Consumers Gain Most From Digitisation – WEF’s Report

Findings of the World Economic Forum (WEF) Digital Transformation Initiative (DTI) reveals that more than half of the value that digitisation offers is of societal benefits to consumers.
These include net job creation and reduced income inequality, improved health outcomes, fewer accidents, reduced carbon emissions and time and cost savings for consumers.
This is according to a statement released on Tuesday by Mr Fon Mathuros, the Head of Media, World Economic Forum which is currently taking place at Davos-Klosters, Switzerland with the theme “Responsive and Responsible Leadership”
.The World Economic Forum DTI reports recommended a range of actions, including rapid rescaling and greater alignment of education with the new demands of fast-changing markets.
Other action areas include public-sector investment, tax incentives, simplified regulation and measures to improve transparency in the use of data so as to encourage wider adoption of new technologies.
The report notes that while new technologies had the potential to increase economic growth, they could be jeopardised by retreat of globalisation, the rise of political populism and social instability.
The reports call for responsive and responsible leadership to proactive counter forces that would constrain innovation, trade and growth.
According to the statement, the Head of the Digital Transformation Initiative at the World Economic Forum, Mr Bruce Weinelt said the benefits will accrue to society, but only if collective action is taken to maximise its potential.
“Of the benefits of digitisation, 94 per cent could accrue to society and the environment as opposed to industry.
”For example, digital payment solutions could improve access to financial services for small businesses, creating 4.5 million jobs and 410 billion dollars in value to society.
”This will require measures to spur more investment in broadband and wider adoption of digital applications,’’ he said.
Also, the Group Chief Executive, Accenture Strategy, Mr Mark Knickrehm said government, businesses must fully understand the costs and benefits of digital transformation, while committing to enhance the role of people at work.