04 Digital World
New digital devices support ubiquitous and always-available
information and enable companies to interact with customers
across more touchpoints. Key factors driving this megatrend
include the increasing adoption speed of new technologies,
the growing amount of interrelated and meaningful data, the
greater usability of private data and the growing difficulty of
protecting this information.
Industry implications include the challenge of managing
the rapidly growing information exchange between
businesses and customers, and the increasing price and
value transparency demanded by buyers. Consumer goods
and retail companies will see their businesses affected as
technology startups drive innovation and set new standards,
for example in retail processes. Image building will need to be
far more credible due to the heightened level of transparency
and “open data culture.” At the same time, there will be
opportunities to adopt new technologies for efficiency gains.
In light of these digital developments, how can businesses
further simplify consumers’ daily lives through new
technology? How can companies handle new options
and requirements through data transparency (for
example, by providing clear, uniform and accurate digital
product information)? And how will this trend impact
existing regulations?