Many established brands are failing to take full advantage of new technology, such as increasingly sophisticated automation, virtual reality and augmented reality. This is why the technological revolution has been accompanied by a slowdown in the growth of more traditional businesses. Companies like Amazon, Facebook and Netflix rely on technology but don’t physically manufacture.
This points to one of the biggest trends of the current age: the rise of software products. Consumer behaviour is evolving at a faster pace than many businesses can cope with. Consistently, across the board, traditional firms of all sectors are failing to deliver what their customers want and expect in the digital age. And, for those that fail to keep up, the impact can be substantial.
One single device like a smartphone can store a huge amount of data. Advances like this in technology and digitalization have the potential to drive society toward a sustainable future, but only if this can be done sustainably. For example, electric vehicles offer enormous potential to improve mobility, reduce harmful emissions and pollution, and mitigate climate change, but not if the electricity required to power them comes from unsustainable power generation, such as coal.
Renewable energies are of major importance in Austria. In 1990 only 61,4% of the total energy in Austria was supplied by renewable energy sources (e.g., hydropower, biomass, solar energy). As of 2018, renewable energies account for 81.59% of the energy in this country. 100% of renewable energy generation is planned to be achieved by 2030 and Austria will proceed to decarbonize the energy system by 2050.
Sources: https://www.information-age.com/how-companies-must-adapt-digital-revolution-123461760/, https://www.theguardian.com/global/blog/2015/nov/13/digital-revolution-environmental-sustainable, https://www.natixis.com/natixis/jcms/lpaz5_79618/en/real-environmental-impact-of-the-digital-world, https://theconversation.com/the-digital-revolution-could-unlock-a-green-transformation-of-the-global-economy-123645, https://investinaustria.at/en/sectors/environmental-technologies/renewable-energies.php, https://iiasa.ac.at/web/home/about/news/190711-TWI2050-digitalization-report.html