The Role Of Technology Companies Is Changing

CEO of Milestone Systems .

The company holds tech companies accountable, even if it means sacrificing short-term profits. CTOs must lead the way, and the next technology challenge that presents itself is that of accountability.

Over the past 20 years, technology companies have achieved tremendous growth. Many people think they are too strong. As a result, we've seen the rise of phrases like "Techlash," a strong backlash against big tech companies. In the 2020 Best Countries survey, 74% said the power of tech companies should be curbed.

More recently, this has led to new legislative frameworks such as the EU's Digital Markets Act (DMA), where European lawmakers have agreed on new rules they hope will reduce the dominance of big tech companies.

Techlash. company opinion

Privacy concerns on social media platforms were part of the fuel for Techlash. That's why we have laws to protect people's data and privacy.

• General Data Processing Regulation (GDPR) in Europe.

• California Privacy Rights Act (CPRA) California (USA).

However, the issue of privacy predates legislation by many years. After the legislation was introduced, the problem was no longer a state, country or regional problem. Legislation is outdated because it lags behind the pace of technological development. When it arrived, many raised a red flag for Techlash, thinking it was too little, too late, and too bureaucratic.

Even today, legislation on protecting people's data from misuse has not been implemented in any country of the world. Over the next 20 years, we need to update the law on how technology is used in society.

Technology should serve humanity.

Thanks to Techlash, there is a growing demand for a responsible approach where technology is a means to an end rather than an end. Technology should serve humanity, not the other way around, and for that we need to put people back at the center of technology.

It goes beyond privacy. I think we should develop, sell and use technology responsibly. Therefore, XXI. At the beginning of the 21st century, responsible technology becomes a prerequisite for further development: a license to operate. Forever business is no longer an option, and businesses that don't adapt may see customers drift away.

The role of technology companies is changing.

Future generations have very different expectations from technology companies. Many companies have seen this transformation coming and are beginning to take steps to change their roles in the future. We owe it to society to use technology for the benefit of humanity, not just as a source of profit.

As the CEO of a technology company, I make no secret of the fact that we exist to make a profit. But we have a unique vision for how we grow, enable our partners to sell, and enable our customers to use our technology. And it's worth it. There is ample evidence that a responsible approach to technology is not a luxury, but a path to future success.

A new approach to legislation

Instead of the reactive approach of the past, meeting the expectations of the next generation, the role of technology companies will be seen as that of politicians. Work with governments to enact effective legislation that protects basic human rights, unfettered innovation, and the benefits technology brings to society for present and future generations.

As a CTO, I want to do more than a directional vision that shifts the burden to partners and customers. One way to start is to form a task force to define your approach and work with policymakers to help shape effective legislation that respects business interests.

Now comes the problem of accountability.

The next technological challenge is accountability, and it's happening now. However, with technology advancing so rapidly, it is more of a journey than an event, and the principles of responsible technology are a moving target. We've seen what caused Techlash, and it's important to constantly learn, evolve and adapt to prevent it from happening again.

Of course, there will be companies hoping that a business-as-usual approach is still an option while continuing to prioritize short-term benefits over liabilities. We have seen in history that when we ignore the interests of society, protests come and soon people start leaving.

Business license

I believe that responsible technology becomes a license to operate. We are already seeing customer preferences moving in this direction. As technology companies, we have the resources to step up and do something that makes a difference. And limit other actors to a less ethical approach. this desire is to use technology only as a means of increasing profits.

That's why it's important as a technology company to act now, rather than waiting for the perfect solution. As a first step, consider adhering to the United Nations Guiding Principles on Business and Human Rights (UNGP). Based on the UNGP, you can adapt specific measures for your business to strengthen your commitment to responsible technology, e.g.

• Creation of a responsible innovation program for the application of responsible technology principles in product development.

• Educate the sales organization and business partners on the principles of responsible technology.

• Integrating responsible technology principles into the due diligence process of commercial transactions.

Today's society looks to technology companies to make a difference, even if it means sacrificing short-term profits. I understand that Rome wasn't built in a day, we're not perfect and we have to keep improving our thinking. But the expectation of all technology companies should be that we must work together and with legislators and continue to move toward this change. You might say that's true, but I'd say more.

It is our duty to society to use technology correctly and responsibly.

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How is digital advancement helping to change the politics of tech companies?