The importance of trust
We are increasingly dependent on technology to improve how we work and live. But this dependence makes us vulnerable as well, creating an array of challenges including bias and security risks.
To harness the benefits without increasing the risks, we need to develop technology in a way that prioritizes safety and inspires confidence.
The companies that take the lead on trusted technology today are creating a powerful foundation for growth tomorrow. They will secure the best partners, attract the most skilled employees, and ensure the loyalty of their customers.
The question: how do we build this foundation of trust? Leadership development consultancy Zenger/Folkman analyzed the 360-degree feedback assessments of 87,000 business leaders. They define three key elements that help build a foundation of trust in individual leaders.
For organizations looking to establish trustworthy technology systems, that means providing clear explanations about how decisions are made; assessing and addressing the fairness of the technology solutions they use; and finding the right balance between humans and technology solutions.
Organizations must understand and take into account the uncertainty around the decisions and outcomes of their technology systems. They must also design systems to continue to learn and expand their knowledge bases.
Companies should ensure that their systems perform as intended even when under attack. They must keep their commitments to safeguard information, maintaining data privacy and data security.
The path forward for building trust
The accelerating pace of technological change is marked by both promise and peril. Acting now to identify and mitigate the risks will position businesses to earn and keep the trust of partners, customers, employees, and society.
With this trust comes great responsibility, but also a great opportunity – as trust triggers the loyalty and engagement that will drive business innovation and growth today and in the years to come.