The Future of Business, Government and Society: Together we will Imagine, Enable and Build the Future

9 July

veski delivered its first veski conversation for the 2019/20 financial year on 9 July on The Future of Business, Government and Society: Together we will Imagine, Enable and Build the Future. The evening conversation was attended by an audience of SMEs, government and industry practitioners.

 

 

 

 

  

 

 

 

 

 

 

 

Mr Steve Sammartino, an Australian futurist, author, technologist and speaker set the scene as to what we can expect around the future of work as part of Industry 4.0 and to provoke a robust conversation, over dinner for representatives of business, government and society.

Some key points included:

In this digital revolution - information and data is the current commercial asset that top companies acquire – power in a digital world is the access to this information and data.

  • The biggest breakthrough in artificial intelligence (AI) and technological innovations is the smart phone - which provides unlimited processing power, storage capacity and access to knowledge.

  • Change is required in legacy thinking and human attitudes – social change - to be able to both adapt and adopt technological innovations.

  • Technology of the future is internet-based – the internet of things (IoT) – this creates a larger divide between those who have access to opportunities versus those who don’t - to tackle this divide, organizations should pool their resources together.

  • Key areas of support should focus on the ‘keep goings’ – currently the Australian ecosystem allows for entrepreneurs and start-ups to flourish, however established businesses don’t have the support they need to embrace the digital revolution.

It was noted that we are in constant state of innovation - an industrial revolution is determined by a key advancement which creates a fundamental change - steam engine, science, manufacturing and the most recent being the rise of the digital technology. The biggest difference between the fourth industrial revolution and the first three is the rate at which breakthroughs are occurring and our ability to keep-up with the changes.

While the breakthroughs in artificial intelligence (AI) and technological innovations are increasing efficiency, productivity and convenience - the acceleration of innovation is creating ‘disruption’ to the business as usual processes and systems – meaning, existing businesses need to understand this shift and re-position themselves to thrive in this digitalised environment.

With the development of the smart phone and an increased reliance in the internet of things - there has been an increase of information and data that companies have access to - unfortunately consumers are not having the conversations on data privacy, data ownership vs consent.

This opened up a broader discussion on the development of rules and regulations that could help protect consumers and the data they are providing eg. face recognition.

It is further noted that Governments’ role in this digital economy is to help put in place regulations on data ownership and how the data is used. It is important for the Governments to understand how digitisation is effecting individuals, start-ups, SMEs and big organisations and to understand what type of information is being held. Governments can also do more to provide support for skilled migrant workers to come to our shores, who have the new skill sets required –however this is proving a difficult task at this time.

In support of SMEs – or the ‘keep goings’ – it was discussed that they have to be brought to the table and be a part of the discussions to help them identify the large and structural changes that will fundamentally effect the way they operate in the future which will enable them to remain current and competitive.

A suggestion for this support was to move towards a more collaborative appraoch in pooling resources together instead of creating an environment of competition – it was said that this would improve the lack of access and in turn lack of opportunities.

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