Summary: Future of the Digital Economy
Chief Executive Officer, SAP SE
Chairman, Bain & Company Inc.
Chairman and Chief Executive Officer, Neusoft Corporation
President and Chief Executive Officer, GE Power
Chief Executive Officer, Lloyd's
- 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.
- 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.
- 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.