1 describe the characteristics of the digital economy and e business

Now consumers are influenced by things they see on social media Facebook, Twitter, Instagram and other such popular websites youtube etc. Add to this, the rise of the Internet of Things with an estimated 45 billion connections between devices byand you have a business environment of endless possibilities.

1 describe the characteristics of the digital economy and e business

Now is the time to activate, optimize and transform to secure new competitive advantages and establish sustainable leadership in this new world.

So this economy is a way to exploit this opportunity.

Benefits of digital economy

Virtualization In contrast to running a business in the real world in which physical assets require some sort of buildings and means of production, in the virtual world known virtualiasasi term that allows a person to start a business with a simple device and can reach all potential customers in the world. For example, oil and gas companies can strengthen customer loyalty by developing hyper-personalized products and services and a more unified end-user experience. While the oil and gas industry has been ahead of the curve on digitization for over 30 years, digitalized assets have been limited to high-value equipment and machinery. It essentially covers all business, economic, social, cultural etc. Discordance Characteristic of the past in the digital economy is the phenomenon of social and cultural changes in the structure as a logical consequence of the impact of the changes in a number of paradigms related to everyday life. Data-driven, actionable insights also help companies get more out of constrained resources with improved processes such as real-time resource allocations, more agile infrastructures, and sophisticated applications that can create greater abundance of scarce resources. These are not readily available, especially in rural and semi-rural areas. In order to survive and win the competition in the digital economy, the players need to understand the characteristics of the concept that became the foundation because it is very different from classical economics, which is known. Early adopters are growing shareholder and stakeholder value faster than their peers while those failing to adapt are falling behind. Transparency Most transactions and their payment in the digital economy happen online. This of course has been able to improve the efficiency of the company by reducing the costs associated with the manufacturing process, storage, and exchange media. Almost all of the biggest companies in the world Google, Apple, Microsoft, Amazon are from the digital world. Imagine delivering the specific type of fuel a gas station prefers at the exact moment it runs out. Five major technology trends have collided to shape what is becoming known as the Digital Economy.

Innovation Activity on the Internet is 24 hours instead of 8 hours like the companies in the real world. While the oil and gas industry has been ahead of the curve on digitization for over 30 years, digitalized assets have been limited to high-value equipment and machinery. But, as Bill Imlah [4] comments, new applications are blurring these boundaries and adding complexity; for example, consider social media and Internet search.

Even the latest technology has been able to perform format conversion of analog video and audio into a digital format. The concept of knowledge management will be key to the success of a company in this era. Linking assets, suppliers, workers and stakeholders by wireless communications allows people to make data-driven decisions, thereby improving safety, efficiency, and visibility across the enterprise.

characteristics of digital economy

Hence, rapid innovation and constantly needed for a company to survive.

Rated 7/10 based on 27 review
Download
CHARACTERISTICS OF THE DIGITAL ECONOMY