Technology has been growing at a pace which makes it difficult to keep up with. A lot of industries have been disrupted, the labour market is bound to hit a turning point and conducting business has been easier than ever. No matter what profession you are in or type of business you are doing, it's imperative that you understand the founding principles of digital economy, that's exactly what we are going to be taking about in this article.
What is the digital economy?
In simple terms it refers to the impact that technology has posed on patterns of production and consumption. The way we used to do our shopping 10 years ago is very different to how we do it now. There's a lot of options to choose from which benefit both business people and consumers. This includes:
— Artifical intelligence
— Autonomous vehicles
— Internet of things (IOT)
The digital core
In order to understand the whole concept let's first try to unpack some of the things which have contributed to the change. There are manufacturers that specialize in providing hardware such as semi conductors, central processing units, software etc. This makes up the first layer of the digital core which is then followed by digital providers. These are the people that are responsible for making our lives easier when making online payments, doing our shopping and so fourth. Last but not least are the organizations which make use of these services. This includes the government and other sectors of the economy.
Digital versus traditional
It's no secret that digital mediums have been created with an underlying concept in mind and that is to become efficient. When adopted by businesses, they can greatly reduce their overhead and provide their services to thousands of people digitally. The most leading companies in this field includes Uber, Airbnb and Amazon. They have mastered everything that has to do with creating a virtual world for customers while collecting more data about their online behavior.
That's all that we've got for you on this article. Let's keep the conversation going on the comments section below, we'd love to hear from you. Remember to follow us for more informative articles like this one published daily.
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