The Digital Economy: Why Should You Prepare for it?

Published Categorized as Tech
What is the Digital Economy?
What is the Digital Economy?

What is the Digital Economy?

The Digital Economy is the economic activity enabled by the internet, which results in billions of everyday interactions between people, devices, data, and processes. Huge multi-billion dollars companies are already a reality due to the internet. Many countries worldwide are investing in their digital infrastructure to take advantage of the billions of people participating in the global digital economy.

Why should you prepare for the Digital Economy?

The internet has created real-time access to billions of people around the world. There are currently 4.88 billion internet users worldwide, spending an average of 6 hours on digital content consumption. The number of internet users is to rise significantly over the next decade. This means that if you are looking to do business, whether with the world or within your country, the best place to find customers, suppliers, business partners, etc.., is online.

Distribution

The Digital Economy solves the problem of distribution and marketing for many professions. For example, you are an independent writer or musician; now, you can make good money and distribute your books and music to millions without a publisher or a record label. Your book can be published on amazon books digital platform; you can market your book to millions via social media, google and youtube for cheap.

The same for musicians; you can independently produce your music and publish it on Spotify, YouTube, Apple Music, and Amazon Music. Once published, it is easy to promote and go viral on Tiktok, Instagram, and other social media platforms. The ability to distribute your work and reach millions of people worldwide have never been easier.

Collaboration

With the invention of Digital products such as Zoom, Slack, Microsoft Teams, Google Meets, and more, its never been more accessible to remote work or collaborate with others. These types of software are extending and strengthening the reach of the Digital Economy. Companies and workers alike can now be more flexible in their schedules and locations. Its easier to Collaborate on projects, businesses, and other ventures that will not be limited by physical location or distance.

One example of this collaboration that is facilitated by the digital economy infrastructure is how doctors and CDCs can collaborate and share data in real-time on covid 19, building consensus and allowing for a global fight against covid 19.

The Digital Economy is the future, there are many more reasons to write about, but that will be too long an article. The Distribution and Collaboration that the Digital Economy has enabled will completely transform our world. It will transform how information and ideas are spread across the globe. As a species, we will be able to create global consensuses to tackle problems like Climate Change and Pandemics.

Countries worldwide, especially third world countries, must invest heavily in their digital infrastructure and citizens’ education resources to take advantage of the Digital Economy.

Sources(1,2)

By Yaad Finance

Yaad Finance is here to educate and expose as much Jamaicans Yaad and a broad, about financial literacy, investment, real estate and much more.

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