Digitalization of the economy

Digitalization of the economy


The idea of ​​digital transformation embraced the whole world. In our daily life, you can already find a lot of it will take.


The digital economy has several definitions. Which one is closer to you? Or offer yours.


“For the growth of the digital economy, it is necessary to develop the national IT sector, stimulate the creation of innovative technologies, and cooperate for their development at the international level”


  1. Indeed, there are different definitions of this term. Someone thinks that we are talking about electronic products and services produced by electronic business and electronic commerce. I prefer a broader definition – a system of economic relations based on the use of digital information and communication technologies.


  1. The digital economy has many advantages. It reduces the cost of payments and opens up new sources of income. The cost of services online is lower than in the traditional economy (primarily due to lower promotion costs), and the services themselves, both public and commercial, are more affordable. In addition, goods and services in the digital world can quickly enter the global market and become accessible to people anywhere in the world. The proposed product can be almost instantly modified to meet new expectations or needs of the consumer. The digital economy provides a much more diverse informational, educational, scientific, entertainment content – faster, better and more convenient.


  1. For the growth of the digital economy, it is necessary to develop the national IT sector, stimulate the creation of innovative technologies, and cooperate for their development at the international level. It is necessary to create conditions so that young talented specialists not only stop leaving the country but also begin to return. It is necessary to stimulate investment and entrepreneurial activity in this industry. All parts of society — government, the private sector, civil society, and the IT community — must participate in digital economic activity. An important component is also the provision of information security of information and innovative technologies, which ensures public confidence in the digital economy.


One of the most advanced countries in terms of the digital economy, in my opinion, is Singapore. First of all, due to the significant involvement of the government in the digitization of the economy. Information technologies are being actively implemented in all sectors, all government services are converted to electronic format, the Singaporean education system makes extensive use of online education, etc.


Another vivid example of a developed digital economy is the United States, which is very advanced in terms of a favorable business and innovative environment and, as a result, has the most developed IT sector.


  1. Easier and more noticeable influence in trade, financial sector, public administration. However, if we look around, fewer and fewer industries remain unaffected by digital changes. Transport that we use every day, the housing and utilities sector, construction, medicine. Almost all industries are involved in this process.


  1. In my opinion, digital can be called a company that seeks to transfer most business processes to online. This management, monitoring, and analysis of all major business processes of the company online – agreement negotiation, accounting, logistics processes, registration of transactions, purchases, staff training, monitoring relationships with partners and customers, technical support and much more. In addition to information systems, it is necessary to introduce an appropriate culture in the company. And this in a complex makes the company “digital”, ensures its efficiency, productivity and growth potential of the business – the competitive advantages that are urgently needed now. We refer our company to digital, but we still have room to grow in this direction.


  1. The main thing is to understand that the transition to new technologies is inevitable. And the speed and success of this restructuring depend on how quickly we understand the need to integrate modern technologies into our daily work and business processes. Companies need to realize this as a reality, change the format, start working just like new digital services, train personnel in working with new technologies, the introduction of which is necessary for business development, introduce incentives for employees who have mastered new technologies.


  1. The main competence that needs to be developed is the ability for continuous learning, the willingness to constantly master new knowledge on new emerging technologies. This is a key factor for successful professional growth in the modern digital world.


  1. First, the mentality – There are companies that believe that information technologies threaten the traditional way of their business. Such companies, for example, a lot in the field of food production. Even for companies that understand the need to integrate into digital reality, it is difficult to restructure. The most difficult change for companies is the restructuring of the corporate culture and business processes of the organization.


In general, the economy is still highly dependent on commodity markets, so it is more difficult for the country to remain competitive in the international market.


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Jackson Gosnell

About the Author: Jackson Gosnell

Jackson Gosnell is a writer for several businesses, churches and news websites. Gosnell brings his professionalism to the media and communications departments for these businesses and beyond, he also does voiceover work for businesses on phone systems. Jackson writes for several leading news sites all across the world covering Eastern, United States news. Jackson can be seen on different companies websites as the face of the company. Living in Greenville, South Carolina Jackson looks at different media locations including local TV stations. Gosnell's social media handles have a huge influence on how he delivers news to all viewers.

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