Drivers of the Digital Economy
A tremendous economic change is taking place. We are witnessing the emergence of the Digital Economy. Computers, the software that runs on them, and the networks that connect them are the key enabling technologies of the new economy; an economy based on the digitisation of information. Information is easier to produce and harder to control, is easy not just to duplicate, but to replicate. Successful firms have to keep innovating to keep ahead of copycats nipping at their heels. The digital economy has given rise to a world in which innovation is more important than mass production. A world in which investment buys new concepts or the means to create them, rather than new machines and a world in which rapid change is a constant. The result: new rules of competition, new sorts of organisation, new challenges for management. The Digital Economy is an environment characterised by immediacy, globalisation, digitisation, virtualisation, internetworking, innovation and convergence. The way in which economic values are created will change fundamentally in the Digital Economy and thus transform the general structure of economies and societies.The system of corporate governance in Britain and the US is often criti
The destruction of the World Trade Centre has prompted many businesses to rethink the wisdom of locating employees in a single, highly visible structure. Although the idea of virtual organisations resonated with Internet-based business models, the loss of the Trade Centre has crystallised the concept and transformed it into a business reality. Technology such as video, audio, real-time document sharing, high-bandwidth networks, remote presentation, and E-conferencing, is able to overcome traditional constraints of space and time, resulting in the ability to work anytime anywhere. The very concept of the 'office' is being questioned. President and CEO of Verifone, Tyabji declares that VeriFone has no corporate headquarters, recognises no national origin, and is at home everywhere in the world. Like their CEO, VeriFoners spend lots of time in aeroplanes and at their computers, a drive to stay physically close to customers. Using RevWatch, the company's top 250 people track sales down to the last hour. Another system posts the travel itineraries of everyone in the company, including flight details, hotel reservations, and phone numbers. In the last decade, expert systems technology has reappeared in the form of knowledge-based systems. They are used in health care, insurance, banking, and other industries to capture expertise in the form of rules and objects and to improve the quality and consistency of business decisions. American Express uses knowledge-based technology to verify credit-card transactions, and reports that it saves more than $20 million a year by doing so.
Some common words found in the essay are:
Innovation Innovation, Digital Economy, IBM AT&T, NHS Convergence, CarPoint Web, Using RevWatch, Management System, Economy Computers, Trade Centre, Molecularisation Digitisation, digital economy, health care, trade centre, digital economy rise, health information network, private health care, office space, world trade, video audio, information network, real technology, economy rise, world trade centre, health care providers, private health,
Approximate Word count = 2212
Approximate Pages = 9 (250 words per page double spaced)
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