{"id":32051,"date":"2021-02-24T14:23:18","date_gmt":"2021-02-24T14:23:18","guid":{"rendered":"https:\/\/digileaders.com\/?p=32051"},"modified":"2021-02-24T14:23:18","modified_gmt":"2021-02-24T14:23:18","slug":"how-does-innovation-impact-society","status":"publish","type":"post","link":"https:\/\/digileaders.com\/how-does-innovation-impact-society\/","title":{"rendered":"How does innovation impact society?"},"content":{"rendered":"<p>Technological innovation affects all aspects of our world, from agriculture to transportation to how we communicate with each other. Mundane tasks can now be automated using\u00a0<a href=\"https:\/\/www.accenture.com\/no-en\/insight-financial-services-robotic-process-automation\" target=\"_blank\" rel=\"noopener noreferrer\" data-analytics-link-name=\"robotic process automation (RPA)\" data-analytics-module-name=\"axfs-module\" data-analytics-component-name=\"axfs-module\" data-analytics-template-zone=\"body\" data-analytics-content-type=\"cta\" data-analytics-link-type=\"cta\" data-analytics-content-class=\"Content\" data-analytics-engagement=\"\">robotic process automation (RPA)<\/a>, while\u00a0<a href=\"https:\/\/www.accenture.com\/us-en\/insight-explainable-citizen-ai\" target=\"_blank\" rel=\"noopener noreferrer\" data-analytics-link-name=\"artificial intelligence (AI)\" data-analytics-module-name=\"axfs-module\" data-analytics-component-name=\"axfs-module\" data-analytics-template-zone=\"body\" data-analytics-content-type=\"cta\" data-analytics-link-type=\"cta\" data-analytics-content-class=\"Content\" data-analytics-engagement=\"\">artificial intelligence (AI)<\/a>\u00a0is becoming a collaborator across industries as varied as medicine, transportation and fashion.<sup>1<\/sup><\/p>\n<p>In this series, I will explore the broad impact of innovation on society and what enterprises can do to help ensure that technology innovation furthers societal growth.<\/p>\n<p>&nbsp;<\/p>\n<h2>Technology innovation is reshaping society<\/h2>\n<p>Technology is now firmly embedded throughout our everyday activities, sometimes to a degree where\u00a0<a href=\"https:\/\/trends.fjordnet.com\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-analytics-link-name=\"digital becomes invisible\" data-analytics-module-name=\"axfs-module\" data-analytics-component-name=\"axfs-module\" data-analytics-template-zone=\"body\" data-analytics-content-type=\"cta\" data-analytics-link-type=\"cta\" data-analytics-content-class=\"Content\" data-analytics-engagement=\"\">digital becomes invisible<\/a>, blurring the lines with the physical world.<\/p>\n<p>But the reach of \u201cNew\u201d technology is even larger than that: innovation is reshaping our society. This level of integration is the next great societal evolution. The world is reimagining itself not just around digital innovation, but, by extension, around the companies that provide those services.<\/p>\n<p>In our\u00a0<a href=\"https:\/\/www.accenture.com\/us-en\/insights\/banking\/technology-vision-banking-2018\" target=\"_blank\" rel=\"noopener noreferrer\" data-analytics-link-name=\"Banking Technology Vision 2018\" data-analytics-module-name=\"axfs-module\" data-analytics-component-name=\"axfs-module\" data-analytics-template-zone=\"body\" data-analytics-content-type=\"cta\" data-analytics-link-type=\"cta\" data-analytics-content-class=\"Content\" data-analytics-engagement=\"\">Banking Technology Vision 2018<\/a>\u00a0research, we found that:<\/p>\n<blockquote><p>86% of surveyed bank business and IT executives agree that technology is increasing the level of integration between financial services and the rest of their customers\u2019 lives.<sup>2<\/sup><\/p><\/blockquote>\n<p>The technological revolution we live in today, and the innovations that it has brought about, are only limited by our imagination and the degree of social acceptance as to what is possible. A simple yet powerful example of this are self-driving vehicles.<\/p>\n<p>Other technologies have also seen exponential advances, including:<\/p>\n<ul>\n<li>Cloud<\/li>\n<li>AI<\/li>\n<li>Blockchain<\/li>\n<li>Augmented and virtual reality<\/li>\n<li>Internet of things (IoT)<\/li>\n<li>Robotics<\/li>\n<li>Quantum computing<\/li>\n<\/ul>\n<p>These technologies are helping us move toward a seamless world, where products and services are available to us if and when we need them, and where technology has become invisible in\u2014and indivisible from\u2014people\u2019s daily lives.<\/p>\n<p>Take\u00a0<strong>Capital One<\/strong>, for example. This financial services company allows its customers to conduct simple, everyday banking tasks, such as checking account balances, transaction history or payment due dates, with the help of Amazon\u2019s virtual assistant\u00a0<strong>Alexa<\/strong>.<sup>3<\/sup>\u00a0A\u00a0number of other banks are doing likewise.<\/p>\n<p>In the insurance sector, some pioneers are starting to use blockchain to create new value propositions. One, has launched an automated, secure platform for parametric insurance against delayed flights. If a delay of more than two hours occurs, compensation is triggered automatically via a smart contract linking the insurance purchase with global air traffic databases.<sup>4<\/sup><\/p>\n<p>Of course, society has rebuilt itself around technological disruption many times before, and should no doubt do so again. But this latest transformation is unique: for the first time in a technological transformation, the change is a two-way street. People aren\u2019t just using companies\u2019 products and services, but feeding information and access back to them.<\/p>\n<p>To deliver such \u201cintegrated innovation,\u201d companies need a profound level of insight and impact into people\u2019s lives. Companies also need that same level of insight into their partners\u2019 business. Savvy organizations are realizing that this level of connection\u2014and this degree of trust\u2014requires a new type of relationship.<\/p>\n<p>&nbsp;<\/p>\n<h2>The real promise of AI<\/h2>\n<p>Until now, robots, big data analytics and other technologies have been used to work in parallel with people, but in automated isolation. Their role: to improve process efficiencies.<\/p>\n<p>Now, as companies invest in AI systems that can sense, communicate, interpret and learn, all that changes. As AI grows in its capabilities\u2014and in its impact on people\u2019s lives\u2014AI is becoming a responsible, productive member of society. In this way, AI is not only driving competitive advantages for businesses\u2014it is changing society itself.<\/p>\n<p>AI can help businesses move beyond automation to elevate human capabilities that unlock new value. An alliance between humans and machines can usher in a new era of work and drive competitive advantage.<\/p>\n<p>Based on our\u00a0<a href=\"https:\/\/www.accenture.com\/us-en\/insight-technology-trends-2018\" target=\"_blank\" rel=\"noopener noreferrer\" data-analytics-link-name=\"Technology Vision 2018\" data-analytics-module-name=\"axfs-module\" data-analytics-component-name=\"axfs-module\" data-analytics-template-zone=\"body\" data-analytics-content-type=\"cta\" data-analytics-link-type=\"cta\" data-analytics-content-class=\"Content\" data-analytics-engagement=\"\">Technology Vision 2018<\/a>\u00a0research:<\/p>\n<blockquote><p>Enterprises fully committed to AI could boost their revenue by 38 percent over the next five years.<sup>5<\/sup><\/p><\/blockquote>\n<p>The full promise of AI lies in humans and machines working together to develop differentiated customer experiences and to create entirely new products, services and markets.<\/p>\n<p>&nbsp;<\/p>\n<h2>Retraining and partnerships are key to success<\/h2>\n<p>However, technology can be both a benefit and a detriment, and the impact of technology is felt by individuals and businesses alike. A new technology may lead to the development of an\u00a0<a href=\"https:\/\/fstechadvisory.accenture.com\/setting-new-standards-in-the-digital-era\" target=\"_blank\" rel=\"noopener noreferrer\" data-analytics-link-name=\"entire new industry\" data-analytics-module-name=\"axfs-module\" data-analytics-component-name=\"axfs-module\" data-analytics-template-zone=\"body\" data-analytics-content-type=\"cta\" data-analytics-link-type=\"cta\" data-analytics-content-class=\"Content\" data-analytics-engagement=\"\">entire new industry<\/a>\u2014but in turn, it may also destroy an existing one.<\/p>\n<p>Consequently, there is a real fear in society that AI will be so efficient that it will result in massive job loss.<\/p>\n<blockquote><p>\u201cOften people only think of AI boosting growth by substituting humans. But actually, huge value is going to come from the new goods, services and innovations AI will enable.\u201d David Autor, Professor of Economics and Associate Head, Massachusetts Institute of Technology<\/p><\/blockquote>\n<p>But what is often overlooked is that workers are also consumers expecting personalized services delivered by AI. Why wouldn\u2019t they anticipate that intelligent machines can continuously inform them and proactively uncover new insights that help them make their own and their customers\u2019 lives better?<\/p>\n<p>Business leaders can take advantage of this opportunity. To achieve superior rates of growth, and to create a new wave of employment, they are encouraged to apply AI in more innovative ways.<\/p>\n<p>People not only want new skills; rather, they are impatient to thrive in an intelligent enterprise that can disrupt markets and improve their working experience.<\/p>\n<p>To create new value through human\u2013machine collaboration, business leaders should focus on three key actions:<\/p>\n<h4>1.\u00a0\u00a0\u00a0 Reimagine work\u2014from workforce planning to work planning<\/h4>\n<ul>\n<li>Assess tasks and skills to reconfigure: Identify tasks and allocate them between machines and humans.<\/li>\n<li>Break with tradition by creating new roles: Go beyond functional jobs to specialized, insight-driven, multiskilled roles.<\/li>\n<li>Assess internal skills and map skills to new roles: Prioritize \u201cNew Skilling\u201d strategies for the existing workforce.<\/li>\n<\/ul>\n<h4>2.\u00a0\u00a0\u00a0 Pivot the workforce\u2014to areas that create new forms of value.<\/h4>\n<ul>\n<li>Align the workforce to new business models: Shift the purpose of the workforce to synchronize with an organization\u2019s unique value proposition.<\/li>\n<li>Recognize the business case: Don\u2019t simply bank on efficiencies to benefit the bottom line; rather, turn savings into investments for the future workforce and that propel new business models.<\/li>\n<li>Organize for agility: As people do less repetitive work and instead participate in a series of project teams, they should be given more autonomy and decision-making power.<\/li>\n<li>Foster a new leadership DNA: An agile workforce that leverages the best of intelligent technology and the best of human ingenuity ushers in a new set of expectations to today\u2019s leaders.<\/li>\n<\/ul>\n<h4>3.\u00a0\u00a0\u00a0 Scale up \u201cnew skilling\u201d\u2014to work with intelligent machines.<\/h4>\n<ul>\n<li>Prioritize skills for development: Selecting skills training depends on the type of AI being used and the size, sector and existing skill levels of an organization.<\/li>\n<li>Account for willingness and skill: Target training to account for different levels of willingness and skill.<\/li>\n<li>Go digital to create innovative learning experiences: Digital learning methods, such as virtual reality and augmented reality technologies, can provide realistic simulations to help workers master new manual tasks so they can work with smart machinery.<\/li>\n<\/ul>\n<p>In my next post, I will discuss some issues around the inherent bias of technology, and the potential consequences.<\/p>\n<p>For more information, download our\u00a0<a href=\"https:\/\/www.accenture.com\/us-en\/insight-technology-trends-2018\" target=\"_blank\" rel=\"noopener noreferrer\" data-analytics-link-name=\"Accenture Technology Vision 2018\" data-analytics-module-name=\"axfs-module\" data-analytics-component-name=\"axfs-module\" data-analytics-template-zone=\"body\" data-analytics-content-type=\"cta\" data-analytics-link-type=\"cta\" data-analytics-content-class=\"Content\" data-analytics-engagement=\"\">Accenture Technology Vision 2018<\/a>,\u00a0<a href=\"https:\/\/www.accenture.com\/us-en\/insights\/banking\/technology-vision-banking-2018\" target=\"_blank\" rel=\"noopener noreferrer\" data-analytics-link-name=\"Banking Technology Vision 2018\" data-analytics-module-name=\"axfs-module\" data-analytics-component-name=\"axfs-module\" data-analytics-template-zone=\"body\" data-analytics-content-type=\"cta\" data-analytics-link-type=\"cta\" data-analytics-content-class=\"Content\" data-analytics-engagement=\"\">Banking Technology Vision 2018<\/a>\u00a0and\u00a0<a href=\"https:\/\/www.accenture.com\/us-en\/company-reworking-the-revolution-future-workforce?src=SOMS\" data-analytics-link-name=\"Reworking the Revolution\" data-analytics-module-name=\"axfs-module\" data-analytics-component-name=\"axfs-module\" data-analytics-template-zone=\"body\" data-analytics-content-type=\"cta\" data-analytics-link-type=\"cta\" data-analytics-content-class=\"Content\" data-analytics-engagement=\"\">Reworking the Revolution<\/a>\u00a0reports. You may also want to take a look at our\u00a0<a href=\"https:\/\/trends.fjordnet.com\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-analytics-link-name=\"2018 Fjord Trends\" data-analytics-module-name=\"axfs-module\" data-analytics-component-name=\"axfs-module\" data-analytics-template-zone=\"body\" data-analytics-content-type=\"cta\" data-analytics-link-type=\"cta\" data-analytics-content-class=\"Content\" data-analytics-engagement=\"\">2018 Fjord Trends<\/a>.<\/p>\n<hr \/>\n<p>Originally <a href=\"https:\/\/financialservicesblog.accenture.com\/how-does-innovation-impact-society\" target=\"_blank\" rel=\"noopener noreferrer\">posted here<\/a><\/p>\n<p style=\"text-align: center;\"><span class=\"btn-container\"><a class=\"btn btn-md btn-primary\" href=\"https:\/\/digileaders.com\/insights\/\">More thought leadership <i class=\"far fa-caret-right\"><\/i><\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Technological innovation affects all aspects of our world, from agriculture to transportation to how we communicate with each other. Mundane tasks can now be automated using\u00a0robotic process automation (RPA), while\u00a0artificial intelligence (AI)\u00a0is becoming a collaborator across industries as varied as medicine, transportation and fashion.1 In [&hellip;]<\/p>\n","protected":false},"author":51,"featured_media":32053,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"class_list":["post-32051","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","topic-ai","topic-innovation","topic-transformation"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How does innovation impact society? | Digital Leaders<\/title>\n<meta name=\"description\" content=\"Technological innovation affects all aspects of our world, from agriculture to transportation to how we communicate with each other. 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