ICT solutions, such as 5G.

prosumers (who produce electricity in their own premises, such as via rooftop solar panels) in a socalled “P2P energy marketplace”. The potential benefits could be a lower need for peak power plants with high pollution and environmental impact, encouraging more production and use of renewable energy, as well as involving the active participation of end consumers. The new platform would also raise the need for several high-tech domains, including wireless communications for grid monitoring and controlling, big data analytics, and block chain for decentralized energy trading. Potentially, it would provide new business opportunities for ICT industries in Finland and elsewhere. Doctoral Student Yuegiang Xu

FOR REAL HUMOR IN BUSINESS?!

The ’For real - humor in business?!’ seminar was held on 19 February. At the seminar, professionals from different fields shared their views on how humor can help to develop organizations and business. The international guest speakers were Professor Magnus Söderlund (Stockholm School of Economics), Dr. Alyona Ivanova (Mental Health Research Center) and CEO Piotr Pluta (Human Factor AS). The seminar was hosted by Päivi Kuuva, a stand-up comedian and wellness coach.


40

R ES E A RC H AT OULU BUSINESS SCHOOL

Magnus Söderlund stated in his presentation how joy has an even more lasting effect in marketing than satisfaction. Alyona Ivanova in her research had noticed that humor helps to coordinate people’s internal motives in collective activities. After opening up the tools on how to use humor in the workplace, Piotr Pluta gave the audience group work in order to map different personalities’ most general traits.

Professionals from different fields shared their views on how humor can help to develop organizations and business.

The seminar culminated in a panel discussion, in which company representatives Juha Vidgrén (Ponsse Oyj), Karri Oikarinen (Kaleva Oy), Sampo Puoskari (Oulun museo- ja tiedekeskus LUUPPI) and Sisko Kärki (Siivittäjä) discussed the risks and opportunities when using humor in corporate contexts. They all considered humor as a strength in the workplace especially during difficult times. It helps to decrease hierarchy and brings necessary distance to serious issues. The seminar was organized by HURMOS-project in cooperation with Oulu University of Applied Sciences, Oulu Business School and Martti Ahtisaari Institute of Global Business and Economics. Other project partners are Ponsse Oyj, Huvivaltio Powerpark, Ranuan Seudun Matkailu Oy, Siivittäjä Sisko Kärki and Virtaavain Pia Orell-Liukkunen.


R E S E A RC H AT OULU BUSINESS SCHOOL

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HEALTHY S U P P O RT S E RV I C ES Dialogue on Support-Service Development

The final seminar of the Healthy support services (Terveet tukipalvelut) project was held on 18 February 2016. Funded by Tekes, the project began in early 2014. During the project, researchers from a range of fields explored issues such as the generation of value from logistical support services in health care, costing, the geographical locations of service centres, and the division of labour between nursing and support staff. The event was opened by Juha Putkonen, who is in charge of procurements as Director, Service of Patient Care at Oulu University Hospital. He was followed by Sirkku Pikkujämsä, Director of Healthcare at the City of Oulu, who gave a presentation on the transition in health services. She said that the present government

Customer orientation and the importance of new innovations should not be forgotten.

has ruled on the right of citizens to digital services in situations where the use of remote stethoscopes, for example, is possible. She emphasised that customer orientation and the importance of new innovations should not be forgotten, regardless of the streamlining of services. Hannele Kantola, a post-doctoral researcher at Oulu Business School, used the researchers’ slot to present the management accounting perspective. Good management of support services requires the relevant cost indicators, and the private sector is ahead of the public sector in this regard. Doctor Ossi Kotavaara, a postdoctoral researcher at the Geography Research Unit, discussed the challenges posed by centralising logistics in thinly populated areas. Project Researcher Päivi Kekkonen described the key features of support services, which are comprehensiveness, reliability, adaptability and accessibility. At the end of the seminar, Project Manager Timo Pohjosenperä introduced the idea of a Logistical Service Centre, which would serve as an expert organisation and a physical material processing centre. The forthcoming social welfare and healthcare reform in Finland would

be an opportune moment for such changes, even if service availability did not need to be restricted to the areas covered by the reform. The event was rounded off by Professor Jari Juga, who was in charge of the project. He reminded the audience that support services were more than just goods. The project has made a good start and could aim at even more precise material flow analyses.


42

F I N A N S S I – THE ASSOCIATION OF OULU BUSINESS SCHOOL STUDENTS

FINANSSI The Association of Oulu Business School Students FINANSSI is the association of economics and business students at Oulu Business School. The association was founded in 1991 upon the commencement of business degree education at the University of Oulu, and currently has over 1600 members. The association, also referred to as a guild, uses purple as its identifying colour, which adorns the guild ribbon, for example. Perhaps unsurprisingly, the banknote with the highest face value in the history of the Finnish mark was purple. The guild’s crest is based on the emblem of the University of Oulu, which is intertwined with two snakes, symbolizing wisdom and proactivity. Finanssi plays two significant roles in the daily life of its members. First, Finanssi influences academic affairs proactively with the faculty in order to ensure the high quality of studies. Secondly, the association arranges all kinds of activities, from soirées to visits to local firms. The most notable event is the grand annual ball, in which the faculty and students gather together to honor Finnish academic traditions. Finanssi also arranges an annual excursion to Helsinki where students meet with firms and explore career opportunities.


F I N A N S S I – THE ASSOCIATION OF OULU BUSINESS SCHOOL STUDENTS

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FINANSSI KEY FACTS: •

The association rules state that Finanssi may engage in organizing training courses, seminars and other similar events that promote the abilities and well-being of members of the association as students and future graduates. Sporting, cultural and other leisure activities are also important to the association. Finanssi’s training course has been a very inexpensive way to participate in high-quality training sessions organized by business students to become enrolled in a business school. This training course was previously part of Finanssi’s fundraising, and participation fees were used to create and maintain services for the members of the association. Due to the demand and growth of the training course, Finanssi decided to set up a private company in 2014, which can better continue to provide exceptional quality training at a competitive price for a growing audience. This company, Fixindex Ltd., is 100% owned and operated by Finanssi. The association’s long-term plan for the establishment of the company is to eventually include many other activities that will grow under the aegis of Fixindex. Since Finanssi is a not-for-profit organization, a private company may bring the association security, protecting

the interests of business students in Oulu in the future by ensuring the continuity of Finanssi´s activities. After all, the association’s goal is to enrich the university life of the business students at Oulu - for freshmen, exchange students, and graduates, purple is the color that binds the guild members together, year after year. Niklas Alho Chairman of the Board in 2016

Purple is the color that binds the guild members together, year after year.

Founded 1991 (Celebrating its’ 26th anniversary in October 2017) • Over 1600 members currently • Almost 200 new members every year • 10 people on the board • 7 committees • Finanssi’s PRIVATE COMPANY FIXINDEX was established in 2014 • DELIVERS four issues a year and hundreds of copies of Egonomi (Finanssi’s own guild magazine) • INTERDISCIPLINARY party: 6 times a year involving thousands of students from Oulu • ORGANIZES one of the biggest business school STUDENT EVENTS in Finland (VVV-cruise with over 500 students from all around Finland) • Organizes a huge 1ST OF MAY EVENT for over 500 university students • Organizes one BIG EXCURSION per year incorporating visits to some of the nation’s top companies, such as Rovio, Kone, and Accenture • DOZENS of board MEETINGS and dozens of committee meetings per year • Produces two large QUESTIONNAIRES that focus on the development of education in OBS and the services Finanssi provides for its members • Publishes a WEEKLY NEWSLETTER • ACTIVE on Facebook, LinkedIn, Issuu, Twitter, Instagram and has its own picture gallery and exam archive


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F I N A N S S I – THE ASSOCIATION OF OULU BUSINESS SCHOOL STUDENTS

Finanssi Reaches the Quarter Century M I L E STO N E

Through 2016, the main theme of Finanssi’s operations was the anniversary year. During the spring and summer of 2016, Finanssi’s guild room received a remarkable facelift, while the floors and ventilation were renovated. Also, some other cosmetic upgrades were made to improve the comfort of the whole guild room. The anniversary theme was reflected also in the quality and quantity of other events during the year.

PHOTO: KERÄSEN KUVAAMO

In 2016 Finanssi ry, the association of Oulu Business School students, celebrated its 25th anniversary with a grand annual ball with nearly 300 guests. In the evening gala, Finanssi granted its first gold medals of honor in its history, which are among the highest recognitions that our association can grant. To honor the 25th anniversary, the history of Finanssi’s 25-year long journey was also the theme of the third issue of Egonomi, Finanssi’s guild magazine. For the historical issue, several remarkable people in Finanssi’s history, such as former chairpersons and founding members, were interviewed. The issue covered the key milestones, from the foundation of the association to the present day.

In spring 2016, Finanssi also organized its annual Helsinki excursion, which took around 60 Finanssi students to the Finnish capital where they visited some of the biggest and most interesting companies in Finland. The annual trip offers fine examples of the broad possibilities open to Finnish business school graduates in the job market. It is also the most popular worklife-oriented activity that Finanssi arranges, together with multiple visits to local companies each year. The companies visited in 2016 were: Nordea, Coca-Cola, Taaleritehdas, Sitra, Zeeland Family, PwC, Suomen Sijoitustutkimus, Dingle and Mercury International. Finanssi also arranged in late October/ early November a joint excursion with Lappeenranta business students to Berlin. During the excursion, 50 attendees visited the IBM headquarters in Germany and the Finnish embassy in Berlin. Niklas Alho Chairman of the Board in 2016


R EC R U I T M E N T OF STUDENTS BY STUDENTS

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Students of Oulu Business School have (OBS) visited high schools and events to promote our school for many years. In 2015, student recruitment rose to the next level.

to the target audience. These goals are achieved through developing the recruitment together and training the team members.

OBS Abirekry team was established in January 2015, by Aleksi Poropudas with the crucial assistance of Finanssi ry and the Oulu Business School. Even though the OBS Abirekry team works independently, the Oulu Business School and Finanssi often assist the team in its everyday operations. In 2016, the OBS Abirekry team consisted of 25 OBS students who were selected in the recruiting process carried out by the previous coordinator of the team, Atte Räinä. His successor as team coordinator for 2017 is Rita Kerola.

The great work done by the OBS Abirekry team has paid off, since the Oulu Business School has been by far the most active faculty of the University of Oulu when it comes to high school visits. In the academic year 2016– 2017, The OBS Abirekry team visited 89 high schools and 5 junior high schools in every part of Finland. Team members also attended numerous student fairs and recruitment events and guaranteed the high quality of recruitment.

The OBS Abirekry team takes care of the student recruitment for the bachelor degree program. Its main task is to plan and carry out high school visits and student events, for example, during University of Oulu’s student recruitment day (Abipäivät). The OBS Abirekry team also has an important role in developing the recruitment materials of the Oulu Business School and the team meets on a regular basis. The most important goals of the OBS Abirekry team are to secure the quality of recruitment and the integrity of the message delivered

One recognition of our successful work is the fact that the University of Oulu used the OBS Abirekry team as an example when developing a university-wide multidisciplinary recruitment team called Oulukaverit (Oulu friends). The feedback from our operations has been overwhelmingly positive, from high schools, event organizers and university staff, including the rector Jouko Niinimäki. Atte Räinä, Coordinator of the OBS Abirekry team

PHOTO: KIMMO KUORTTI

R EC R U I T M E N T OF STUDENTS BY STUDENTS OBS Abirekry team


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M A RT T I A H T I SA A R I I N ST I T U T E OF GLOBAL BUSINESS AND ECONOMICS

S U S TA I N A B L E Global Businesses in Focus

The Martti Ahtisaari Institute is one of the research units of the Oulu Business School and it is focused on research and education on sustainable global businesses. In practice this is done through the execution of a research agenda and a set of educational activities, both carried out in close-operation with selected partners. The essence of these partnerships is focused on entrepreneurial assets, infrastructures and relationships.

PHOTO: JUHA SARKKINEN

In 2016 the Institute conducted research ranging from digital business scenarios, models and earning logic to emerging new industrial networks, personal health care and wellbeing services, and the re-shaping of energy markets. The Institute’s research portfolio involved both domestic and international joint projects implemented in partnership with other academic and technology development institutions, corporations, and start-ups. A remarkable new opening was the move of a joint professorship for connected health, held by Dr. Minna Pikkarainen, to the Institute at

the end of 2016. The professorship is funded by the City of Oulu, the University of Oulu, and the Technical Research Centre of Finland VTT. This professorship together with another joint VTT professorship for digital services held by Dr. Timo Koivumäki and a third for energy economics jointly funded by the Finnish Environment Institute Syke and held by Dr. Maria Kopsakangas-Savolainen, form a solid backbone for scientific research at the Institute.

The Institute’s research portfolio involved both domestic and international joint projects.

Moreover, the Institute’s five research groups on energy economics (Professor Rauli Svento), future digital businesses (Adjunct Professor Petri Ahokangas), innovation appropriability


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Sustainable global businesses are far from being complete yet – they must and will continue to be a focus for us. Institute, entered a new era by the end of 2016, when it was decided to move the facilities to the campuses of the University of Oulu and the Oulu University of Applied Sciences. The development work continuing in 2017 is intended to tie the Business Kitchen further to co-operated university activities and infrastructures, as well as to help make use of the Business Kitchen in such joint efforts as the Oulu Innovation Alliance OIA.

In education, EMBA continued to develop strongly, including student exchange with EM Lyon in France. Collaboration with the University of Shanghai for Science and Technology led to several groups visiting Oulu in order to delve into business development the Nordic way. As a new responsibility, the Institute planned a study package on entrepreneurship to be offered to the whole university from Fall 2017. The intention is also to make use of the collaboration agreement established by the Oulu Business School with Babson College for the study package.

The growth of the Institute based on its expanding projects, a very lively year of interesting forums and events, and clearly increased responsibilities in the international AACSB and GRLI networks among others, indicate that 2016 was quite a successful year. However, international developments over and above digitalization indicate that sustainable global businesses are far from being complete yet – they must and will continue to be a focus for us.

Further development of the Business Kitchen, stemming from and being managed by the

Professor Veikko Seppänen Director, Martti Ahtisaari Institute

PHOTO: JUHA SARKKINEN

and appropriation (Professor Pia HurmelinnaLaukkanen), service business relationships (Professor Pauliina Ulkuniemi) and sustainable corporate governance (Professor Juha-Pekka Kallunki) produced outstanding results together with their partners. In addition, the Martti Ahtisaari Institute provided funding to over ten doctoral researchers, four of whom defended successfully their dissertations in 2016.


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M A RT T I A H T I SA A R I I N ST I T U T E OF GLOBAL BUSINESS AND ECONOMICS

Martti Ahtisaari Institute R ES E A RC H AND B U S I N E S S S E M I N A RS At the Martti Ahtisaari Institute we feel that it is crucially important for a business school to bring top-level business and economics discussions to their stakeholders as well as the general public. Here are a couple examples of this from 2016. In the spring, the Deputy Governor of the Bank of Finland, Pentti Hakkarainen visited our Economic Forum to challenge our local business and finance experts on the current features of the Finnish and global economy. Professor Mikko Puhakka from Oulu Business School presented the current features of the US economy to exhilarate the discussion. When the summer was at its hottest, we discussed the global economy with Matti Vanhanen, Chairman of the Parliamentary Supervisory Council of the Bank of Finland, and Member of Parliament. He presented his ideas on where we are heading in our economies these days. In the autumn term we teamed up with the Oulu Chamber of Commerce and the Board members’ association of Northern Finland, to organize a session discussing the role of boards and board members in driving business growth. In addition to a hugely diverse set of case company examples, Leena Mörttinen, Managing Director of the Finnish

Family Firms’ Association, discussed the perceived challenges and development needs of family firms’ boards. Furthermore, Dean Petri Sahlström from Oulu Business School presented a hugely interesting potpourri combining recent research evidence and his own experiences of today’s challenges in current decision-making in company boards. Closer to Christmas we returned to discussing societal and economic issues in the World Affairs Forum event. This time the focus was on the European Union. The German Ambassador to Finland, HE Dorothee Janetzke-Wenzel, presented the German view on current developments and challenges in Europe and its neighboring regions. Tytti Tuppurainen, Member of Finnish Parliament, presented the Finnish view on the challenges and successes we currently experience in our country, paying special attention to FinlandGermany relations. When the snow started falling, we finished the term with expert discussions on digitalization in our region, one of the global hubs for world-class research and products & services development (e.g. 5G, machine vision, med tech and digital services), with the experts from companies and our university, hosted by the Regional Council of Northern Ostrobothnia.

ECONOMIC FORUM SPRING 2016 16 May 2016 Preconditions for economic growth For some time now, the Finnish economy has been growing more slowly than we would like: How can we achieve growth? The United States has been growing faster for many years, although they also have their problems. Will the situation be resolved after the presidential election? The preconditions for economic growth, Pentti Hakkarainen, Deputy Governor, Bank of Finland The US economy after the presidential election, Mikko Puhakka, Professor at the University of Oulu Business School

RESEARCH SEMINAR 2 June 2016 Temporal and Spatial Dependence of Interregional Risk Sharing: Evidence from Russia In his presentation Professor Jarko Fidrmuc scrutinized empirically the interregional consumption risk sharing in Russia. According to his results domestic factors are more important in this process than, for example, regional openness to international capital flows. The degree of development of the banking sector, especially, contributes significantly to risk sharing.


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It is crucially important for a business school to bring toplevel business and economics discussions to their stakeholders as well as the general public.

ECONOMIC FORUM AUTUMN 2016 24 August 2016 Finland, the global economy and universities – uncertainty, or heading for better days? Finland in a changing global economy Matti Vanhanen, Presidential candidate, Chairman of the Parliamentary Supervisory Council of the Bank of Finland, Member of Parliament

Finland, the economy and universities, panel and open discussion: Mikko Puhakka, Professor, University of Oulu Business School, Chair of panel and open discussion Matti Vanhanen, Presidential candidate, Chairman of the Parliamentary Supervisory Council of the Bank of Finland, Member of Parliament Jouko Niinimäki, Rector, University of Oulu. Niklas Alho, Chairman, Finanssi ry, Students Of Oulu Business School at the University of Oulu

PHOTO: JOEL KARPPANEN

Universities as shapers of the future Jouko Niinimäki, Rector, University of Oulu.


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DAY OF FOUNDATIONS AND DONORS 1 October 2016

Foundations in the lives of children and families • Performance by Oulun Tähtisirkus (Oulu Star Circus, a circus school for children and youth) Foundations as builders of the future • Performance by street dance group Keksi Kollektiivi (Biscuit Collective) • Digitalisation and entrepreneurship: a discussion with Marja Matinmikko and Petri Ahokangas of the University of Oulu and Haltian LLC. Recipients of funding from the Finnish Foundation for Economic Education participated, too. Foundations as promoters of health • Round-up and discussion on cardiovascular and personal health with Docent Mikko Tulppo (Dr.) / University of Oulu, Cardiologist Olli-Pekka Piira (MD.) / Oulu University Hospital, and Chief Scientific Officer Hannu Kinnunen / Ouraring LLC.

PHOTO: JOEL KARPPANEN

The Day of Foundations and Donors is an event open to all, at which the beneficial work of foundations across Europe is presented. The theme of this year’s Day of Foundations and Donors was: The Circus. The programme included e.g.

PHOTO: KATI LEINONEN

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BOARDS OF DIRECTORS AS A DRIVER OF GROWTH 10 November 2016 A joint seminar between Pohjois-Suomen Hallituspartnerit ry and the Oulu Chamber of Commerce. Family firms as builders of growth Leena Mörttinen, Managing Director, Finnish Family Firms’ Association Board work for SMEs Petri Sahlström, Dean, DSc (Econ.), University of Oulu Business School

PHOTO: JUHA SARKKINEN

Stories of growth • Lehto Group Plc, Pertti Huuskonen, Chairman of the Board • Detection Technology Oy, Petri Hiljanen, CFO • Kotipizza Group, Tommi Tervanen, CEO • How to build a skilled board? Petri Niemi, President and CEO, G2 Invest Oy • Presentation of the Tamminen nuija award to a company for outstanding work by the Board of Directors

WORLD AFFAIRS FORUM 14 November 2016 Germany-EU-Finland: Current issues in our society and economy

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The European Union has been facing several societal and economic crises and challenges during recent years. The political systems and democracy in general have been challenged. What is the current societal and economic outlook for Germany? How does Germany see the future of the European Union? What challenges does Finland, on the other hand, face and how can we continue to develop our society and economy? Dorothee Janetzke-Wenzel, German Ambassador to Finland Tytti Tuppurainen, Member of the Finnish Parliament

DIGITAL NORTHERN OSTROBOTHNIA 24 November 2016 A Digital Northern Ostrobothnia workshop was organised for the ‘Signals and Trends in Northern Ostrobothnia’ project by the Regional Council of Northern Ostrobothnia on Thursday 24 November 2016. The workshop explored the development aims of Digital Northern Ostrobothnia. The Digital Northern Ostrobothnia 2020 report by the Martti Ahtisaari Institute, which set out the four key digital business scenarios for the region, served as background. Two regional business pioneers in digitalisation also laid the groundwork for brainstorming at the workshop. Docent Petri Ahokangas, a researcher at the Martti Ahtisaari Institute and one of the authors of the scenario report, led the brainstorming session at the workshop.


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F O U N DAT I O N DAY 2016 Great Science, Business, Health and Fun

During the event in Oulu, which took place at the heart of the city and its new Valkea Shopping Centre, we looked at and enjoyed an array of activities supported by foundations in our region. The health of one’s own heart was discussed with Docent Mikko Tulppo and MD Olli-Pekka Piira, two members of the world-renowned cardiology research group led by Professor Heikki Huikuri at the University of Oulu. Aimed at a general audience, we discussed everyday matters of the heart, and what can we do to support the well-being of our own heart. To take just one example, did you know that 30 minutes of daily exercise (e.g. a reasonable-speed walk around the neighborhood) greatly enhances the shape that your heart is in, by having for example a nice effect on lowering your blood pressure. Digitalization is another field where research and business have thrived in the Oulu region. Dr Marja Matinmikko and Dr Petri Ahokangas from our university discussed the advancements and opportunities that digitalization, and, for example, 5G networks (in Oulu we already have one set up for trials) offer to improve our daily lives. We also had two examples from Oulu-based companies, Haltian and Ouraring, discussing new products and services utilizing

PHOTO: TIMO HEIKKALA

The Day of Foundations and Donors is celebrated in over 20 European countries, on the 1st October. In 2016, the Martti Ahtisaari Institute at the Oulu Business School partnered with three foundations in our region, to produce the Foundation Day event in the center of Oulu. The Foundation for Economic Education, the Finnish Cultural Foundation, and the Eija and Veikko Lesonen Foundation all support – with grants and donations – research as well as many kinds of activities that aim to improve the everyday lives of people.

PHOTO: TIMO HEIKKALA

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Organizers of Foundation Day from right to left: Raisa Saarela, Jari Sivonen, Suvi Helanen, Johanna Vesterinen, Ilkka Lantto & Sauli Sohlo.

PHOTO: TIMO HEIKKALA

PHOTO: TIMO HEIKKALA

We discussed everyday matters of the heart, and what we can do to support the well-being of our own heart. these digital opportunities. Haltian introduced the Snowfox, a new type of mobile phone&app for small children, keeping them safer from everyday dangers like, for example, construction sites or river rapids when playing outdoors or on the way to school. Ouraring has just released the world’s first wellness ring, measuring amongst other things, your heart functions from your finger with great accuracy, day and night. The ring and the connected app actually give you advice on the shape you’re in today, and whether you might take a rest now or go jogging in the afternoon. To include even more fun in our lives, we also had a great chance to see a live performance from two talented members of a dance group ’KEKSI Collective’ and an acrobatics show from two members of ‘Star-Circus Oulu’, a circus school for children and youth in our region. The foundations have helped both these groups of talented youngsters to bring loads of joy from performing – check out the pictures here, they say more than words can what it’s all about. Sauli Sohlo Deputy Director of Martti Ahtisaari Institute


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ICT Digi

Business Digi

Development of digital solutions

p ul C

p

ga

tu

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ga

si Companydriven

Use of digital solutions

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Industrial Digi

ga

Te c

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Peopledriven

od Pr

Petri Ahokangas, Timo Koivumäki, Veikko Seppänen and Sauli Sohlo of the Martti Ahtisaari Institute carried out a business foresight study for the Council of Oulu Region regarding the digital futures of Northern Ostrobothnia. While one may think of the future as an unknown yet all the while an unfolding phenomenon, it is better to consider many alternative futures. These can be made visible and their enablers and outcomes evaluated. Digital futures that are not certain and that may have a wide effect can be grasped through the scenario approach. In the study, four scenarios were outlined and exposed to further analysis: ICT Digi, Business Digi, Industrial Digi and My Digi. The scenarios consider the roles of companies versus individuals, and development aims versus using digital offerings. The first one would be ICT company that is driven and based on further development of such key enablers as the Internet of Things, 5G wireless systems, big data, and virtual reality. If technology use companies rather took the lead, a new era of digital industrialization would result. Individuals could on the other hand be at the center, as consumers of digital services provided by various businesses. However, if they took the digital service production into their own hands, two-sided markets would receive a big boost. While these scenarios

Bu

PHOTO: RAMI HANAFI

BUSINESS F O R ES I G H T for Digital Futures

My Digi

will obviously overlap, it is also important to notice that they include various gaps in respect of each other. As an example, many businesses still have technological barriers to using digital solutions and most of us are not yet experienced as digitalized producers of the sharing economy.


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Martti Ahtisaari International D O CTO R A L S C H O L A RS H I P PROGRAM

Martti Ahtisaari International Doctoral Scholarship Program enhances high-quality research and education in challenges of sustainable and responsible business, as well as functioning of the global markets and economy as a whole. The program supports the internationalization of the University of Oulu. In 2016, the following doctoral students took part in the program:

PHOTO: RAMI HANAFI

Alakiuttu, Antti Anees-ur-Rehman, Muhammad Atkova, Irina Beyer, Bianca Heikkinen, Mari Kaasila-Pakanen, Anna-Liisa Karhinen, Santtu Lehto, Janne Mubaraz, Syed Myllykoski Jenni

The following students successfully defended their dissertations in 2016: Hermes, Jan: Rendezvous in turbulent times: about the becoming of institution-changing networks in Myanmar/Burma Lehto, Irene: Narratives of international opportunities in entrepreneurial selling Nuutilainen, Riikka: Essays on monetary policy in China Rantakari, Anniina: Strategy as ‘dispositive’: essays on productive power and resistance in strategy-making Wang, Fan: From relational capital to venture capital: financing entrepreneurial international new ventures Waqar, Nadeem: Examining consumers’ acceptance of social commerce in clothing e-retail


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D O CTO R A L S T U D E N T Syed Mubaraz

PHOTO: JUHA SARKKINEN

The journey for my doctoral studies started in 2011 when I participated in a joint program between Oulu Business School and the University of UAE. The program was aimed at teaching students about research in social sciences. Having completed the program in 2013, I visited Oulu Business School and presented my doctoral proposal. Prof. Jari Juga and Prof. Veikko Seppanen agreed to supervise my doctoral studies. Later that year, in July, I was officially accepted as a doctoral candidate in the Marketing Department of Oulu Business School. At the beginning of 2014, I moved to Oulu permanently to continue my studies as a full-time doctoral candidate. My wife and my three children moved to Oulu in February 2015. We have been living together as a family since then. My research explores the development of Businessto-Business relationship between service providers and service users once they enter into an outsourcing arrangement. The particular focus of the study is to explore the formation of resource portfolios between two actors and the influence of aligning these resource portfolios towards the development and implementation of an outsourcing arrangement to co-create value. My

research is at the intersection of logistics and strategic management disciplines within a B2B organizational context. The main theoretical support for my study comes from the resource-based perspective and network approach. This is qualitative research based on a case study strategy. The empirical material has been gathered through semi-structured interviews with higher management from case companies. An abductive approach has been used for analyses with a critical realism perspective. The research is staged and carried out in Finland. The case companies represent top industry players in the region. I would like to take the opportunity to acknowledge the financial support in the form of doctoral scholarships from the Martti Ahtisaari Institute of Global Business and Economics, the Foundation for Economic Education, and the Finnish Cultural Foundation. Doctoral Student Syed Mubaraz


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ALUMNI

ALUMNI Combining Business Professionals, Students and Faculty I had great pleasure in attending the ‘Career Paths for Economists’ event – arranged by Oulu Business School and Finanssi, the Association of Oulu Business School Students – as a panellist. The event was opened by the current Dean, Petri Sahlström, a familiar face from my own student days (2003–2009), and Chairperson Ida-Mari Alaperä, who manages corporate relations on behalf of Finanssi. The discussion covered subjects including forthcoming graduates’ views of current affairs, such as how business and economics graduates could be helped to find employment, what skills and expertise an employee needs to succeed, and what work is like – in practice – in various sectors. I think that, at events like this, Alumni activities are important to introducing students to the every realities of work, while Alumni are interested in hearing what students expect from working life. In addition, it was great to hear how the careers of Tarmo Urpilainen and Mikko Ronkainen, who were also panellists, had progressed. Various forms of Alumni activities

create a welcome sense of community between former and current Business School students, and those dreaming of studying at the school. The event was clearly of interest to students: the around 60 students who participated asked several good questions and lively discussions were held on various subjects.

You can and should plan your career, but chance is still sure to play a role in the direction you take.

Alumni activities can be deemed successful when they bring students closer to working life, providing them with the opportunity to hear about the careers of former students and to receive tips and support in their career and study planning, as well as pointers on finding work and accumulating the skills and knowhow needed in working life.


ALUMNI

It is clear that skills learned during studies provide a strong basis for actual working life. However, it should be borne in mind that no single skill combination suits everyone – a degree should be distinctive in some way and lead to a distinctive career path.

Jukka Hilden, Tarmo Urpilainen & Mikko Ronkainen shared their thoughts on career paths.

In particular, a great deal of thought is – quite rightly – being given to the skill needs of economics graduates in the current, dynamic working environment. Recent and forthcoming graduates may have many questions on their minds. What combination of skills, attributes, know-how or key courses, student exchange places and possible previous experience would best ensure employment after graduation? On the other hand, how can a graduate patch up missing work experience, or other skills, in his or her own field? Through a work placement, or a traineeship abroad during or after your studies? Or perhaps via job rotation, or training offered by an employer, or self-study?

Since 2014, new students have had a new bachelor degree structure, with minor subjects being chosen from other faculties or business law. Those passing this new degree will progress via a general bachelor’s degree in Business Studies and choose their main subjects only in their third year. The main subject has a major bearing on future employment, determining the graduate’s job or career to some extent. However, I think it is wise for every student to study for the general bachelor’s degree, so that all graduates have at least a basic grounding in all fields of economics. If, at some point during their careers, graduates realise that they are missing some skills or need more, their university education will, I think, have provided them with the basis for seeking and absorbing new knowledge i.e., for further studies. It also certainly worth getting to know new people while at university, either through your studies, student associations or hobbies. The university world and education in general offer wonderful opportunities to create contact networks and friendships across faculties. Such opportunities should increase further when the Oulu University of Applied Sciences moves to the Linnamaa campus. You can and should plan your career, but chance is still sure to play a role in the direction you take. People

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you met while at university can resurface in the most surprising situations. Recent graduates will certainly do their career prospects no harm by engaging in parttime or summer work while studying. After graduating, it is worth taking a job that does not, perhaps, quite fulfil your dreams, if it provides you with the opportunity to take your first steps in your chosen career. Jukka Hildén Financial director OP Financial Group


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N O RT H E R N S E RV I C E DAY

N O RT H E R N S E RV I C E DAY 2016 The theme of Northern Service Day 2016 was “A diginative service business – a service business for everyone”. This theme was introduced in the opening speeches, which discussed increasingly mobile information flows, the use of qualitative information, and brand communications. After the speeches, the audience enjoyed a proper warm up for the actual panel discussions, with a ‘mindset’

workout. The panel discussion tackled the use of information gathered from customers, and the related challenges. During the final round-up, it was noted that small startups could also access the relevant data. Companies were encouraged to face their challenges and adopt a constructively critical attitude to their own operations. A representative from the City of Oulu offered to make data collected by the city available for potential business ideas.


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Musta Karhu, which offers Finnish startups accommodation in Silicon Valley, presented its operations. The company’s representative confirmed that strong IT expertise, boldness and even the lunacy required to head into the world, could be found in Oulu. The final day was characterised by training sessions consisting of interactive mini-lectures. The lectures were arranged by VTT, the City of Oulu, OAMK Labs, Fixui and Fluente Kumppanit Oy, as well as Oulu Business School (OBS). OBS challenged the audience to reflect on the outlook for services from the perspective of various customer segments in the 2030s. The audience was invited to brainstorm on the services that would be available for migrators to alternative services, hunters of care-free experiences, cherry pickers or doubting Thomases.

“

Strong IT expertise, boldness and even the lunacy required to head into the world, could be found in Oulu.


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B R A N DAT H O N

B R A N DAT H O N Co-creating Brand Success Stories!

The Business Kitchen, the entrepreneurship hub serving the Oulu’s universities, received a host of branding enthusiasts when the first ever Brandathon – a “branding-hackathon” – was held in Oulu in November 2016. Brandathon was a two-day intensive event with the goal of discovering creative solutions for the branding challenges of companies and co-creating future success stories. Three interesting case companies were hacked in Brandathon: Haltian, 9Solutions and Pelikampus, all of which presented their own branding challenges at the event for the teams to solve. The event brought together some 40 students from several universities and different fields of study and marketing professionals all interested in branding and who were willing to learn how to build a brand in a new, fun, and communal way. The participants worked together in teams innovating solutions for the branding challenges of the case companies. During the two days, the teams brainstormed, validated and refined their ideas and pitches with the help of marketing experts, who served as coaches. The teams came up with nine


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The teams came up with nine concept presentations, consisting of various solutions and campaign ideas for companies.

concept presentations, consisting of various solutions and campaign ideas for companies.

WRITERS IN OULU BUSINESS SCHOOL ANNUAL REPORT 2016:

The event also offered fascinating keynotes regarding the importance of branding and the means of building it. The professional board member and former marketing director of Kone Anne Korkiakoski and professor and branding expert Tim Foster from the Luleå Technical University uncovered the different perspectives of branding.

Managing Editor: Pia Heikkinen | Editorial Assistant: Marja Alatalo |

Brandathon was organized in collaboration with Oulu Business School, the Oulu University of Applied Sciences, BusinessOulu, Mainostajan Foorumi and Oulu Entrepreneurship Society. The case companies rewarded the best solutions and each member of the winning teams received a EUR 100 gift card as a prize. The best team of the entire event was additionally rewarded at the annual Mainostajan Foorum celebratory event at Uusi Seurahuone!

Joel Karppanen, Kimmo Kuortti, Keräsen Kuvaamo, Kati Leinonen,

For further information contact Minna Törmälä minna.tormala@oulu.fi, +358 50 367 2091.

Texts: Marja Alatalo, Niklas Alho, Tiina Henttu-Aho, Jukka Hildén, Merja Inget, Antti Kauppila, Tuula Lehtimäki, Sinikka Moilanen, Syed Mubaraz, Satu Nätti, Atte Räinä, Petri Sahlström, Veikko Seppänen, Sauli Sohlo, Hannu Torvinen, Minna Törmälä, Pauliina Ulkuniemi, Yuegiang Xu | Translation & Language Revision: Semantix Finland Oy | Photographs: Heikki Annala/Naavamedia, Rami Hanafi/Rami Hanafi Photography Ltd., Timo Heikkala/Studio Timo Heikkala, Petteri Löppönen/LUMO Image, Roosa Rantanen, Juha Sarkkinen/ Studio Juha Sarkkinen, Petrus Vuorentausta, Business Kitchen, Oulu Business School and University of Oulu | Layout: Siberia

Nordic Spirit – International Heart


University of Oulu, Oulu Business School P.O. Box 4600, 90014 Oulu, Finland Tel. +358 294 48 0000 oulubusinessschool@oulu.fi oulubusinessschool.fi

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Oulu Business School vuosikertomus 2016  

Oulu Business School vuosikertomus 2016  

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