Summary: Future of the Digital Economy


Panelists:

Bill McDermott

Chief Executive Officer, SAP SE

Orit Gadiesh

Chairman, Bain & Company Inc.

Liu Jiren

Chairman and Chief Executive Officer, Neusoft Corporation

Steve Bolze

President and Chief Executive Officer, GE Power

Inga Beale

Chief Executive Officer, Lloyd's


Key Points:

1. Products

  • From a B2C perspective, the products have remained the same while the digital disruption is in the channels and mediums for acquiring goods and services.
  • From a B2B perspective, the digital products that are used to aid business growth are constantly being reinvented. 

2. Data

  • Data between businesses are held tightly and not shared.
  • Data is becoming a competitive asset that is continuously accumulating for businesses.
  • Consumers want the efficiencies and benefits from sharing their data, trading off their sole ownership of their data.

3. Security

  • Businesses are more vulnerable to cyber attacks.
  • 84% of assets are now intangible, creating a different type of risk.
  • 75-90% of security breaches are still caused by human errors and leaks rather than a hack.

4. Digital Transformation

  • All businesses need to understand the consumer, who control the end game.
  • The margin for hardware is decreasing, which needs to be accompanied by a service through software.
  • Consumer interactions are omni-channel, companies need to be visible and available at every point of contact.

5. Trust Needs to be Established

  • 80% of consumers don't really understand how their data is being used.
  • More transparency is needed between businesses and consumers in terms of how their information is managed.

6. Investment in Human Capital and Skills

  • Companies need to continue investing in the young in order to create a future workforce with the relevant skills.
  • Need mass adoption of new technical skills and language in order to decrease the knowledge and skills gap in the future.