New Media and New Digital Economy Ventures
- [Shanghai, PRC - Edward He]
"If you are depressed you are living in the past.
If you are anxious you are living in the future.
If you are at peace you are living in the present."
-- Lao Tzu
- The Digital Economy
The digital economy is an innovative economy that uses digital technologies and electronic communication to conduct business activities. It has been operating for several decades, with few companies today operating without an e-commerce platform.
The digital economy is made up of three subsectors:
- Highly digital goods and services
- Mixed digital goods and services
- IT-intensive services or goods production
The digital economy has dramatically changed the broadcasting and media industry, with increasing broadband access opening new avenues for delivery of content.
The digital economy includes:
- E-commerce
- E-marketplaces
- Online educational courses
- Streaming platforms
- Social media
- Video conferencing
- Work-from-home options
- E-health
The digital economy provides numerous benefits, which have contributed to its rapid expansion and positive effect on a variety of industries. These include: Increased productivity, Reduced costs.
Some trends in the digital economy include:
- Green technology innovation
- Sustainable development
- Green innovation
- AI Powers the Digital Economy
The Internet and real-time access to information have changed how we secure products and services. Technology is transforming banking, retail... even agriculture. The digital economy refers to the use of information technology to create or adapt, market or consume goods and services. Digital novelties include digital banking, e-commerce, virtual education, smartphone apps and collaboration platforms.
More and more people use mobile Internet devices such as smartphones, tablets, smart watches and bracelets to connect to the global environment anytime and anywhere. Millions of people around the world can participate in the digital economy to buy or sell goods and services.
Artificial intelligence (AI is) the application of a collection of technologies that allow machines to perform tasks that resemble human cognitive functions. Since the term artificial intelligence (AI) was first coined in the 1950s, and even before as the embryonic theories underpinning AI were being developed, the technologies that comprise AI have been evolving as the computing framework upon which it is built has evolved. More data, and richer data, has become available, and our understanding of what is possible and how it can be implemented has improved.
The past two decades have seen rapid change, growth, and focus, of AI technologies. The list of technologies that can be considered to come under the umbrella of AI is long, and the scope of technologies broad.
In 1995 everyone in tech wanted a slice of the dot-com boom, but today, fields like artificial intelligence (AI), machine learning (ML) and big data drive the tech venture capital (VC) of the world to dig into their pockets. Computer vision is at the intersection of all these data-driven innovations.
- Effective ICT Modernization
Modernization efforts in ICT needed for the enterprise refers to the process of updating and upgrading an organization's Information and Communication Technology (ICT) infrastructure, applications, and data management practices to leverage newer technologies, improve operational efficiency, enhance agility, and gain a competitive edge by adopting solutions like cloud computing, advanced analytics, automation, and robust security measures.
- Cloud migration: Moving existing applications and data to cloud-based platforms for better scalability, flexibility, and cost optimization.
- Application modernization: Upgrading legacy applications with newer technologies, potentially by refactoring code or replacing them with cloud-native applications.
- Data modernization: Implementing advanced data management strategies like data lakes and data warehouses to better analyze and utilize large data sets.
- Infrastructure modernization: Upgrading hardware, networking equipment, and data centers to support new technologies and demands.
- Security modernization: Implementing robust cybersecurity measures to protect against evolving cyber threats.
- Automation: Automating repetitive tasks to streamline processes and improve efficiency.
- Artificial Intelligence (AI) and Machine Learning (ML) adoption:
- Integrating AI and ML capabilities into applications to enhance decision-making and gain insights from data.
- Benefits of ICT Modernization for Enterprises
The life cycle of information technology is becoming shorter every year. New competitors are disrupting industries by leveraging state-of-the-moment digital practices and processes.
Customer expectations are constantly evolving in an accelerating race for the most advanced, hyperconnected, seamless experiences. ICT functions are under unrelenting pressure to support leading-edge capabilities such as data analytics, cybersecurity, automated processing, and integration with third-party systems.
The easiest way to do this is through platforms that connect everyone to the same cloud-based cross-industry digital infrastructure. Learning how to create a social media campaign is an essential skill for small business owners who want to advertise for little or no cost.
In this context, your company’s legacy IT system, which seemed so capable a few years ago, is rapidly becoming obsolete. The systems modernization you need today is more than an upgrade; you’re playing a new game with new rules, in which you modernize not just the tools and functions, but the way you do ICT.
Organizations must remain focused on their competitive edge. Modernization efforts must create value for the enterprise. Investors and other stakeholders are as demanding as ever.
Benefits of ICT modernization for enterprises include:
- Improved operational efficiency: Streamlined workflows, faster processing times, and reduced manual intervention.
- Enhanced agility: Ability to rapidly adapt to changing market conditions and customer needs.
- Cost reduction: Optimizing resource utilization and potentially lowering IT expenses.
- Increased innovation: Access to new technologies that enable development of innovative products and services.
- Improved customer experience: Faster response times and personalized services.
- AI Economy
An AI economy is an economic system where artificial intelligence (AI) is a major driver of innovation, productivity, and growth. AI can have a significant impact on the economy in many ways, including:
- Productivity: AI can automate tasks, optimize processes, and use analytics to help businesses perform tasks faster and with fewer errors.
- Employment: AI can lead to job displacement, but it can also create new jobs that require more advanced skills.
- Product enhancements: AI can drive greater product variety, personalization, affordability, and attractiveness.
- Economic growth: AI can increase annual US GDP growth between 0.5 and 1.5 percentage points annually over the next 10 years (2023-).
However, AI also raises concerns about job displacement, inequality, and ethical considerations. To maximize the benefits of AI, countries, companies, and workers will need to manage widening gaps. The IMF has developed an AI Preparedness Index to help countries craft policies that address areas such as digital infrastructure, human capital, and regulation.
[More to come ...]
