Digital Technology: Beyond Automating Business Procedures

Posted on Mar 24 2015 - 3:09am by Business Day TV

Research suggests that as the world continues to become more reliant on digital technology, the latter it is set to add up over $1.3 trillion to the overall global economic output in the next 5 years. The foreseen amount may only make up a fraction of total global gross world product, which is at $87 trillion today, but experts believe it holds a significant effect to global growth.

AccentureThe growth arising from digital technology will happen in various countries. In fact, it is likely to benefit emerging economies the most. According to a study made by Accenture and Oxford, a 10-point increase in terms of digital density in a decade increases GDP growth rates in advance economies by 25% while emerging economies are set to see a 50% improvement. The United States by itself would see an increase in GDP of at least $365 billion in 5 years, while emerging economies such as Brazil, India and China can see an additional $97 billion to $418 billion.

The most important about digital technology is beyond automating and optimizing procedures in business operations. In fact,This is a list of games for Sony’s PlayStation Portable psp games download video game console that are available todownload from the PlayStation Store.  experts believe that utilizing such is set to make older and more established business models obsolete. A great example is the emergence of Uber and the way it is affecting the transportation industry.  With no fleet of vehicles and merely an app that serves as a platform for conducting transactions, it has revolutionized how people travel. Moreover, its existence poses a threat to other companies that are supposed to be more established and have been in the industry for more than a decade.

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These recent trends in the world of business should serve as a basis for business owners as to how they should conduct future practices. Organizations must set their minds towards the integration of such technology to the way they carry out their daily endeavors.

Despite the potential reward the utilization of such brings to a country’s GDP, there are still who are reluctant in transitioning from old business models.  Unfortunately, some companies prevent innovative behavior, which hinders to achieving overall development. Because of this, experts stress the importance of government support.  The absence of cooperation between the government and the business sector may hinder any potential gains. With this, experts advise that the government provide the motivation to its people to venture into digital entrepreneurship. It must focus its energy in finding solutions that will give people an easier task to launch businesses using digital technology.