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New Media and New Digital Economy

(Photo: Princeton University, Office of Communications)


We Are Entering a New Era of Cybernetics and Informatics - 

Embracing the New Media World for Sustainable Growth



Shaping the Future of Digital Economy and New Value Creation

The digital economy is a term describing the impact of digital technologies on production and consumption patterns. This includes the way goods and services are marketed, traded and paid for. Today, the term covers a dizzying array of technologies and their applications. This includes artificial intelligence, IoT, augmented and virtual reality, cloud computing, blockchain, robotics and autonomous vehicles. 

The digital economy is now considered to include all parts of the economy that leverage technological change to transform markets, business models and day-to-day operations. As such, it covers everything from traditional technology, media and telecom industries to emerging digital industries. These include e-commerce, digital banking, and even “traditional” sectors such as agriculture, mining or manufacturing that are affected by the application of emerging technologies. 

The unprecedented disruption caused by COVID-19 is accelerating the urgency of agility, adaptability and transformation. Industry structures and business models are being disrupted - the digitization of the economy is accelerating rapidly. It is estimated that 70% of the new value created in the economy over the next decade will be based on digital platform business models. However, 47% of the world's population is still not connected to the Internet.


- Digital Core: The Foundation for Building The Intelligent Enterprise

The core of the digital economy is the "digital core". Digital cores are technology platforms and applications that enable organizations to transform into digital businesses and meet the new demands of the digital economy. The digital core includes next-generation technologies, such as advanced analytics, IoT, artificial intelligence, and machine learning, which are often not suitable for running on traditional IT infrastructure. Instead, they need flexible, scalable platforms integrated in the cloud. 

A digital core is key to allowing organizations to implement digital transformation initiatives that can improve existing business processes or develop new business models. An example is a customer experience management application that provides faster and better insights into customer behavior and supports event-driven decision-making. 

Simply put, an intelligent enterprise leverages internal and external data in real-time to gain a comprehensive view of its customers and adapt internal processes to deliver in a constantly changing environment. 

For example, in an intelligent enterprise, procurement experts are prompted for the best order (supplier, quantity, timing, and price) because the business has a detailed understanding of the customer's needs and can view the supplier's ability to deliver in real-time. 

In inventory management, a business can automatically optimize inventory as it has real-time visibility into the supply chain and customer demand. 

This paves the way for entirely new revenue opportunities as new business models can be supported.


- Digital Transformation and New Digital Economy

Digital transformation is the use of digital technology to transform a service or business by replacing non-digital or manual processes with digital ones, or by replacing old digital technologies with newer ones. In addition to increasing efficiency through automation, digital solutions can also enable new types of innovation and creativity, rather than simply enhancing and supporting traditional approaches. 

One aspect of digital transformation is the concept of going "paperless" or reaching "digital business maturity", which affects various businesses and entire sectors of society such as government, mass communication, arts, healthcare and science. 

As businesses across the globe face the challenges and opportunities of digital transformation, the focus is no longer on what the business does or does. Success in the digital economy comes from fully understanding your customers, predicting what they want, and consistently meeting their expectations. 

Intelligent enterprises can only succeed by generating significant and actionable insights to consistently achieve their intended outcomes and reduce risk.


- The Future of New Media

Communication, whether it’s personal with friends, family and colleagues, or large brands with their consumer bases, is more diverse than ever. The mainstream introduction of the Internet in the early 1990s brought new and exciting ways to communicate, including the use of digital media to share your information faster and farther. 

Social media channels and streaming video services have become popular platforms for distributing and discussing digital content; smartphones allow brands to reach consumers wherever they are. 

These technological advancements have impacted the traditional communications industry, paving the way for digital media to become a major influence on the relationship businesses and brands build with their customers. The result is a new position and a new communication landscape. 

New media is an all-encompassing 21st century term used to define everything related to the internet and the interplay between technology, image and sound. In fact, the definition of new media changes every day and will continue to do so. 

New media are constantly evolving and changing. What will happen tomorrow is almost unpredictable for most of us, but we do know it will continue to evolve in a fast and furious fashion. 

Artificial Intelligence (AI), along with Augmented Reality (AR), Virtual Reality (VR), wireless 5G technology and hyperautomation, is considered one of the main drivers of the Internet of Sensing (IoS), a megatrend for the next decade ( from 2021 to 2030)


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- Digital Economy: Technology and Artificial Intelligence

The digital economy raises many questions that require new and specialized analyses - including multidisciplinary expertise, sophisticated modeling, or machine learning and artificial intelligence techniques.

Digital transformation incorporates new technologies into all elements of a business and will require modifications to old business models. Likewise, artificial intelligence (AI) is a relatively new disruptive technology that has the potential to have a significant impact on industry and society. 

Cognitive technologies that mimic human behavior and thinking result in advanced analytical models that help businesses increase sales and improve customer engagement, operational efficiency, and service quality by generating new correlations from existing data. These decision models are based on descriptive, predictive and prescriptive analytics.


- Realizing the Full Potential of AI in New Digital Economy

AI is widely recognized as a driver of the current digital economy, and many companies have already invested in AI. Because AI is not limited by the limitations and flexibility of human cognition, a key assumption in popular media is that AI is critical to business success in the digital economy. Surprisingly, however, many managers say they have yet to benefit from AI investments.

AI can create a competitive advantage and underpin major barriers that prevent AI from reaching its full potential. AI can increase revenue by improving employee productivity, increasing consumer reviews, setting competitive prices and creating unique resources. AI can also reduce costs by increasing efficiency and reducing risk.

However, AI adoption, the nature of the tasks, and AI governance are major obstacles preventing AI from realizing its full potential. This is because AI lacks human skills. Therefore, future research should focus on improving the interpersonal skills of AI.


- The New Digital Economy and Knoledge Media Technologies

The New Digital Economy (NDE) is generated by a combination of technologies, mainly from the ICT (Information and Communication Technology) sector, which have become ubiquitous in mechanical systems, communications, infrastructure and the built environment and thus play an increasingly important role. effect. role, not only in social and political life, but also in research, manufacturing, services, transportation and even agriculture. 

On top of that, NDE-enabled technologies include: advanced robotics and factory automation (sometimes called advanced manufacturing); new data sources from mobile and ubiquitous internet connections (sometimes called the Internet of Things); cloud computing; Big data analytics and artificial intelligence (AI).

Knowledge media technologies refer to tools that support the processes of generating, interpreting, and sharing knowledge using a variety of different media, as well as tools to understand how the use of different media shapes these processes.


- The Rise of New Digital Industrial Technology (Industry 4.0)

Industry 4.0 combines emerging, connected and smart technologies to digitally transform industries. It's about a major shift in the way goods are produced and delivered - a shift towards industrial automation and flexible factories. To remain competitive, factories and warehouses must leverage the Industrial Internet of Things (IIoT) and digitalization to become more agile and efficient. 

The rise of new digital industrial technologies known as Industry 4.0 is a shift that collects and analyzes data across machines, enabling faster, more flexible, and more efficient processes to produce higher quality products at lower costs. 

This manufacturing revolution will increase productivity, transform economies, boost industrial growth, and change workforce structures, ultimately increasing the competitiveness of companies and regions.


[More to come ...] 

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