Digital transformation across industries can help save trillions of dollars in cost and consumers stand to benefit more from it provided there are policy incentives to improve societal outcomes, says a report. "More than half of the value that digitalisation offers is in the form of societal benefits. These include net job creation and reduced income inequality, improved health outcomes and fewer accidents, reduced carbon emissions and time and cost savings for consumers," it said.
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Bruce Weinelt, Head of DTI at WEF, said a majority of the benefits of digital would accrue to society, but only if collective action is taken to assess the potential, using consistent criteria to evaluate the outcomes of specific policy actions. "Digital transformation across industries could save millions of lives and trillions of dollars in cost," the report said, adding that digitalisation could benefit consumers more than businesses.
Among others, the report has emphasized the need for rapid re-skilling and greater alignment of education with the new demands of fast-changing markets.
While new technologies have the potential to increase economic growth, reduce inequality and promote inclusively, the report said they could be jeopardized by the retreat of globalization, the rise of political populism and social instability. There is also need for responsive and responsible leadership to proactively counter forces that would constrain innovation, trade, and growth, it added.
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