We’re in the midst of a technology revolution that’s having an unprecedented impact on businesses, society and people at large. The sophistication and interconnectivity of new technologies is leading to change that is swifter and more radical than ever before, with businesses in almost every sector needing to evolve rapidly if they’re to stay ahead.
Like those before it, this next generation of technology, known as the ‘fourth industrial revolution’, can be a powerful force for good. Innovations such as artificial intelligence, the internet of things and blockchain have the potential to tackle some of the most challenging problems of our time, from climate change and resource depletion to inequality and disease. They’ll also be a driver of economic advancement, for the UK and beyond.
But these same technological advances could have unintended consequences, accelerating risks to the Earth and society if they are not designed and scaled in a smart and sustainable way. What is required, therefore, is a balanced, responsible approach.
Technology is a key part of our commercial strategy – both as an enabler for our business, and as a proposition to help our clients achieve their goals. So we’re developing and adopting a ‘responsible technology’ approach which looks to maximise the positive impacts whilst minimising any negative ones. It emanates from our purpose – to build trust in society and solve important problems – and also aligns to our values and intent to ‘act with integrity’ whilst ‘reimagining the possible’.
We’ve established a series of commitments and actions that will help showcase the positive role of technology, as well as mitigate potentially adverse social, ethical and environmental concerns across our whole value chain i.e. our supply chain, operations, people agenda and client work (see diagram below). These are set out in a new, responsible technology policy, supported by our Executive Board.
Given that technology is a fast moving sector, and the issues and opportunities associated with it are still evolving, we see this as a first step, and will both review the policy regularly to ensure it’s up to date, and seek the views of others, contributing to a better collective understanding of the role of business in relation to technology.
With the right approach, technology represents not only an opportunity to grow our business and enhance the services we provide to clients, helping them to deliver commercial success, but also to solve the important problems of our time. We collaborate with many global and UK organisations to explore, analyse and highlight how technology can be a force for good.
For example, we launched a report – Innovation for the Earth - at the World Economic Forum in January this year, which explores how combinations of technologies could make a step change in energy, transport and food systems and address the challenge of climate change. Meanwhile, our annual PwC Global CEO survey raised questions about the impacts of technology on people and trust, and our Future of Work report discussed the implications for companies of working lives being affected by technology. Our spring 2017 UK Economic Outlook also explored equality and technology, analysing how technology will impact jobs amongst different sociodemographic groups in Great Britain.
There are also risks associated with technology adoption. We’ve identified four which demonsrate the need for a responsible technology approach and are addressed in our policy:
We have a large number of internal programmes and systems which underpin our Responsible Technology policy, including:
For information about how we can help clients adopt technology responsibly, see our technology practice.