Davos 2016 - Press Conference: The Digital Transformation of Industries

http://www.weforum.org/ The World Economic Forum launched the multi-year Digital Transformation of Industries Project in 2015. The project looks at how digital technologies like machine learning, cloud computing, and the internet of things are changing existing industries and creating entirely new ones. There are now hundreds of startups attacking traditional markets as a result of the democratization of technology, increased access to funds and a rising entrepreneurial culture. Start-ups are achieving scale far quicker than analogue companies ever did. Average Fortune 500 companies took 20 years to reach a market cap of $1 billion, Google managed it in eight years, and the likes of Uber, Snapchat and Xiaomi in three years or less. 88% of Fortune 500 companies from 1955 – 2015 no longer exist. Digital disruption has been a major driver of this, consequently Fortune 500 companies must use their considerable resources to fight off the attacks of leaner challengers and remain relevant in a digital age. Speakers: - Paul Daugherty, Chief Technology Officer, Accenture, USA. - Erik Brynjolfsson, Director, MIT Initiative on the Digital Economy, MIT Sloan School of Management. - Bruce Weinelt, Head of Digital Transformation, World Economic Forum. Moderated by Georg Schmitt, Lead, Corporate Affairs and Foundations, World Economic Forum.