Digital transformation, spearheaded by technologies such as Artificial Intelligence, robotics, biotechnology and the Internet of Things, is likely to push societies towards economic and political instability. With most economic structures relying almost entirely on employment – and on employees spending their wages – mass redundancy caused by ever-more efficient tech taking on human roles could throw the system into chaos and significantly widen the gap between the rich and the poor. As politicians scramble to resolve these issues, the resulting decline in taxes and business subsidies is likely to make governing problematic.
The world’s largest companies are pushing a digital technology agenda that is changing the way the rest of the world works. Over $ 1.7 trillion in market capitalization resides in just four digital business masters: Apple, Google, Amazon and Facebook. It seems companies have no choice but to innovate if they want to compete and succeed and stay on the cutting edge of technology.