The World of Digital Economy

Digital Economy

The term ‘Digital Economy’ also known as internet economy or web economy, was coined by Don Tapscott in the year 1995. It refers to an economy based on the digital technologies conducting businesses in a market which is driven by the internet.

Advancement in digital technology and applications based operations have enabled remarkable upsurge in no of internet users across the globe. It has drastically changed the way we do business by transforming it from traditional business model to a global platform aided with digital networking and communication infrastructure. The ability to collaborate, communicate, interact and employ new business strategies regardless of time has redefined the global value chain.

The presence of digitalization is evident in every aspect of modern life including health and fitness, banking and finance, education and media, enabling citizens to express social and political views through social networking and various other global digital platforms.

Digitalization has altered the way we do business. It is not just part of the economy — it is the economy. The new digitally advanced entities are disrupting traditional methods of business.   Digital Economy has opened limitless opportunities for various existing businesses and startups. Entities unable to adapt the digital shift have been wiped out from the market while the others are reinventing themselves and going strong.

Digital transformation is all about using the latest technology and software to merge physical and digital world together. People, devices, businesses, and processes are brought on the same platform connected to accomplish its task faster than before and in a well -designed process driven format. The merging of the physical and digital world brings people, businesses, devices, and processes into a digital domain where software dominates.

The companies investing in services and manufacturing are doing it through artificial intelligence, the blockchain, and Internet of Things which is the backbone of the digital economy together with hyperconnectivity. The latest technology allows companies to expand the boundaries and composition of their industry making the processes more fluid than traditionally.

New Skills for New Economy

Our social and work world has changed with the emergence of new technologies and businesses going global. As the Fourth Industrial Revolution gathers pace, single-skillset jobs are in decline. The frequent change in jobs and work environment requires people to learn cooperation and empathy. Hence mathematical ability and analytics together with soft skills especially in critical thinking and design intent are required for the jobs of future as knowledge-based digital economies offer opportunities based on the combination of technical and soft skills.

Skill Set For Jobs Of Future

Professionals are seeking for required technical and soft skills for a future-proof career. With rapid digitalization across the globe, the staffing requirements have shown a massive shift towards multitasking and the higher level of cognitive abilities. This change is evident in burgeoning new jobs and job titles where the job responsibility is a mix of various roles.

To stay relevant in today’s economy business professionals across industries must keep pace with the latest changes and adapt to new work conditions. They should demonstrate their ability as a consistent learner and engage themselves in solving complex and innovative problems. It is indeed difficult to master all the skills but being open to learning new skills and being versatile is the key to a future-proof career.

 Future Work Skills

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Given that Great Lakes College aim to develop ‘liberally educated business leaders who will cut their teeth on new-world challenges in the digital economy era, we have created a curriculum that provides our business graduates with expertise in most of the above-mentioned skill sets, to ensure that employability outcome also turns out to be exemplary.

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