Efficient and
organized we
march forward
COO review: Erja Sankari
Building business capabilities and securing operations is a non-stop obligation for any commercial organization. When sales are down, business wins need to be found elsewhere. iLOQ has used its time wisely to develop operational efficiency and compliance with business-critical ESG standards.
Scalability through development of digitality
One of the core objectives over the past year and going forward is to build the scalability of iLOQ’s business towards that of a tech company rather than that of the lock and key company we started out as. In 2024, this included key investments into IT development. Among those investments was the recruitment of our new IT Director who will set the pace as we continuously work to advance the degree of automation and data generation in all our operations. Additionally, in 2024 we renewed iLOQ backbone application for software ordering and subscription management to enable growing global SW business.
Traceability and transparency grow in importance
One key piece of data in terms of business and corporate responsibility is the traceability of each product and component all the way back to the source. This data is needed when calculating the environmental impact of our products; and, with likely new tariffs based on the origin of goods, this information is also likely to become important simply to allow us to do business in certain markets in the near future. I’m proud to say that in 2024 we took a big step ahead in traceability all the way to single component level in our products.
As mentioned, also risk management related to components in terms of quality, availability and factors related to country of origin is high on our list of priorities. We have duplicate production in place to ensure availability. A Double-sourcing principle is an important factor in risk resiliency. The origin of our microchips and processors being in Taiwan and Japan rather than China is also always a point of interest.
Efficiency and automation improve performance
iLOQ has also taken major strides forward when it comes to the automation of order handling. Following the development of needed systems and internal processes, the entire order handling process is now at least 85% automated, and includes most parts of the process between the automated order confirmation and final delivery.
To further improve the efficiency of processes from both a cost and environmental impact standpoint, we are launching and piloting developing options to deliver regionally without products and components needing to travel through a pair of hands in Oulu, Finland, where most many products are still assembled today. We successfully launched the logistics hub in Texas to serve the American market. Although the volumes are not significant enough to ramp up operations fully in either market yet, the readiness is there.
“We are a small organization
achieving big things. Every year we
become more strategic, organized,
efficient and responsible.”
Sustainability is a shared driver across the supply chain
ESG factors continue to become a more central theme in business decision-making. Both big industrial clients and residential end users alike are heavily invested in sustainability. iLOQ has continued to take steps towards transparency and improved performance in this regard. With our double materiality analysis done, we have now achieved CSRD reporting readiness ahead of schedule. In addition, 2025 will see us file our EPD (Environmental Product Declaration) revealing the full lifecycle emissions of all our products with independent 3rd-party validation.
We have continued our planned work towards the decarbonization of our Scope 3 network of suppliers. This work has included annual supplier surveys and the implementation of our Supplier Code of Conduct across the board with all suppliers representing more than 80% of our GHG emissions, meaning 27 iLOQ key suppliers.
Many reasons to be proud of iLOQ in 2024 and beyond
Despite difficult times in terms of the world economy, we have once again supplied the world with approximately 2.3 million pieces of iLOQ technology, driving the battery-free smart-locking revolution. Every year we also become more strategic, organized, efficient and responsible, which gives us many reasons to be proud. We are still today a relatively small organization achieving really big things. One step at a time.