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Forbes. Transparency Could Be The Biggest Business Opportunity In 2021, says Vaclav Vincalek

Updated: Apr 15, 2021

Social media sites banning or not banning certain users and posts was a big news story in 2020. A lack of insight and process into how these decisions are made sparked even more controversy.

Going forward, sites like Facebook and Twitter can solve this by capitalising on what technology entrepreneur and 555vCTO Founder Vaclav Vincalek believes is the biggest business opportunity: transparency.

Vaclav’s latest article in Forbes spelled out why and how companies need to embrace transparency:

“Companies are obsessed with being fair. They’re aware of the problems I’ve mentioned above and want to remove machine learning’s biases that affect hiring, customer acquisition and so on.

When people demand something fair, I would remind them that “fair” is a subjective term that’s hard to quantify. Instead of talking about fairness, let’s focus on transparency. A lack of transparency would seem to get in the way of making money.

This is why I am of the opinion that transparency is a market opportunity. I’m not saying you need to publish your proprietary algorithm’s code for all to see, but let transparency be a goal to strive for.

If your people can’t clearly explain why a decision is being made that makes customers unhappy, that should be a warning that this is something you need to change. The same rule applies to your sales policies, hiring policies, pricing, warranties and customer service — everything.”

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