How will the emerging technologies impact the global economy and society?

As emerging technologies of artificial intelligence, 5G, IoT, serverless computing, AR/VR, blockchain, robotics, natural language processing; we need to make sure that inequality does not grow but addressed properly. Two concerns here or watch outs: algorithms are developed today by more homogeneous groups. Diversity in design teams should improve so that the solutions consider wider perspectives, possibilities and challenges. Algorithms should be tested for possible bias in outcomes. There should be more investment in STEM for diverse talent so that they can become part of the development and design teams.

This brings to mind re-skilling and up-skilling dilemma for organizations as needs emerge. If organizations do not take this challenge proactively, there will be huge gaps. This is not only the responsibility of the organizations but also the individuals. Continuous learning will be a competitive necessity for workers, if not; they can be out of the game. Organizations, individuals and education system should address this matter now and together, there is no coming back. We should not let the underprivileged to suffer further but rather bring them forward. Otherwise we will totally lose a group in our societies and the price will be high going forward. The gap should not get wider.

Contingent workers, gig workers will grow, it is critical to have the safety nets for this growing workforce. With COVID-19 impact, this group can be bigger than previous estimations therefore how they are protected is an important question to answer.

As data becomes the new currency, how to protect, where to use, what to use, governance of data is essential as well as the policies governing artificial intelligence and solutions.

Good news, sectors like health care can enormously benefit from these technologies however if not governed well, there can be serious privacy challenges as well as information in wrong hands.

These technologies will be developed by humans and used mainly by humans. Their empathy and understanding will be key to design for good and humanity. Therefore organizations with purpose and strong values will have a differentiating point and succeed further. They will attract the good talent, retain and also find the best solutions with design thinking, innovation and creativity.

Dealing with a lot of data and clutter will necessitate mechanisms of taking care of mental health. The rising trends of well-being will not be a side benefit anymore but a must have for organizations to offer. Taking care of employees in this regard may not be enough going forward but also taking care of communities will be demanded by stakeholders. Inequality of access to technology will widen the inequality gap if not taken care of.

Organizational agility and resilience, re-designing work and processes, diversity of skills needed more than ever. The focus on diversity, equity and inclusion will not be a choice anymore but part of the purpose statement for organizations.