Digital economy

Digital economy

The digital economy refers to economic activity using electronic communications and modern digital techniques to provide many goods and services. The Internet, large data, financial and other new digital information-gathering, storage, analysis, digital participation and transformation of social interactions are also included in activities supported by the Web and other digital communication techniques, which include business, economic, social, cultural and other activities.

What's the digital economy?

The world, as we know it, is constantly changing, and one of the main engines is digital transformation, which is about using the most modern techniques to do what you do, but better.

What makes the digital economy so different and special?

• With all this discussion, there is rarely an explanation as to what the digital economy is actually, what makes it different from the traditional economy?
• In fact, it is a term that embodies the impact of digital technology on production and consumption patterns, including how to market, trade and pay for goods and services.
• The development of the term in the 1990s, when the focus was on the impact of the Internet on the economy, extended to new types of digitally oriented companies and the production of new techniques.
• The term today includes a spectacular set of techniques and their applications, including artificial intelligence, the Internet, enhanced reality, hypothesis and robots.
• It is now known that this economy encompasses all parts of the economy that exploit technological change that transforms markets, business models and day-to-day processes. It therefore covers everything from the traditional technology, information and communications sectors and even new digital sectors. These include electronic commerce, digital banking services, and even (traditional) sectors such as agriculture, mining or manufacturing that are affected by the application of emerging techniques. The understanding of these dynamics has become non-negotiable, and this economy will soon become the dominant economy with a growing absorption - application - of digital techniques in every sector in the world.

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[Derial core]

• In the heart of the digital economy, there's a digital nucleus.
• This includes providers of physical techniques such as semiconductors and processors, devices that enable them, such as computers and smartphones, software and algorithms, and enabling infrastructure used by such devices as Internet and communications.
• Next is digital service providers. These are Parties that use these techniques to provide digital products and services such as mobile payments, e-commerce platforms or automated learning solutions. Finally, there are digital applications, including those that use digital service providers ' products and services to change the way in which they operate. Examples include virtual banks, digital media and e-government services.

digital versus traditional

So what makes the digital economy different from the traditional economy?

• First, digital techniques allow firms to operate differently, as well as more efficient and cost-effectively.
• It also opens a set of new possibilities.
• No group of persons will ever be able to provide timely and sensitive traffic in the manner in which smartphone applications operate.
• This means that products and services can be provided to more consumers, especially those who cannot be provided before.
• Second, these effects lead to the emergence of completely new market structures that, among other things, eliminate transaction costs in traditional markets, the best example being the emergence of digital platforms such as Amazon and Uber.
• These companies involved in the market are connected in a virtual world, revealing optimal prices and generating trust among strangers in new ways.
• Finally, the digital economy feeds and generates huge amounts of data, conventionally when we made purchases at an actual money shop, no one kept our personal consumption or financial transactions on a large scale.
• Now, online demand and electronic payment means that many of our consumer and financial transactions generate electronic data recorded and maintained by someone.
• Compilation and analysis of these data provide enormous opportunities to transform the implementation of a range of economic activities.
• However, the border between digital and traditional is unclear, where technological change permeates every aspect of modern life, we need all to understand the nature of this change to be able to respond at all levels: society, companies and individuals. South Africa ' s digital age initiative was held by [Genesis Analytics] (https://www.genesis-analytics.com/) in partnership with the Gordon Institute of Business Sciences and the Prosperity Pathways Committee at Oxford University, a multi-stakeholder initiative, which has developed a future strategy for the digital economy of the State.

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Digital economics

• Greater information where the Internet allowed consumers to obtain more information and selection.
• For example, it facilitates comparison of prices between firms and brings information to the person ' s toes.
• This is particularly important for tourists who go on vacation, before this economy, it may not be possible to find hotel prices and bus schedules.
• Provides time, before that, if you need office supplies, you will have to take a trip to the city and buy it, now you can apply online and arrive the next day, providing for business costs.
• Lower costs.
• Countries with platform developers and digital managers are those that are likely to derive benefits from the digital economy - better prospects in terms of long-term growth, job creation and wealth, and permanent positive effects on productivity and competitiveness.
• As this economy rises, e-commerce has also acquired importance and the market has increasingly acquired every function of purchasing, distribution, marketing, construction and sale, which is now one-blocked dimension.
• At present, the goods are digitally available to us, we don't need to go to the market and buy the goods, even services are also available online.
• All transactions are done online, giving our economy greater transparency.

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At the end of our digital economy, the digital age is changing everything: the nature of markets and products, how to produce, how to deliver and pay, the size of capital to work worldwide, the requirements of human capital, promoting productivity, offering companies new ideas and techniques, management models and new jobs, creating new channels for market access, all at relatively low costs, not too much to predict that companies will increasingly rely on basic intelligence.