Tech companies will be hard-pressed to compete with the onslaught of social media, data, data centers and the Internet of Things as they work to compete in a digital age.
Read moreTechnology companies need to embrace the digitization of their services to survive in the digital era, experts said Tuesday, speaking at a summit of the United Nations Economic and Social Council (ECOSOC).
“The fact is, today we live in a world that is increasingly digitized and increasingly connected,” said Iain Briffa, an economist at the Oxford Institute for International Economic Studies.
“The question is: how do you get there?”
Briffa said the new digital economy is a global phenomenon that will reshape the way the world operates.
“What you will see in the next 10 years is a whole new world,” Briffas said.
“The world of the 21st century will be digital.
The digital world is very different to the digital world of our ancestors.
It’s very much different.”
Briffas is a former executive vice president at Google, a company that is currently facing legal battles over data-collection practices.
Briffass said the world will be increasingly digital, and the way that we do business will change dramatically.
“We have to be much more aware of what is going on, much more sensitive to the needs of our customers,” Briffs said.
Briffass warned that companies must adapt to changing technology.
“When we started, we thought, ‘We’re going to be able to do this.
We’re going have this.’
It’s now very much the case that it will not work,” Brinson said.
Brinson said he sees “some big challenges” for companies to adapt to the new world.
“It’s not just the way things are done in the US, it’s not the way it’s done in China, it is the way we do things in many countries around the world,” he said.
“Companies have to understand the digital transformation is not just a question of technology, but also a question about their social responsibility.”
Briffasses comments were echoed by Michael Moritz, an analyst at Morgan Stanley.
Moritz, who has worked for Goldman Sachs and Barclays, said that while technology companies have been innovating and changing over the last decade, they haven’t taken into account the social implications of technology.
He said companies must take a leadership role in adapting to the shift and take a lead in creating a social fabric.
“I don’t think we can have a very good society if we don’t start to think about how we interact with each other and how we think about our own society,” he told Reuters in an interview.
“If we start to be too digital, it can have negative consequences for all of us.”
Read moreTech companies are in a tough spot, Briffars comments were made in an attempt to reassure investors that the company is not in a bubble.
The stock is up more than 15% so far this year.
Briffs comments came a day after he wrote a column in Forbes on the future of the Internet and how it will impact the future.
Briffs article argues that as technology improves, companies will need to be more transparent, which will increase their value and increase their ability to attract and retain talent.
Read the full Forbes article on Briffs column.
Brilliant minds, brilliant peopleBrillies is one of the world’s most famous mathematicians, and was a professor of mathematics at the University of Oxford.
His works include The Grand Problem and The Four-Square Problem, which he developed in his laboratory.
Brinson told Reuters he was disappointed Briffis views on technology were not more positive.
“He’s got some problems with the way he’s talking about the future and technology,” Brion said.
He also criticized Briffons response to the Brexit vote, which is widely seen as being influenced by Brexit.
“Brexit was not caused by Brexit, but by Brexit,” Brions comments read.
“There is a certain political calculation that was put into it, and we were all very concerned about that.”
This is not about Brexit, it was not about the UK, it wasn’t about the EU, it just was about Britain.
“Brinson is a member of the advisory board for the International Institute for Sustainable Development (IISD).
He has been a member for decades of the IISD and a founding member.
Brion said he believes Briffans comments will serve as a wake-up call to the tech industry to think more carefully about the impact of technology on its business models.”
They’re talking about a shift to the Internet, and I’m not sure if you’re seeing the shift, but it’s a shift,” Branson said.
Read our blog for more on Brion Branson.