Global trade association GSM has united as many as 40 business leaders, committed to responsible leadership in the digital era. Social, technological, political and economic currents are combining to create a perfect storm of disruption across all industries, said Mats Granryd, Director General of GSM Association.
"A new form of responsible leadership is needed to successfully navigate this era. We are on the cusp of the 5G era, which will spark exciting new possibilities for consumers and promises to transform the shape of virtually every business," he said.
Granryd was speaking at the launch of Digital Declaration at the World Economic Forum in Davos on Thursday. The declaration captures key principles that serve as a guide to acting ethically in the digital era, helping companies deliver what matters most to digital citizens, industry, and governments.
In the face of this disruption, he said, those that embrace the principles of 'Digital Declaration' will strive for business success in ways that seek a better future for their consumers and societies. Those that do not change can expect to suffer increasing scrutiny from shareholders, regulators, and consumers.
A positive and enabling digital future is integral to a truly empowered and inclusive society, said Sunil Bharti Mittal, Chairman of Bharti Airtel, the first business leader to sign the 'Digital Declaration.'
Such a future can only be built through constructive collaboration and continuous dialogue among key stakeholders. It is imperative for the industry to make the required investments to build a sustainable digital ecosystem and maintain citizens trust through transparent and responsible conduct with regard to privacy and data.
The initiative has arisen against a backdrop of businesses and consumers experiencing an unprecedented change in the digital world. It is expected that by 2022, 60% of GDP will be digitised. The imminent arrival of 5G networks will further accelerate this change.
At the same time, consumers are rightfully expecting more from digital services while their trust in businesses is being tested.
The 'Digital Declaration' is a cross-industry movement of CEOs confronting these shared challenges. Its principles call on businesses to respect the privacy of digital citizens; handle personal data securely and transparently; take meaningful steps to mitigate cyber threats; and ensure everyone can participate in the digital economy as it develops whilst combating online harassment.
This story has been published from a wire agency feed without modifications to the text.