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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Up for Great: Liberally Educated Business Professionals

Liberal Arts Education Liberal Education was a symbol of an educated and elite during the ancient Greek times. It focused on the Trivium subjects like grammar, logic, and rhetoric which were further extended by medieval scholars to include quadrivium subjects like arithmetic, geometry, music, and astronomy. The former subjects were considered a foundation for latter. […]

via Up for Great: Liberally Educated Business Professionals — Site Title

Up for Great: Liberally Educated Business Professionals

Liberal Arts Education

Liberal Education was a symbol of an educated and elite during the ancient Greek times. It focused on the Trivium subjects like grammar, logic, and rhetoric which were further extended by medieval scholars to include quadrivium subjects like arithmetic, geometry, music, and astronomy. The former subjects were considered a foundation for latter. Both the subject aimed to help the pupil to be a self-conscious and active individual of civil society. Since then the liberal arts and science have been an essential part of higher education.

However, in the last couple of decades, Return on Educational Investment (ROI) had been the sole motivation behind students opting for STEM and career-ready fields thus challenging the contribution of liberal arts in producing graduates with higher salaries and questioning the relevance of liberal arts in today’s higher education for millennials.

Thus, it is vital to highlight how such an ancient educational subject still holds relevance today and contributes immensely in shaping up careers. Liberal education empowers individuals and enables them to deal with multiplicity, convolution, and changes by aiding students to develop strong communication skills, problem-solving and analytical skills. It provides them with comprehensive knowledge of their respective domain (arts, science, society, and culture) and ability to apply knowledge and skill in real-world settings- underpinning requirement for all professions.

Furthermore, it helps students develop a sense of social responsibility and an urge to give back to the society. The resultant outcomes of liberal education remain the same irrespective of the changes in courses and content w.r.t today’s world.

Need for Liberally Educated Business Professionals

Employers want to hire people who demonstrate strong ethical judgment and integrity. Individuals with strong inter-culture skills and aptitude for continuous knowledge enhancement are a valuable resource for any economic entity.

Evidently, successful careers require values like; critical thinking, negotiation skills, and teamwork with independent perspectives to connect the dots and solve various complex problems. Pupils with a grounding in liberal arts education had demonstrated the ability to communicate clearly and solve complex problems by being adaptable to new circumstances without much difficulty. Hence, liberal education is weighed equally important as to a student’s undergraduate experience.

Liberal studies foundation offers support in adjusting to new streams, careers and the jobs of the future. It is highly recommended for young professionals to prepare themselves for a successful career in today’s global economy.

Imagine a workforce capable enough to implement solutions to critical issues in the economy rather than putting it on the back burner and bearing arguments. Such skilled graduates will be able to build a gratifying career and a satisfying lifestyle. For them, success involves both ethical foundation and subject expertise, a combination of practical skills, and abstract knowledge.

However, having said that, it is interesting to find out the possibility of marrying ROI on education paradigm by interweaving liberal studies within the professional business program. Something that is attempted by a few institutions and is what Great Lakes College aspires to deliver.


The basic purpose of a liberal arts education is to liberate the human being to exercise his or her potential to the fullest.                                               Barbara M. White