Contributed by Kelly Stickel, Remodista Founder and CEO, and Janet Beasley, Strategic Consultant for David’s Bridal and Remodista Woman2Watch Retail Committee Leader.
Trust is the future of business. According to general definitions, trust is a firm belief in the reliability, truth, ability, or strength of someone or something. Trust supports positive relationships; lack of trust breaks down those relationships. Trust is built over time through actions that show a consistent pattern of behavior. A community environment with meaningful and relevant content can support and enhance trusted relationships.
Trust was the common thread that ran through the fabric of the event. Coming off the heels of this fantastic and nourishing gathering, we wanted to share some of the insights and ideas that left us inspired and focused.
PayPal CEO, Dan Schulman noted that while we are successfully using data to remove friction, there is a trust crisis that needs to be solved. The trends and inflection points include: data exhaust, computational (quantum) power, and AI. Dan asserted the need to address the following attack vectors (in increasing order of severity): hacktivest, cyber criminals, state-sponsored, cyber warfare.
Rana Foroohar, Associate Editor of the Financial Times, shared that the growth in quantum computing power will result in a 30% productivity gain and significant disruption to the labor market with 60% of jobs going to AI. “Data is the new oil.” In the face of this shift, she agrees there is a trust crisis. The “mass” trusts less and the “elites” trust more, a condition which negatively impacts democratic societies and favors state-run societies. Rana recommended tax reform which allows companies to make human (talent) capital investments, with tax code advantages like those of technology investments.
Author Malcolm Gladwell gave an anecdotal talk that left us with this take-away: security is a weak link problem, and therefore a hyper-connected network is a weak link environment.
Amadeus then turned to the customer panel for their insights about the excitement and challenge of seizing on the breadth of data-based opportunities. The panelists were Janet Beasley, Consultant, David’s Bridal; Peter Cobb, Cofounder, eBags and DSW Board Member; Byron Colby, SVP, Digital Commerce, Cornerstone Brands; and Lisa Kueffel, VP Client Experience, Sephora.
Special Guest at the Fireside Chat
Kutcher also discussed his not for profit organization, THORN, a collaboration of forces in technology, non-profit, government, and law enforcement who are dedicated to ending child sex trafficking and the sexual exploitation of children. Follow this link to learn more about this organization and their important work.
Do you know an inspiring female business leader or entrepreneur who should be honored on our Women2Watch list? Are you one yourself? Submit her name (or your own, we encourage it!) to be recognized! Nominate a Woman2Watch here.