Want to get digital transformation right? First, understand the global trends shaping our world

In my years of advising clients, I’ve learned that to truly understand how emerging technologies are disrupting traditional business models, we must begin with recognizing the forces that are accelerating the pace of digital transformation not just in the U.S., but worldwide. 

Earlier this year, I was lucky enough to moderate a conversation with Fareed Zakaria, renowned journalist, political scientist, and author, where we discussed the key drivers shaping the new world order including globalization and the technological revolution.

Here are my top four takeaways from our conversation:

1.) AI Takes Center Stage 

Artificial Intelligence (AI) is one of the single biggest drivers of digital transformation, given its potential to radically simplify workplace operations and processes. As of late, I have been closely following how the U.S. compares to other major economies such as China and India when it comes to adoption of emerging technologies such as AI. According to our recent PwC CEO Survey, while most American companies are running AI-based pilot projects, Chinese companies are getting even more advanced on this front— with many of them embedding AI into their operations seamlessly.  

When asked about AI, Fareed posited that it will be the next crucial driver of economic innovation, especially considering data is now the “new oil of the global economy” -- and he’s not alone in his thinking. The PwC CEO Survey also found that 85% of CEOs agree that AI will significantly change the way they do business in the next 5 years. The infinite amount of data now available at our fingertips is important to consider as we envision a world where AI is prevalent not in some, but most businesses. The pay-off for AI is huge: Drastic cuts to overall business costs and increased efficiency amongst employees is just the start. It’s high time that we talk about how to extract value from big data and move towards integrating more AI-driven tools such as machine learning and digital assistants in the workplace. 

2.) The New World Order

Joined by PwC leaders from across the firm, we also spoke to Fareed about the mega trends that have reshaped the way we do business. Many of my colleagues were interested in learning more about the synchronous growth nearly every major economy is experiencing in our new world order. Fareed noted that while this kind of growth is unprecedented, it is important to remember that the way we once viewed globalization has drastically changed as our world becomes more connected. Fareed relayed that today’s definition of globalization means much more than the exchange of goods— it must include the globalization of people. As technology and communication channels become more interconnected, it is important to see what employees around the world are saying about their relationship with technology. 

Last year, we asked 12,000 people from 7 countries including Canada, China, Germany, Mexico, and the U.K. to share their views about the digital tools they use in the workplace. Today’s workforce is curious and excited about the role that technology can play in their day. Moreover, they are ready to invest time in learning and develop digital skills that could help them produce higher quality work. Despite working on opposite sides of the world, our findings showcased a global trend. Our research found that 73% of respondents say they know of systems that would help them produce higher quality work. From choosing devices, to picking apps, to opting for voice over text, employees look to technology to improve their experience at work. For innovative technologies to effectively be integrated into the workplace, the people using the tech need to be top of mind. 

3.) Tech at Work: Why It Matters

The first step to getting tech right at work is to make sure that leaders are ready to make technologies such as cloud computing and AI work for their specific teams. This propensity for change is one of the many reasons I believe business leaders must keep a focus on the technological advancements happening in every corner of the world and their impact of the workforce of the future - so that we can adapt our businesses to these changes and ensure our people are up to speed and can thrive as the world continues to evolve.

I’ve often used an analogy of a surgeon to describe my role at PwC. I want to ensure that PwCers are equipped with the right digital tools to excel at what they do best without roadblocks — with the accuracy and precision of a surgeon. Digitally upskilling employees is no longer optional in my book, given the myriad of ways it can improve the way employees think and do their work. To my pleasant surprise, Fareed also used an analogy of a healthcare professional, a primary care doctor, to describe the workforce of the future and why upskilling benefits all. Thanks to big data computing and AI, a computer can now analyze 5 million pieces of information in a single second. As emerging technologies become more prevalent in the workplace, Fareed explained that it doesn’t mean that the doctor is out of a job. Instead, it leaves the doctor to explain to the patient how to change the lives to adopt to a certain diagnosis and adopt new regimens that are best suited for them, emphasizing the critical role that people will play in a more tech-enabled future. 

4.) Say Hello to the Digital Economy of Tomorrow 

Today’s constantly shifting digital landscape requires businesses to take a closer look at the environment around them. To stay ahead, companies must delve into how digital transformation differs from market to market and pay keen attention to the external forces changing the world around us in real time. I make sure to connect with my team on a daily basis to discuss what our clients and people are telling us. I think it is also important for business leaders to take the time to listen to what global influencers are saying about digital transformation and the workforce of the future. My recent conversation with Fareed makes me excited to see how our digital economy continues to evolve. 

So what do we know for sure? The global digital economy is not slowing down, and consumers and employees alike want to see more technology integrated into homes and in their place of work, leaving them with more time to focus on impactful work. By doing this, we become not only better equipped to find solutions to some of the most pressing issues of our time, but are also prepared to face the challenges that lie ahead. I’ll leave you with this: I am confident that businesses can stay ahead of the curve if they take the time to create a culture that embraces innovation and invest in upskilling their people.