WEF2023: Cooperation can solve our biggest challenges
7 MINS READ
This year’s Davos Annual Meeting comes at a critical moment for a world beset by economic, social, and political challenges.
The World Economic Forum is characterizing the current collective global challenges as a “polycrisis” and its theme for this year’s annual meeting is Cooperation in a Fragmented World.
At Tata Consultancy Services, we have long recognized that solving the world’s biggest problems will require cooperation across purpose-led ecosystems.
The spirit of the Forum’s theme is deeply enshrined in our philosophy of Building on Belief. It’s an approach to business that is defined by cooperation. We help our customers to achieve their goals, while ensuring communities and the planet share in the benefits of business success.
Digital technology is leading us into a hyperconnected economy where sustainable outcomes will be measured as closely as the bottom line on the company accounts.
This demands a fundamental rethink of the way we do business. When it was all about the bottom line, ruthless competition was the name of the game.
But business leaders are recognizing that their license to operate now depends on much more than maximizing company profits. Customers and investors are rightly demanding more from us.
They expect us to deliver value that is shared with wider society by improving our communities, protecting the planet, and equipping people with the skills to participate in, and benefit from, the new digital economy.
The challenges standing in the way of achieving this are enormous and no single company can solve them alone. We have an imperative to pool our talents and resources and collaborate like never before to help create a more equitable world.
Tech that drives progress
One of the key themes of WEF 2023 is the vital role technology and innovation will play in shaping a future in which we create sustainable value.
The Forum argues that by harnessing Fourth Industrial Revolution technology such as AI, cloud technologies, machine learning and virtual reality, companies will be optimized for agility and better able to realize the business, social and environmental benefits of stakeholder capitalism.
TCS is working in partnership with a diverse range of customers to drive adoption of innovative technology. Our global innovation network hubs, Pace Port™, bring together an ecosystem of partners to help organisations speed up their innovation strategies and transformation journeys.
By combining the talents and resources of entrepreneurs, venture capitalists, enterprises and academic institutions, Pace Port™ is forging the kind of cooperation that the Forum argues is vital for shaping a sustainable future for our world.
Skills for sustainability
Those of us in industry today are working at the beginning of the sustainable business transformation.
It’s going to be a long journey and it’s vital that the next generation is equipped with the skills to carry the mission forward.
At TCS we’re stewarding collaborative partnerships between STEM students and industry to nurture talent and drive innovation. TCS Sustainathon runs events globally, challenging students to turn ideas into viable solutions to real-world sustainability problems facing some of the biggest companies.
Taking part in a Sustainathon challenge brings benefits to students and to industry. The students develop valuable insights into the issues facing organizations, aided by experts in their field.
In return, corporate leaders benefit from fresh perspectives generated by some of the brightest young minds working their way through higher education.
This kind of cooperation has the potential to deliver benefits for decades to come as the students enter the workforce and build their careers.
Leading athletes and high-performing companies share many traits that deliver excellence in performance.
Both push themselves further and faster than the competition and digital technology is now a vital tool for improving sporting performance and sustainability. When organizations go beyond more traditional collaborations, the results can be exceptional.
TCS has partnered with Jaguar TCS Racing – sharing expertise and technology that is informing the next generation of electric road vehicles. By working together to develop clean transport technology, we are helping to build a more sustainable transport infrastructure.
Our partnership with the TCS London Marathon has seen the introduction of new technology that helps runners with training tips and tracking their progress. Collaborating with major sporting events is one-way organizations can bring benefits such as clean tech and better health to wider society.
Shaping the future
At a time of global crisis, WEF 2023 presents us with an opportunity to shape the future of the global economy.
Technology will be at the heart of this transformation and TCS will be a leading voice at Davos. We’ll be engaging with our ecosystems across business, government, and civil society to ensure a future that benefits all and leaves nobody behind.