Overnight cloud computing became the lifeline for most corporations. The massive acceleration to cloud expected to take a decade, but consumers, students and employees started spending all their time on line, feeding more data to the AI server engines, which improved the on-line experience with better responses to inquiries and predicting demand based on tracking shifts to new behaviors. Companies are to adopting quickly to digital commerce because their businesses are depending on it and consumers are demanding it.
Here’s My Take:
De-Compress the Disruption. What was expected to be a series of technology advances occurred in parallel. From enterprise to healthcare, processes had to transform quickly, at the speed of digital adoption. The businesses that have been able to capitalize are those with leadership with the courage and willingness to re-think, to pivot and partner to achieve the fastest results. We are seeing companies who were already on board the digitization train are pulling ahead: implemented a standardized Web Conferencing Platform, encouraged Flexible Work, and migrated to Cloud Services. Businesses that are not able participate in on-line commerce will soon be left behind. We need enterprises to reach out and connect these service providers to the digital freight train with the same passion that brought them on board in the first place.
Consume with a Conscious. New rules need to be written that bridge the digital divide and provide foundations of equality and change the fundamental principles of global companies, according to Michael Miebach, CEO Mastercard. Respect to social injustices like BLM have a history of being marketplace relevant, but after George Floyd in 2020 companies are taking a more significant stance and asking “what’s our role?” According to CEO Julie Sweet at Accenture, establishing equality, fighting racism and providing opportunities of advancement are important workplace considerations and companies are looking to linking with others to achieve a scaled impact that will change the principals of the free market.
Shrink the Digital Divide. In the United States today, one third of all black families do not have access to the internet (Simama, 2020), and it’s time to move from witness to re-writing what is needed. Advocate for opportunities for enterprises to partner with the government and non-profits in response to systemic racism. Fill the pay gaps and offer the same level of opportunities. While attention on inequality has been building, this needs to feel different. According to Daniel Roth, Editor in Chief at Linkedin, it needs to be more like a transition from commitment to action, privately and publicly. From a practical perspective, it makes good business sense to achieve a diverse consumer base, growing incomes, and for businesses to become an engaged force in improving lives and tapping into broader talent pools. Diversity and innovation should be working hand in hand to rebuild the marketplace in the coming years.
Reference: Future Reimagined, CTS 2021
Simama, J. (2020). It’s 2020. Why is the Digital Divide Still with Us? Governing.com. Retrieved from https://www.governing.com/now/Its-2020-Why-Is-the-Digital-Divide-Still-with-Us.html
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