Questions for a New Era of Business: Fortune

A new era of business, much like the industrial revolution or the internet boom, is underway. Companies that recognize the trends including aging populations, new technologies, growing economies, improved health and increased influence of developing economies will flourish. Challenges include inequality, stagnant incomes, populism, climate change, rivalries that disrupt trade and concentration of wealth even as the population climbs. “Today, the top 10% of all firms (not just tech firms) account for, on average, 80% of economic profit,” explain James Manyika and Lareina Yee for Fortune. With technology essential to every part of life and work, companies focus on cybersecurity. Young consumers expect leadership from companies on social issues like sustainability and inclusive growth. Manyika and Yee urge companies to review their mission and ensure that all stakeholders benefit while balancing global and local priorities. Companies must continuously assess technologies, considering the potential for new uses or misuse as well as the “need to grapple with the consumer benefit of prioritizing user privacy and data control versus maximizing the returns from data.” Large companies operate within complex systems and must set high standards on sustainability, efficiency and fairness or risk customer ire. – YaleGlobal