If emerging technology such as AI, quantum computing and blockchain become mainstream and their use becomes more prevalent, countless new entrepreneurial possibilities are developed. Technology will all too much have unforeseen consequences; facial recognition technologies used incorrectly or consumer data sold without the consent of the user may create a mistrust atmosphere between manufacturers, retailers and customers.
Edelman data reveals that 66 per cent of the people are afraid that technology would preclude them from understanding what they see or hear is true. According to the Deloitte report, 53 percent of the global customers surveyed would never use goods of the business if their details are sold at profit. Consumers consider that data protection is important.
Ethically, it is essential for sustainable wealth to be produced. The notion that corporations can generate positive value for society by putting their practice into line with the interests of every stakeholder, including the whole population, is the product of the principle of stakeholder entrepreneurship.
Ethics add value
The ethical usage, while minimizing possible harm, enables organizations to establish trust and catch opportunities. Taking into account the ethics of how technology should be used is not simply a topic of ideology or ethical observance.
Organizations are mindful that ethical delays involved with technological growth, rollout and usage can be expensive, and consumers — and in some cases authorities — seek action through customer boycotts.
We examined how companies integrating ethics effectively into the use of technology create more strong and profitable enterprises in the light of a study released by the World Economic Forum with Deloitte and the Center for Applied Ethics at the University of Santa Clara on “Ethics for Design – an organizational approach to responsible use of technology.”
We found five attributes held by companies in the decision-making process that use technology ethically and are willing to take potential risk to individuals and society into account.
1. Technical knowledge
Social standards and beliefs also launch ethical discussions (e.g. human rights, fairness, etc). But, in order to interpret accurately the implications of the new technologies, a proportion of the workers of the company must be fully informed of specific scientific concepts.
2. Social responsibility
Throughout their use of technologies, companies that effectively integrate ethics – workstreams and decision-making – improve their understanding and appreciation of the role of the business outside commercial transactions within society. These organisations partner with social businesses, carry on social roles and share responsibility.
3. Foundation of trust
They are known for building organizational environments that create loyalty between staff and clients. In circumstances which affect or have experience, they do this by honoring the ethical concerns and moral claims of all individuals.
4. Ethical deliberation
Organizations who exercise their excellence in the area of technical ethics provide a deliberate approach to decision management and policy-making. They rely extensively on data; include people whose actions influence them; consider the downstream consequences of their decisions; and share the reasoning behind those decisions where possible.
5. Leadership commitment
The responsible use of technologies needs executive sponsorship. Rapid technical advancement presents society with new opportunities and threats. Leaders who cultivate a standard of ethical leadership and teach empathy; establish an internally powerful group sense; commit to professional ethics; and system thinking are more likely to build up a development attitude and foster ethical behaviour. It is a matter of continuous learning to deliberate ethics.
With the advent of new technology at a breakneck pace, organisations must address ethics issues. Cultivating an ethically oriented society needs not only a welcoming atmosphere but a framework that assures human values in all technical decisions.
The study details steps and advises that companies, through behavioral economic principles, infuse technology ethics in activities and enable persons in the enterprise to make decisions that are not just in the interests of the business, but of society as a whole.