Maneuvering the minefield of the fourth industrial revolution Cindy Simons

Content Introduction Focus Areas Impact areas Opportunities Way forward For regulators and operators

Introduction Private sectors, governments, academics and entrepreneurs are all seeking the roadmap for navigating the profound changes in the world of work. Such a road map must be created collaboratively by all stakeholders. Humanity continues to embark on a period of unparalleled technological advancement. The next 5, 10 and 20 years will present both significant challenges and opportunities. Private sectors, governments, academics and entrepreneurs are all seeking the roadmap for navigating these profound changes in the world of work. Such a road map must be created collaboratively by all stakeholders.

Focus areas Blurred lines between physical, digital and biological spheres across all sectors. Technologies presented such as artificial intelligence (AI), nanotechnology, quantum computing, synthetic biology and robotics Today, a fourth industrial revolution unfolds. The Fourth Industrial Revolution is bringing technologies that blur the lines between the physical, digital and biological spheres across all sectors. Technologies like artificial intelligence (AI), nanotechnology, quantum computing, synthetic biology and robotics will all drastically supersede any digital progress made in the past 60 years and create realities that we previously thought to be unthinkable. Such profound realities will disrupt and change the business model of each and every industry.

Impact areas Key impact areas to be considered: Technology Economic Social Education

Technology discussion Technological challenges to operators: Advancements in AI, robotics, 3D printing and the internet of things Increased global competitiveness It is estimated that up to 800 million individuals may be displaced by automation by 2030 in the world will put a great deal of pressure on companies to automate in order to remain competitive in a global landscape. will accelerate cost pressure, which will lead to substantial downsizing. The 800 Million sounds disconcerting but this must be looked at as an opportunity as well.

Technology discussion Challenges to regulators: Jurisdictive challenges Player authentication Predictive event outcomes by AI, how do you ensure fair play? More gaming choice = increased gaming regulation volumes

Economic discussion The world is attaining only 52% of its entrepreneurial capacity Large, established enterprises have a significant advantage in future work Small and midsize businesses are the fuel of most economies of the world today.

Economic discussion Economic challenges include: Loss of revenue to regulators due to blurred jurisdictive lines Challenges in tracing gambling transactions resulting in loss of revenue, reduced regulatory compliance and reduced ability to protect the public Predictability of player spend bring to rise ethical and privacy considerations? Regulators may need to consider point of consumption as an alternate tax regime?

Social discussion Technology will continue to change societal values More than 36% of the U.S. workforce are freelancers  Co-working spaces are exploding in popularity Technology has enabled people to work and play anytime, anywhere Resulting in a need to adapt the way we lead

Social discussion Increased platform to monitor responsible gambling Challenge to Regulators: Protection of the public by regulators Only 14% of millennials agree that the benefits of technology outweigh risks associated with sharing of personal data 79% of millennials and generation Z’s concerned with online fraud. One advantage is the increased platform to monitor responsible gambling

Educational challenges Stale curriculums and keener to take shorter, skills- based training that is more relevant to today’s workplace Skills required to achieve business objectives Workers, naturally, need to acquire skills “on demand” to adapt to their changing roles and responsibilities.

Preparing for the future… The 4IR Preparing for the future…

Opportunities The Fourth Industrial Revolution will provide us with an opportunity to: learn and teach new skills build new jobs requiring unique skills combinations that don’t exist today explore talent that we didn’t know about explore effective Leadership …. But how do we get there?

Way forward Collaboration among the private sector, academia and regulators. A consideration is dedicated task teams Develop on-demand, relevant, adaptable curriculums   Develop sound policies, programming and budgets

Way forward Regulators should be looking at regulating in such a manner to aid business growth Establishing sound regulatory boundaries Upskilling and lifelong learning. Personal Development Plans need to be developed accordingly.

Way forward Leaders need to navigate the Fourth Industrial revolution. Societal impact externally and internally. Silo’ed decision making processes. Gap between the executives and its millennial workforce.

Innovation distinguishes between a leader and a follower Conclusion Innovation distinguishes between a leader and a follower Steve Jobs