Flip side of the digital revolution  

23 May 2018:

Digital transformation can serve all, but not in its current form. Individuals and wider society are looking to business to set a precedent for what it means to be a responsible, sustainable business, in a world transformed by digital. To remain competitive, companies must address these consequences head on, engendering trust across all stakeholder groups.

It’s no coincidence that 6 out of 10 CEOs name business growth as their first priority. WHY? Because new business growth no longer happens without digital technologies.

Impact is a choice
While companies are employing digital technologies to create new revenue streams and improve efficiency, they often fail to think through the unintended consequences of such technologies—the flip side. These consequences are becoming increasingly clear, from cyber-attacks to environmental concerns. But, when company leaders make a conscious choice to proactively address their digital impact, they can reap both progress and positive consumer/citizen reaction.

A company’s competitiveness is now heavily linked to how well it addresses its digital flip side. But, a growing number of businesses recognize current consumer and citizen sentiment is less than a ringing endorsement of their progress. Successful leaders will balance transparency, privacy and intellectual property to leverage trust as a competitive advantage. It means having a plan in place to mitigate negative consequences.

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Source: Accenture

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