Digital technology creates distinct ethical problems for businesses, and the best antidotes for such problems are code of ethics for using technology responsibly and focusing on any projects long-term consequences.
Because ethical issues are often in conflict with the bottom line, businesses face a never-ending balancing act to find ways of responding to stakeholder concerns that do not undermine their position on an ever-changing business landscape. These factors are rarely easy to balance but need to be if you are going to remain in contention with your competitors.
Data collection and privacy
Each development in technology brought up a sea of ethical questions, from privacy to its impact on employment. Because companies have a responsibility to its shareholders to make as much profit as possible while minimising any potentially harmful impact of their actions on society at large.
Companies need to collect only what they need, and they need to tell consumers upfront what they’ll do with it. They must store it securely and then delete it, respecting the local legal regime, and abiding by it.
By creating clean and healthy products and having ethical people making them, business leaders sell products with ethical integrity and build loyalty with their consumers. I believe that business leaders must do their best to make as much money as possible to have a successful business, so that they have plenty of money left so they can help their community. While pursuing profit maximizing measures, business leaders must remain true to themselves and not lose ethics in the process. One aspect is building trust with consumers by having honest and reliable products. Being a positive role model for their employees also encourages top talent to acknowledge them for their high ethical standards. Furthermore, this acts as an incentive to finally change company policies. Even though it might take more effort and time, it helps them avoid being accused of unethical behavior.
However, facing penalties for these violations can end up costing far more than they can ever imagine. Additionally, they can resolve people’s concerns of unfair treatment by taking responsibility for their actions. This goes a long way to repair any reparations that might be owed to those affected by the morally wrongful actions. As a result of these measures, business leaders in the digital age must get used to how rapidly new technology evolves. Besides, failure to adapt and respond adequately to consumer wants and needs can only result in their competitions coming in to take their business.
Artificial intelligence
As with any piece of technology, when it comes to artificial intelligence, there are multiple possible ethical concerns facing business leaders. On one hand, AI technology can create new avenues for employees to do fulfilling work. Employees may feel more satisfied with their jobs. However, AI technology may also eliminate some jobs entirely or entirely take away the autonomy of humans. In addition, AI technology can also be leveraged to help prevent hacking and secure data – which is why it’s also essential for businesses to develop an ethical basis for using AI.
While ethical AI use presents some particular challenges, many companies have developed and deployed technologies responsibly. Through striking the right balance between profit and ethical responsibility, transparency and consideration of the long-term effects and repercussions of their actions, business leaders can act decisively on complex matters.
Like X’s immediate reaction to Taylor Swift’s deepfake, companies should develop policies to allow a timely response to breaches of ethical norms, minimise damage, and identify perpetrators. For example, firms could mandate watermarking and authentication in their AI guidelines, and foster industry-wide collaboration to standardise approaches to the ethical use of AI.
Social media
Technology will continue to change the way we live. Businesses need to decide how to use technology within their domain, and while it brings about convenience to many, proper measures must be taken into consideration so as not to get carried away inducing immense greed within all types of consumers. They should acknowledge their ethical commitments to themselves and be sensitive to the society that ultimately uses and appreciates their products/services. In this way they can build their customers’ trust, enhance their brand image and contribute towards a greener path of living.
Ethically, there are myriad issues for business surrounding the use of social media, including the privacy of users, taking the intellectual property of others, building strong data protection and transparency with customers about what they do with their personal data.Businesses need to consider the short-term and long-term effects of their decisions on the local community.
Companies need to recognise that creating a social media policy is a process and not a project, and integrate it into a larger compliance and ethics programme to ensure prompt responses to problems.
E-waste
One of the fastest-growing waste streams is e-waste. So rapid is the rate of technological innovation, followed by its complete obsolescence, that alongside shortening life spans and planned obsolescence, industries find themselves producing unprecedented quantities of electronic waste with both major environmental and human consequences.
When not properly disposed of, electronic waste can be harmful to human health and endanger the environment – as toxic chemicals from discarded devices can leak into the ground and water; when burned to get rid of them, the toxic fumes of burning electronics are highly damaging to human health. And, moreover, it takes a lot of energy to extract raw materials for producing new devices.
There is no shortage of examples where profit is always the number one consideration at business when deciding to implement a technology solution. In the future, ethical implications should always be considered a top priority, too. Whenever a company chose to introduce a new technology solution, there should be a publicly disclosed code of ethics, transparency in action and a consequent consideration of possible long-term repercussions. This way our futures would be more sustainable, aided by these innovations and possible digital divides would be slimmer, by providing everyone with sensible and easy-to-make access to these innovations.
