Topic: Digital Economy - page 2. (Read 334 times)

Digitalization to me should be a dream for every society and community even businesses its indeed a height to attain, when you have complete digitalization then you should be talking about the system where you will experience efficiency, high level productivity, better
 experience  highly advantageous competition this should cut across different parastatals ranging from the health sector, finance companies etc

I mean, are you 25 years late to the party that you've just realized all these things, or what is the particular purpose of this thread as there is not even a sliver of a question in among what you have regurgitated. Yes the world is getting ever more connected and that will translate into ever more innovation. We saw the blockchain pop out of nowhere and social networks these days are using all sorts of manipulative algorithms to cement their position. One thing that has gotten worse is the subscription model, where companies are always trying to rent you software instead of letting you buy it outright, because it builds a continuous revenue stream - but it's generally consumer unfriendly.

The things you mentioned seem to have been implemented by many business people in order to advance their own companies with new revenue targets that could be multiplied. Because companies that do not use this as a form of their adjustment to the digital and technological things that are currently evolving will be defeated by their competitors. So, these aspects have indeed been widely utilized by large and small companies at this time because business always has a lot of competition so that every business person must have a wider reach to continue to win and get sufficient profits.

Years ago, experts emphasized that the Internet is as important as water and our world could be destroyed without the Internet or water. So it is no surprise that everything is gradually becoming digital and a fully digital world may be our goal.

But besides the conveniences and benefits they bring to life, it is undeniable that they also cause harm and challenges to us. For example, scam becomes more serious and difficult to control when carried out on the internet, social networks...or internet incidents will cause serious damage to businesses like the recent incidents of CrowdStrike and Microsoft. Dependence on the Internet and complete digitalization also has unpredictable downsides, it is not as perfect as we think.

From this we can now observe that the level of digitalization has enhanced striking changes on the operations of the business. For any organization in this period of history, digital technology can no longer be an extra but a necessity for organizations to remain relevant. Those who are unable to address these forms may lose customers to other competitors that are more effective in tapping in the digital media platforms. For instance, social media networking and electronic commerce platforms are presently the main strategies through which many organisations connect with more customers faster. Internet presence also decreases operating expenses, while maximizing benefits particularly in the areas where firms interface with clients and customers –marketing and market entry.

Nonetheless, it is rather clear that digital adoption trends look to be ever more predominant, at the same time, not all business sectors can abandon traditional methods. Peculiar fields that imported their operations dependent on direct service or have relations with contact and measure may yet maintain significance to standard forms of necessary business practices. However, even if they serve a local market, they can still seize digitalization advantages in managing, advertising, or communicating with consumers. Hence, if not all business sectors can completely ignore the use of traditional approaches, then incorporating digital elements into these businesses’ everyday activities is central to the process of sustaining and enhancing the organizations’ performance within a progressively digitalized environment.

No, that's not entirely true. There are cities where people aren't technically advanced or the highest percentage of the population is 30-40+ and have no idea how things work online. If in this particular city, you create an online shop or a website, that will be a waste of money, time and resources because everyone is old-fashioned. The Internet needs businesses that are in capitals and in advanced cities, like Barcelona, Madrid, Berlin, Munich, Milan, Dublin, Oslo and etc.

Almost everything is going digital, because we are in the digital era and that is why whatever business you are into, you should make it digital for easy access by people and the widespread of your products. Look at casinos went digital because they understand the benefits of running your business digitally. It is stress free and you don't need to start running from pillar to post in order to advertise your business, technology will do that for you and your customers will have easy access to reach you from all part of the world. From the look of things, soonest digital economy is dominate and if you are not in the moving train as a business owner, you might be left out in the ball park.

Many businesses that do not keep up with the times of the digitalization era then the business becomes undeveloped and left behind by other aspects, so we need to follow what has become the current era with digitalization then we need to follow that direction.

For example, some people who have followed digitalization on social media have developed a business from scratch until now they are big, sitting at home but able to sell on e-commerce and have massive income.

I think almost all businesses now need digitalization and they are no longer in the traditional way because that is in the past maybe only a few businesses are still able to survive in this current trend.

the point is to always follow the development of the times and adapt to it. As long as it is done, the business will continue to survive and can be updated with all aspects that provide a positive impact compared to running a business with a traditional system that rejects the entry of digitalization. And this is proven by countries that are able to be open to digitalization but still have limitations on policies that are able to participate in business competition.

It's true that the digital economy has opened up a lot of markets, opportunities, and possibilities. Those who are quick to realize that there's so much potential and money on it, get the first dibs and the advantage of being the first. The tech giants that we're seeing right now, they're somehow first on what they do and focused with. That's the reason why they have the advantage because no one has done what they've done or there were people and attempts that have been first before them but they've sticked to their plan and saw the future potential of this industry. And now, they're reaping the success that they're having and maybe in the next 5 years or so, we'd see more advancement on this economy.

Any business that fails to embrace digitalization will gradually lose relevance. People want to get the best and easiest service and digitalization makes it possible. Gone are the days when you want customers to come to your business location to buy a product. Customers want to be in the comfort of their homes select what they want, order for them and get them delivered as soon as possible.

Businesses are also embracing this modern technology because it makes their operations more effective and efficient. Advanced tools tasks like accounting, evaluating and record keeping could be done by software. This will help to cut down the number of workers which leads to a reduction in running costs. Many big corporations have downsized their workforce because of digitalization

The digital economy is such a big industry and I've read some quotes in the past that if a business is not on the internet, soon, they'll be out of business. And that seems to be a true thing while for some chosen niches and industries, they can thrive even without the use of the internet and even if they can't go online/digital. While it's also being pressured because of the development and advancement of AI, I believe that this is where things are going to go into this digital and gig economy.

The development of the current digital system which is indeed increasingly sophisticated has helped many people in various ways, one of which is in work, business, or others. Large companies currently work cooperatively with their place of operation and also by relying on this digital to expand their marketing, of course this is one of the positive sides of the growing digital development, also with other people or consumers it becomes easy in terms of wanting to buy products, because they do not need to step foot to buy it just by using their gadgets they can access it to see the quality of the product then pay by transfer and wait for the product they bought to arrive.
For people who do think about business or the future, utilizing this digital development has become a spice for the smooth running of their business, but not everyone is an expert in this, so there are also some people who work together in developing their companies by utilizing the current developments which are increasingly sophisticated.

Now, in the era of digital business, it is very necessary with the developments achieved, making it easier and its benefits can be felt, among countries the economy is getting better with the existence of digital devices, trade will be smoother, especially communication, so there are no obstacles even though they are far away, that is the main thing.

Digitalization is one major way of spreading your business, especially in this social media age, the global community has been brought together through digitalization, products can be ordered by consumers from any part of the world and you will receive them from your dootsteps, no matter how far reaching you are. So far a country to move from analog to digitalization in terms of economy, it helps to track down data collection and revenue mobilization, hence a country can have an accurate database, accurate budgeting for infrastructure becomes easier. So far, the world has come to appreciate the Digital society and that's the way to go.

Digital Economy entails the economic process that involves connecting peoples, business, information, data etc it involves the online transfer of information and transaction across multiple channels for the purpose of business growth and getting a wider market Base.
Some aspect of digital Economy includes
_E commerce
_ Social Networking
_ Digital Entanglement
_ AI Automation etc
In this present world economy there's need for companies to go digital with their business as their are allot of benefits attached to it, some importance's of Digital Economy includes
Reduced cost
A wider market Base
Increased productivity
Creates new Revenue streams
Access to more data
Improved customer experience