Open Innovation 2030 Future-proofing a decade of change Open Innovation 2030 From covid-19 to climate change, economic recessions to technological disruption, 2020 has served as a reality check that global crises are only going to become more common in today’s increasingly-complex and connected world. ‘Open Innovation 2030: Future-proofing a decade of change’, a thought leadership program commissioned by HCL in partnership with The Economist Intelligence Unit, explores how companies can seize opportunity in complexity to not only survive, but thrive, now and in the coming decade. To rise to the occasion, business leaders must align on an enduring vision to build a better future; one underpinned by equality, sustainability and global cooperation. Enterprise risk management typically focuses on ‘known risks,’ amplifying them to model the maximum impact so that the worst case scenario can be planned for. At the other end of the scale, ‘unknown risks’ are considered outlying cases, like the asteroids that sometimes fly by Earth—we know they exist and have plans that can be attempted as a possible first response, but they largely remain on the edges of our planning blueprints. ven with a canvas that wide, structures. Infrastructural and cultural nearly all of us were caught changes are needed because the most tal- off-guard when covid-19 ented people increasingly seek a new style struck earlier this year. Few of working, one infused with detailed had imagined the scale of change this pan- awareness of global impact, dedicated to Edemic has brought into our professional sustainability, engaged in life-long educa- and personal lives. And yet when we look tion, dripping with technology and con- back at the past six months, admiration stantly adapting. has overtaken our initial dismay; admira- Open to sustainable consumption. Dis- tion at the way individuals, communities, ruptive technology provides new opportu- companies and countries have risen to nities to benefit society and increase prof- this challenge and admiration at the way itability. Growing scrutiny of the impact human innovation, ingenuity and resil- of companies on the environment means ience has prevailed. pabilities and offerings or upskilling staff. executives must become leaders in tack- The takeaway across the board, there- Transformations in three sectors—health- ling challenges such as climate change fore, has been unilateral—although we care, real estate and retail—foreshadow and sustainability. In an increasingly in- cannot fully anticipate and control all the changes in the future of work that will af- terconnected world, firms must consider challenges that may strike, the way we re- fect millions of people. the needs of all stakeholders—employees, spond may define us forever. Open to disruption. Companies must suppliers, consumers, inhabitants of the Looking at this through the lens of anticipate disruptive change and seize planet—as well as shareholders. the technology sector, the response of or- the opportunities it creates. Those with a The challenges are daunting, but this ganizations to the pandemic has had an head start in leveraging key technologies book, published jointly by HCL Technolo- immense short-term impact and will pro- are reaping the rewards. New technologies gies and The Economist Intelligence Unit, foundly shape the future. Most business such as quantum computing, edge, digital, offers new ways to think about these chal- leaders have embraced technology, accel- big data and artificial intelligence, among lenges and help you map out your bets for erating their transformation journeys as others, must be understood in the context the future. It includes perspectives from they adjust to the new normal. of each business. leading business thinkers, chief experi- The best among them are those that are Open to secure collaboration from any- ence officers, other senior executives and open to change. We call this ‘open inno- where. Companies must constantly col- HCL leaders. It offers articles gleaned from vation.’ Open means many things, as this laborate through ‘open innovation,’ which The Economist magazine and designed to book explains, but mostly it means be- in practice means partnerships within an pique your thinking on related topics. The ing open to rapid change and evolution, ecosystem of businesses in other indus- content is intended to help us all, compa- crossing boundaries and ignoring norms tries and geographies—or even with ri- nies and individuals alike, to be more ef- to assemble the best possible ecosystem to vals. Inside the organization, all perspec- fective, more successful, more humane, collaborate and create the best strategies. tives must be included, rejecting ethnic, more socially responsible and more able I see five key manifestations of open- gender-related or cultural barriers to cre- to safely navigate the covid-19 pandemic ness: ate value. Cybersecurity must be inherent to a brighter future. Open to re-invention. The dust has not in this collaboration, especially in work- yet settled on covid-19, but it is already from-home environments. clear that businesses in countries that Open to adaptation. Collaboration and are further ahead have been permanently technology disruption requires companies altered in ways that may prove advan- and their employees to become masters of tageous—whether it be implementing change management. Agile organizational distributed work arrangements, making models break out of the straightjackets we C. Vijayakumar, long-overdue investments in digital ca- often put on by blind acceptance of rigid President & CEO, HCL Technologies 1 hcltech.com Contents 04 06 07 09 Open to Re-imagining How to feed The sum re-invention healthcare in a the planet of all lives 1 Transforming post-covid-19 The global food The way people live the world world supply chain their lives can be beyond covid-19 is passing a mined, too severe test 12 14 15 17 Open to Democratising How executives To have and disruption financial data use AI to hold 2 A lesson in digital through open Welcome to the Supplying clean transformation banking machine power is easier from fintech than storing it 20 22 23 25 Open to Securing the new Cybersecurity Digitisation collaboration perimeter: your A connected world Digitisation is 3 Building a synergistic living room will be a playground helping to deliver multi-stakeholder for hackers goods faster ecosystem in the digital era 29 31 32 34 Open to Workforce A different Human-machine adaptation adaptability as the dystopia: July 2030 interface 4 Navigating the new foundation for What if robots don’t Data-labelling world (dis)order by resilience take all the jobs? startups want to embracing change help improve corporate AI 37 39 40 42 Open to The opportunity Saving water What are sustainable to shape a better companies for? consumption The best way to 5 world solve the world’s Big business is The global imperative to weather the curve water woes is to use beginning to accept beyond covid-19 less of it broader social responsibilities OPEN TO RE-INVENTION Transforming the world beyond covid-19 Commissioned by HCL 3 October 2020 hcltech.com Transforming the world beyond covid-19 rises have a way of altering those who struggle to attend clinics provided “just-in-time” instruction, societies, often for the bet- either due to living in rural and remote reportedly training over 15,000 health ter. The four big economic areas or because they have mobility workers in the NHS and 14,000 in the “levellers” to reduce ine- difficulties. It will also allow health US. This could radically improve Cquality, for instance, have not been systems to allocate resources far more healthcare workforce planning in the election manifestos, books and efficiently and effectively. long run by allowing more staff to be debates in legislatures but war, revo- Out of the administrative confu- equipped with a richer repertoire of lution, state collapse and plague. sion of the last four months, experts skills. The dust has not yet settled on are tabling more innovative and flex- There are also encouraging shifts covid-19. It is already clear, though, ible ways of managing public health for the commercial health sector that that businesses in countries that are resources such as “braiding and blend- could outlast covid-19. For one, it has further ahead in the arc have been ing” government funds, creating inter- been a boon for the wellness industry. permanently altered in ways that may mediary bodies to encourage inter- Some analysts even believe life expec- prove to the better — whether it be agency collaboration and introducing tancy may increase as people take implementing distributed work waivers to reduce red tape in future more active measures to address arrangements that had stalled, mak- emergencies. Health systems “should health conditions like obesity, with ing long-overdue investments in their not go back to bureaucratic normal demand for health trackers, smoking digital capabilities and offerings or after the pandemic is over”, says one cessation aids and vitamins all report- upskilling their staff. article in JAMA, a leading medical edly increasing. The fact that cov- This article explores how the post- journal. id-19’s impact is so much worse for covid-19 world is taking shape in three Upskilling staff to cope with covid- people with conditions like obesity sectors that have been heavily 19 has fundamentally challenged and diabetes — which are amenable affected by the crisis and are employ- methods of in-person training. Armies to self-monitoring and self-manage- ment sources for millions of people of volunteers, students and retired ment digital aids--has put companies worldwide: healthcare, real estate and medical workers have joined the in this sector, ranging from consumer retail. workforce. In the state of New York, app start-ups to Apple, on firm foot- 40,000 people, including retirees and ing for the future.