Game Changer with Yvonne de Ville Part 2 - Challenges Facing the Tech Industry

"When we are aware of our inner-growth potential yet have no pretensions about ourselves, when we are vulnerable, then we can change" -?Amit Goswami

Embrace the Challenge

Part 1 of the Game Changer series was an in-depth introduction to Yvonne de Ville, author of Cracking the Change Management Code, IoD Finance and FinTech Group Chair, Fintech Activist, and Business Change Expert. If you missed part 1, please refer to the link Shifting Perspective to read more about Yvonne and her book Cracking the Change Management Code.?

This is part 2 of the Game Changer series where we will be exploring Yvonne’s view of some of the biggest challenges currently facing the tech industry and some ideas on how they might be addressed through the change management lens.?

When I asked Yvonne what challenges she sees in the industry, she gave some thought-provoking answers that are worth unpacking.

Going through the list of challenges, they beg the question, “What am I doing to make a difference in my little corner of the universe?”

Yvonne lists the following challenges as some of the biggest ones facing the tech industry today:

1.????The moral and ethical issues of using artificial intelligence and biogenetics

?The use of artificial intelligence and biogenetics raises various moral and ethical concerns. Some ways to address these include:

• Develop clear ethical guidelines.
• Nurture transparency and accountability.
• Drive inclusivity and diversity.
• Implement Interdisciplinary collaboration.
• Engage in Public debate.

2.????Disparity between the generations, and global distribution

Addressing disparities between generations and global distribution requires policy changes, education, and social action. These include actions like:

• Increasing access to education.
• Encouraging technology literacy.
• Promoting intergenerational dialogue.
• Implementing policies to reduce income inequality.
• Fostering global cooperation.

3.????Providing innovative products and services while still maintaining user privacy and security

Consumers are increasingly concerned about how their information is being used and protected by tech companies.?Maintaining user privacy and security while still providing innovative products and services is a challenging task. Some possible ways to manage this challenge include:

• Adopting privacy and security by design.
• Using data minimization and encryption.
• Being transparent about data collection and use.
• Conducting regular security audits.
• Educating users about privacy and security.

4.????Addressing misinformation and fake news

This issue is becoming increasingly prevalent online. It is a complex problem that requires collaboration between tech companies, governments, and civil society to find effective solutions that balance freedom of expression with the need for accurate and reliable information. Some possible starting points include:

• Developing fact-checking tools.
• Promoting media literacy.
• Encouraging responsible journalism.
• Combating echo chambers and filter bubbles.

5.????There is a need for greater diversity and inclusion in the tech industry

?Women and minorities are underrepresented in the industry, and a lack of diversity can often lead to narrow perspectives and a lack of innovation. Efforts are being made to address this issue, but there is still a lot of work to be done.?Some proactive activities like the following, would go a long way.

• Implement policies that promote diversity and inclusion.
• Provide education and training.
• Encourage diverse hiring practices.
• Foster a culture of inclusion.
• Support diversity in leadership

While all the challenges can be unpacked in detail and could be a whole article on their own, our aim is to demonstrate that by each of us taking accountability for things within our scope of control we can promote innovation and growth for everyone.

Whose Gap is it Anyway?

Yvonne also highlights some of the biggest gaps in the Technology space with some thought-provoking ideas on possible ways to address them.

• Accessibility: Not everyone has equal access to technology for various reasons. Bridging the digital divide will require collaborative efforts from governments, non-profits, and the private sector.
• ?Cybersecurity: The proliferation of technology has led to an increase in cyber threats, so it is essential to invest in cybersecurity measures, educate users on best practices, and encourage developers to build secure applications.
• Data privacy: With the vast amounts of data generated by technology, protecting users' privacy is critical. This requires strong data protection laws, transparency in data collection and use, and ethical practices by companies that handle user data.
• Skill gaps: As technology advances, there is a growing gap between the skills needed for the jobs of the future and the skills that workers currently have. Education and training programs need to be revamped to equip individuals with the skills required for the future job market.
• Age gap:?Older individuals face more barriers to using technology due to factors such as physical limitations or lack of access to technology. This can impact their ability to participate fully in the digital world and contributes to a digital divide between generations.?The impact of the age gap on technology usage highlights the need for ongoing efforts to increase digital literacy and access to technology for all age groups. This can help to ensure that everyone is able to take advantage of the many benefits that technology has to offer.
• ?Sustainability: The increasing demand for technology has led to a significant environmental impact. Companies need to focus on developing sustainable technologies that reduce their carbon footprint and promote environmentally friendly practices.

The successful narrowing of these gaps depends heavily on successful planning, implementation, and monitoring of efforts.?If we are proactive, we can optimise our resources and reduce chaos.

Close to Heart

Asked which of the challenges or gaps Yvonne is personally passionate about addressing?in her business endeavours, she said, “As part of my role as the Chair of IoD Finance and FinTech group I have the platform and the opportunity to encourage others to participate and collaborate with me.???I devote a lot of my time to issues on diversity, supporting women, and sharing knowledge, especially regarding new technologies.??I do this by creating educational events, webinars, and taking part in other events, and participating in speaking and panel discussions.??

We recently had a very interesting discussion about digital identity and the morals and regulations associated with it.?I also took part in the Everywoman Leadership event, and at London Kings Collage we discussed fintech challenges and career options for students, and I was recently interviewed by the Voice of Crypto too.??

I always try to create interesting events and encourage others to join us."???

?What If We Don’t Close the Gap?

If we don't address the challenges and gaps facing the tech industry, we can expect some hard impacts down the line.

Yvonne shares the following perspective:

In relation to diversity:

• Limited Innovation: A lack of diversity leads to a lack of creativity and innovation.
• Decreased Productivity: A lack of diversity can lead to conflict which decreases collaboration and communication.
• Poor Decision-Making: Without diversity, decision-making is biased and less effective.
• Difficulty Attracting and Retaining Talent: Without diversity firms struggle to attract and retain talented employees.
• Negative Brand Image: Businesses that are not addressing diversity are perceived as outdated or even discriminatory.

In terms of the regulations on AI/Web3 and Metaverse/Crypto:

• Security Risks: Without regulations, there are significant security risks associated with the use of AI, Crypto, and Web3 technologies which could lead to data breaches, financial fraud, and other types of cyber-attacks, which can be very costly.
• Lack of Transparency: Without regulations, there is a lack of transparency and accountability in the use of these technologies which can result in distrust among consumers and the public.
• Ethical Concerns: There are already ethical concerns related to the use of AI, Crypto, and Web3 technologies.
• Unfair Competition: The absence of regulations can create an uneven playing field for businesses.
• Regulatory Fragmentation: Without consistent and coordinated regulations, there is fragmentation across different jurisdictions, making it difficult for businesses to operate globally and navigate different legal and regulatory frameworks.

?In terms of not keeping up with the technology:

• Becoming redundant and not being able to participate in everyday life i.e., buying food products using digital currencies, etc.
• Missed Opportunities: A lack of knowledge about the latest technologies might mean you miss opportunities to improve your business processes, increase efficiency, and gain a competitive edge.
• Decreased Productivity: Without adequate knowledge of technology, teams struggle to use the tools and systems necessary for their work.
• Security Risks: Lack of knowledge results in vulnerability which places the business and its data at risk.
• Decreased Innovation: Technology is rapidly advancing, and businesses that fail to stay up to date fall behind in innovation.
• Difficulty Attracting Talent: Employees are attracted to businesses that invest in their growth and development. If you are not providing opportunities for your employees to learn about technology, you will struggle to attract and retain top talent.

The Power of Change

All of us can be part of the solution, we just need to ask ourselves, “What can I do differently, what do I need to change, and how do I do that?”

When we ask ourselves the right questions, and when we act, we move the universal dial in the right direction and change lives and the world for the better.

So, we leave you with this question, “What can you do differently to shift the dial?”

Coming Up Next

In part 3 of the series, we will explore Yvonne’s view of the changing dynamics of the world and what it means to us in business, as parents, and as wholehearted individuals.

Link up to the Action:

• Cracking the Change management code is available on Amazon via the following Link: https://www.amazon.co.uk/Cracking-Change-Management-Code-competitive-ebook/dp/B0BBSDXB1Q
• Connect with Yvonne on LinkedIn: https://www.dhirubhai.net/in/yvonne-de-ville/
• Yvonne’s website: https://yvonnedeville.com/
• Follow the IoD Finance and FinTech page on LinkedIn
• Some examples of the collapse of FTX in 2022 and many other cryptocurrency platforms that were mostly scams set up to exploit the vulnerable e.g., Savedroid, lexCoin,?available here: https://www.blog.udonis.co/blockchain/crypto-scams;https://alts.co/cryptos-biggest-scams-of-all-time/