10. Redesigning Corporate Responsibility How Digitalization Changes the Role Companies Need to Play for Positive Impacts on Society

Increasing connectivity and digitalization have made significant changes on the daily lives of billions of people around the world. Given the increasing speed and increasing complexity of technological progress, the not-so-far future will show even greater changes through Digitalization, leading to opportunities, but also challenges for societies. For a long time, companies have managed their responsibility to society and environment through Corporate Social Responsibility programs—not always at highest strategic importance. Digitalization creates a chance for companies to rethink their corporate responsibility and take different approaches, even capitalizing on some of the business opportunities resulting from these challenges. Digitalization, however, does not only create an opportunity, but also a responsibility for companies to fill gaps that education and regulation cannot and should not fill anymore. Companies should treat this Corporate Digital Responsibility with the highest strategic priority, helping to create positive futures not only for their business, but also for the societies they are part of.