How does technology development affect the economy?
The idea of digital transformation covers the whole world. In our daily lives we can already find a lot of its acceptance.
1. Indeed, there are different definitions of this term. Some people think that we are talking about electronic goods and services produced by e-business and e-commerce. I am closer to a broader definition – a system of economic relations based on the use of digital information and communication technologies.
2. The digital economy has many advantages. It reduces the cost of payments and opens new sources of income. The cost of services of fintech software development company is lower than in the traditional economy (primarily by reducing the cost of promotion), 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 marketplace and become available to people anywhere in the world. The offered product can be almost instantly customized to meet new expectations or consumer needs. Digital economy provides much more diverse information, education, scientific, entertainment content – faster, better and more convenient.
3. In order for the digital economy to grow, 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 for young talented specialists not only to stop leaving the country, but also to start coming back. It is necessary to stimulate investment and entrepreneurial activity in this sector.
One of the most advanced countries in terms of digital economy, in my opinion, is Singapore. First of all, due to the significant involvement of the government in the digital economy. Information technologies are being actively implemented in all industries, all government services have been converted into electronic format, Singapore’s education system actively uses online learning, etc.
Another striking example of a developed digital economy is the United States, which is very advanced in terms of favorable business and innovation environment and, as a result, has the most developed IT sector.
4. It is easier and more noticeable to influence in trade, financial sector and government. However, if we look around, fewer and fewer industries remain unaffected by digital change. The transport we use every day, the housing and utilities sector, construction, and medicine. Almost all industries are involved in this process.
5. In my opinion, digital can be called a company that seeks to bring most business processes online. This is the management, control and analysis of all major business processes of the company online – contract approval, accounting, logistics processes, registration of transactions, procurement, staff training, monitoring relationships with partners and customers, technical support and much more. In addition to information systems, it is necessary to introduce the appropriate culture in the company. And this in complex makes the company “digital”, provides its efficiency, productivity and potential for business growth – now urgently needed competitive advantages. We regard our company as digital, but we still have a lot to grow in this direction.
6. The main thing is to understand that the transition to new technologies is inevitable. And the speed and success of this very transformation depends on how quickly we understand the need to integrate modern technologies into our daily work and business processes. Companies need to realize it as a reality, change the format, start working as well as new digital services, train their staff to work with new technologies, implementation of which is necessary for business development, introduce incentives for employees who have mastered new technologies.
7. The basic competence to be developed is the ability to constantly learn, the willingness to constantly learn new knowledge on new emerging technologies. This is the key factor for successful professional growth in the modern digital world.
