Ope N Innovation 2030

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OpenInnovation2030Future-proofing adecade of change

OpenInnovation2030From covid-19 to climate change, economicrecessions to technological disruption, 2020has served as a reality check that globalcrises are only going to become morecommon in today’s increasingly-complexand connected world. ‘Open Innovation2030: Future-proofing a decade of change’, athought leadership program commissionedby HCL in partnership with The EconomistIntelligence Unit, explores how companiescan seize opportunity in complexity to notonly survive, but thrive, now and in thecoming decade. To rise to the occasion,business leaders must align on an enduringvision to build a better future; oneunderpinned by equality, sustainability andglobal cooperation.

Enterprise risk management typically focuses on ‘known risks,’ amplifying them tomodel the maximum impact so that the worst case scenario can be planned for. Atthe other end of the scale, ‘unknown risks’ are considered outlying cases, like theasteroids that sometimes fly by Earth—we know they exist and have plans that canbe attempted as a possible first response, but they largely remain on the edges ofour planning blueprints.Even with a canvas that wide,nearly all of us were caughtoff-guard when covid-19struck earlier this year. Fewhad imagined the scale of change this pandemic has brought into our professionaland personal lives. And yet when we lookback at the past six months, admirationhas overtaken our initial dismay; admiration at the way individuals, communities,companies and countries have risen tothis challenge and admiration at the wayhuman innovation, ingenuity and resilience has prevailed.The takeaway across the board, therefore, has been unilateral—although wecannot fully anticipate and control all thechallenges that may strike, the way we respond may define us forever.Looking at this through the lens ofthe technology sector, the response of organizations to the pandemic has had animmense short-term impact and will profoundly shape the future. Most businessleaders have embraced technology, accelerating their transformation journeys asthey adjust to the new normal.The best among them are those that areopen to change. We call this ‘open innovation.’ Open means many things, as thisbook explains, but mostly it means being open to rapid change and evolution,crossing boundaries and ignoring normsto assemble the best possible ecosystem tocollaborate and create the best strategies.I see five key manifestations of openness:Open to re-invention. The dust has notyet settled on covid-19, but it is alreadyclear that businesses in countries thatare further ahead have been permanentlyaltered in ways that may prove advantageous—whether it be implementingdistributed work arrangements, makinglong-overdue investments in digital ca-pabilities and offerings or upskilling staff.Transformations in three sectors—healthcare, real estate and retail—foreshadowchanges in the future of work that will affect millions of people.Open to disruption. Companies mustanticipate disruptive change and seizethe opportunities it creates. Those with ahead start in leveraging key technologiesare reaping the rewards. New technologiessuch as quantum computing, edge, digital,big data and artificial intelligence, amongothers, must be understood in the contextof each business.Open to secure collaboration from anywhere. Companies must constantly collaborate through ‘open innovation,’ whichin practice means partnerships within anecosystem of businesses in other industries and geographies—or even with rivals. Inside the organization, all perspectives must be included, rejecting ethnic,gender-related or cultural barriers to create value. Cybersecurity must be inherentin this collaboration, especially in workfrom-home environments.Open to adaptation. Collaboration andtechnology disruption requires companiesand their employees to become masters ofchange management. Agile organizationalmodels break out of the straightjackets weoften put on by blind acceptance of rigidstructures. Infrastructural and culturalchanges are needed because the most talented people increasingly seek a new styleof working, one infused with detailedawareness of global impact, dedicated tosustainability, engaged in life-long education, dripping with technology and constantly adapting.Open to sustainable consumption. Disruptive technology provides new opportunities to benefit society and increase profitability. Growing scrutiny of the impactof companies on the environment meansexecutives must become leaders in tackling challenges such as climate changeand sustainability. In an increasingly interconnected world, firms must considerthe needs of all stakeholders—employees,suppliers, consumers, inhabitants of theplanet—as well as shareholders.The challenges are daunting, but thisbook, published jointly by HCL Technologies and The Economist Intelligence Unit,offers new ways to think about these challenges and help you map out your bets forthe future. It includes perspectives fromleading business thinkers, chief experience officers, other senior executives andHCL leaders. It offers articles gleaned fromThe Economist magazine and designed topique your thinking on related topics. Thecontent is intended to help us all, companies and individuals alike, to be more effective, more successful, more humane,more socially responsible and more ableto safely navigate the covid-19 pandemicto a brighter future.C. Vijayakumar,President & CEO, HCL Technologies1hcltech.com

Contents1234504060709Open tore-inventionTransformingthe worldbeyond covid-19Re-imagininghealthcare in apost-covid-19worldHow to feedthe planetThe global foodsupply chainis passing asevere testThe sumof all livesThe way people livetheir lives can bemined, too12141517Open todisruptionA lesson in digitaltransformationfrom fintechDemocratisingfinancial datathrough openbankingHow executivesuse AIWelcome to themachineTo have andto holdSupplying cleanpower is easierthan storing it20222325Open tocollaborationBuilding a synergisticmulti-stakeholderecosystem in thedigital eraSecuring the newperimeter: yourliving roomCybersecurityA connected worldwill be a playgroundfor hackersDigitisationDigitisation ishelping to delivergoods faster29313234Open toadaptationNavigating the newworld (dis)order byembracing changeWorkforceadaptability as thefoundation forresilienceA differentdystopia: July 2030What if robots don’ttake all the jobs?Human-machineinterfaceData-labellingstartups want tohelp improvecorporate AI37394042Open tosustainableconsumptionThe global imperativeto weather the curvebeyond covid-19The opportunityto shape a betterworldSaving waterThe best way tosolve the world’swater woes is to useless of itWhat arecompanies for?Big business isbeginning to acceptbroader socialresponsibilities

OPEN TORE-INVENTIONTransforming theworld beyond covid-19Commissioned by HCLOctober 20203hcltech.com

Transforming the worldbeyond covid-19Crises have a way of alteringsocieties, often for the better. The four big economic“levellers” to reduce inequality, for instance, have not beenelection manifestos, books anddebates in legislatures but war, revolution, state collapse and plague.The dust has not yet settled oncovid-19. It is already clear, though,that businesses in countries that arefurther ahead in the arc have beenpermanently altered in ways that mayprove to the better — whether it beimplementingdistributedworkarrangements that had stalled, making long-overdue investments in theirdigital capabilities and offerings orupskilling their staff.This article explores how the postcovid-19 world is taking shape in threesectors that have been heavilyaffected by the crisis and are employment sources for millions of peopleworldwide: healthcare, real estate andretail.those who struggle to attend clinicseither due to living in rural and remoteareas or because they have mobilitydifficulties. It will also allow healthsystems to allocate resources far moreefficiently and effectively.Out of the administrative confusion of the last four months, expertsare tabling more innovative and flexible ways of managing public healthresources such as “braiding and blending” government funds, creating intermediary bodies to encourage interagency collaboration and introducingwaivers to reduce red tape in futureemergencies. Health systems “shouldnot go back to bureaucratic normalafter the pandemic is over”, says onearticle in JAMA, a leading medicaljournal.Upskilling staff to cope with covid19 has fundamentally challengedmethods of in-person training. Armiesof volunteers, students and retiredmedical workers have joined theworkforce. In the state of New York,40,000 people, including retirees andHealthcare finally gets digitalstudents, volunteered. In the UK, thePharmaceutical companies and aca- figure is half a million, and over 10,000demic research institutes dominate retired medical staffers were broughtthe healthcare headlines as the search back into the National Health Servicefor a vaccine and treatments heats (NHS), along with final-year medicalup. The tiniest crumbs of positive and nursing students.clinical data are enough to send globalMany have little to no experiencestock markets soaring.of the technologies or processesBut there is a deeper healthcare involved in acute respiratory disease,story than the quest for a cure. The though. “The majority of healthcareentire sector, both public agencies and staff wouldn’t know how to put oncompanies, is adapting in ways that aerosolising head masks,” says Alexwill be long lasting — and to the good. Young, NHS surgeon and founder ofTelemedicineconsultationsare Virti, an extended reality training combecoming possible at scale as govern- pany. Similarly, staff might be placedments pass necessary legislation to in an intensive care unit with no expereimburse it in countries including the rience of using a ventilator.US and Australia. This could greatlyVirti, which uses virtual and augimprove access to healthcare for mented reality combined with AI, hasprovided “just-in-time” instruction,reportedly training over 15,000 healthworkers in the NHS and 14,000 in theUS. This could radically improvehealthcare workforce planning in thelong run by allowing more staff to beequipped with a richer repertoire ofskills.There are also encouraging shiftsfor the commercial health sector thatcould outlast covid-19. For one, it hasbeen a boon for the wellness industry.Some analysts even believe life expectancy may increase as people takemore active measures to addresshealth conditions like obesity, withdemand for health trackers, smokingcessation aids and vitamins all reportedly increasing. The fact that covid-19’s impact is so much worse forpeople with conditions like obesityand diabetes — which are amenableto self-monitoring and self-management digital aids--has put companiesin this sector, ranging from consumerapp start-ups to Apple, on firm footing for the future.The end of the office?Real estate, especially for enterprises,is a second sector that will look quitedifferent in a post-covid-19 context.Companies have been forced intoremote work by social distancingregulations and, in some cases, thechange may be permanent. Facebook’s CEO Mark Zuckerberg recentlysaid 75% of his employees haveexpressed some degree of interest inleaving the Bay Area, where costs ofliving have spiralled. Twitter hasannounced that any workers whowish to work from home permanentlywill be able to. Jeff Staley, group chiefexecutive of Barclays, said, “Thenotion of puttingputting 7,0007,000 peoplepeople ininaa4hcltech.com

building may be a thing of the past.”Real estate platforms are reportingspikes in home searches in smallercities.While it is too soon to knowwhether companies will shift enmasseto distributed work — many peopleare beginning to appreciate the camaraderie and social bonds of office life-experts see the pandemic accelerating the shiftrisestowardshave a waymoreof alteringflexiblework. “I believesocieties,the [flexibleoften foroffice]the betwillcome back ter.as partThe offourthebigtrade-offeconomicofworking eUlbrich,quality, forCEOinstance,of Jones haveLang notLaSalle,beenaelectionreal estatemanifestos,services company.books and“Ifemployeesdebates in wantlegislaturesto do that,but at theandcompanyplague.onlyprovidesThe dusta flexiblehas notdesk.”yet settled oncovid-19.FlexibleItleasingis alreadyarrangementsclear, though,arealsothat morebusinessesin favourin countriesas decision-makthat areersfurtherfear long-termahead in thecommitmentsarc have beenwithpermanentlyso much uncertainty.altered in“Companiesways that mayareforcedprove toto thesign betterup for a—certainwhetheramountit beofimplementingspace for ten distributedyears even if worktheyarrangementsdon’t have a cluethat hadwhatstalled,they need,”makingsayslong-overdueMr Ulbrich.investments“This is thein theironlyindustrydigital capabilitieswhere youandforceofferingspeople toorupskillingmake suchtheirlong-termstaff. decisions. WewillThisseearticlethe importanceexplores howof flexibilitythe postcovid-19accelerate.”world is taking shape in threesectorsThe realthatestatehaveindustrybeen itselfheavilyhasaffectedsuffered bythroughthe crisisthe crisisand areas employtransactionsment dwindle.sources forYetmillionspast investmentsof peopleinworldwide:technologyhealthcare,and datarealhaveestateallowedandtheretail.more progressive among them tofind new ways of adding value to theirclients.HealthcareCompaniesfinally have,gets fordigitalinstance,Pharmaceuticalshifted to offeringcompaniesvirtual viewingsand acaofpropertiesdemic researchand digitalinstitutesmortgagedominateapplications.the healthcare“Proptech”headlinesstart-upsas the searchwerealreadyfor a vaccinea thrivingand segment.treatmentsIn heats2018up.aloneThenearlytiniestUS 20bncrumbswasof investedpositiveclinicalinto companiesdata are enoughofferingto sendeverythingglobalfromstock marketsblockchain-basedsoaring. investmentplatformsBut thereto workspaceis a deeperoptimisation.healthcareNow,story thantheir theservicesquest arefor aparticularlycure. Theentireuseful.sector, both public agencies andcompanies,JLL is reapingis adaptingthe benefitsin waysofthatitsownwill beventurelong lastinginvesting— andarm,to JLLtheSpark,good.Telemedicinesays Mr Ulbrich. consultationsIt has, for instance,arebecomingtogetherbroughtpossibletwoat scaleof itsasportfoliogovernments pass necessary legislation toreimburse it in countries including theUS and Australia. This could greatlyimprove access to healthcare forcompanies — one specialising in virtual sensors to track the use of officespace, the other a worker call-outsystem — to enable companies toautomatically notify a cleaner to disinfect a desk when a worker has left.Another JLL portfolio company, whichhas developed a ventilation technology, is also well positioned as companies improve air filtration turnoverthosetomaintainwho strugglehygienic toofficeattendconditions.clinicseither due to living in rural and remoteareasRetailers:or becauseFinal curtainthey haveor themobilitynextdifficulties.act?It will also allow healthForsystemsretailers,to allocatethe resourcespandemicfarlookedmoreefficientlydire on theandsurface.effectively.They have seentheirOutprofitsof thesteadilyadministrativeerode in recentconfuyearssion ofastheconsumerslast four flockmonths,to iveof home andpurchasflexible waysing.Look s suchpandemicmightas “braidingreward theandinnovablendtors.ing” government funds, creating intermediaryWalmart’sbodiesrecentto dealencouragewith Shopifyinteragencyhas openedcollaborationthe marketplaceand introducingof theformerwaivers toto Shopify’sreduce redroughlytape in1mfuturebusiemergencies.nesses. More Healthbroadly,systemsthe industry“shouldisfinallynot goinvestingback to inbureaucraticits digital capabilinormalafterties. the pandemic is over”, says onearticle“Retailersin JAMA,have adapteda leadingto themedicalpandemicjournal.at incredible speed,” says KyleMonk,Upskillinghead ofstaffretailto insightscope withandcovidana19lyticshasat thefundamentallyBritish Retail Consortiumchallenged(BRC).methodsTheof switchin-personto eers, studentswith non-foodand retiredonlinemedical workerspurchasesup 60% havein May,joinedaccordingthetoworkforce.the BRC.In“Theythe statehave ofmadeNewconsidYork,40,000erable people,investmentsincludingin e-commerce,retirees andonlinestudents,deliveriesvolunteered.and click-and-collectIn the UK, thefigureoperations,is half awhichmillion,haveandallowedover 10,000theretired medicalpublicto continuestaffersaccessingwere broughtthegoodsback intotheytheneed.”National Health Service(NHS),S&P andreckonsnursingthe pandemicstudents. will be a catalystManyfor millionshave littleof todollarsno experienceof investofmenttheby technologiesretailers in automationor processesandinvolvedrobotics toin ugh.order-picking,“The majorityinventory-trackingof healthcareandstaff deliverywouldn’twhileknowalsohowgivingto putcompaonaerosolisingnies more controlhead masks,”over supplysays chainAlexYoung,bottlenecks.NHS surgeon and founder ofVirti,Evenan extendedthe most realitytechnologytrainingaversecomconsumerspany. Similarly,havestaffhadmightto beembraceplacedin an intensive care unit with no experience of using a ventilator.Virti, which uses virtual and augmented reality combined with AI, hasonline transactions as a result ofcovid-19, and these behavioural shiftslook set to be permanent. This transition will support innovators in theretail space and punish any laggards.“With many people trying online shopping for the first time, it is unlikelythey will revert back to in-store forsome time, if at all,” says Mr Monk.“Many retailers have invested in andexpandedprovided their“just-in-time”online operationsinstruction,toreportedlyhelpmeet trainingthis demand.over 15,000Whilehealththisongoingworkers intransformationthe NHS and 14,000may inmeantheUS.fewerThisstorescouldin theradicallyfuture, diversificaimprovetionhealthcareof the workforceretail experienceplanningwillin rise.”thelong run by allowing more staff to beequippedThe retailwithsectora richeris alsorepertoireundergoingofanskills.overhaul of supply chains. SimoneCipriani,There founderare also ofencouragingthe Ethical shiftsFashforion theInitiativecommercialof thehealthInternationalsector thatTradecould outlastCentre,covid-19.a joint agencyFor one,ofit hastheUNbeenanda boonthe forWTO,the wellnessthinks dbelievebelifegreaterexpectancyregionalisationmay increasein ablemeasuresparts ns liketo meetobesity,demandwithindemandEuropeanfor healthmarkets.trackers, smokingcessationBut thisaidschange,and vitaminswhile alleconomireportedly welcome,callyincreasing.requiresThe factcompaniesthat covtotakeid-19’sa impactlonger-termis so muchview givenworse theforpeople withpotentialdifficultiesconditionsin likesettingobesityupandthesediabetesnew outposts.— lf-monitoringcentreand —self-managein fashion—mentnot justdigitalbecauseaids--hasof theputproductivitycompaniesofin thislaboursector,but alsorangingthe fromproductivityconsumerorefficiencyapp start-upsof theto Apple,overallonsystemsfirm foot—inglogistics,for thebankingfuture. and the rest, saysMr Cipriani. “These new regions mayThenot beendsoofefficientthe office?in areas like servicesenterprises,andgovernance.is a second lenges aroundin a post-covid-19labour practices.”context.CompaniesMr Ciprianihave

care, real estate and retail—foreshadow changes in the future of work that will af-fect millions of people. Open to disruption. Companies must anticipate disruptive change and seize the opportunities it creates. Those with a head start in leveraging key technologies are reaping the rewards. New technologies such as quantum computing, edge .

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