If you ask the CEO of a Global Fortune 500 company about the greatest challenge facing his or her company today, “disruptive innovation” will probably be the answer. That’s not surprising in this age of information, marked by fast product cycles, disruptive products and innovation, increased regionalization, supply chain complexity, cloud technology, IoT (internet of things), smart devices and big data.
Some market research reports forecast that by 2020, 50 billion devices will directly connect with one another, creating dynamic communities and streamlining communications, and by 2025, IoT may have a potential economic impact of between US$3.9 trillion and US$11.1 trillion per year. IoT will impact homes, offices, factories, retail, and worksites.
Times have changed. Powerful technologies are transforming business. Information is free and real-time. Mobility is trending, available for anyone, anywhere, anytime. Cloud has massive power, extensive scale and low cost. For in-house lawyers, the new era requires rethinking and reshaping of our role. How can we be well prepared and stay ahead of changes?
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Michelle Wei and Beverly Chau are executive committee members of the Hong Kong Corporate Counsel Association (HKCCA). Wei is also the vice president and Asia general counsel of Flex, and Chau is the Asia-Pacific senior counsel for privacy issues at Uber