Personal tools
You are here: Home Research Trends & Opportunities New Media and New Digital Economy

New Media and New Digital Economy

Whiteman_College_IMG_9600
(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 that captures the impact of digital technology on patterns of production and consumption. This includes how goods and services are marketed, traded and paid for. Today the term encompasses a dizzying array of technologies and their application. This includes artificial intelligence, the Internet of Things, augmented and virtual reality, cloud computing, blockchain, robotics and autonomous vehicles. 

The digital economy is now recognised to include all parts of the economy that exploit technological change that leads to markets, business models and day-to-day operations being transformed. So it covers everything from traditional technology, media and telecoms sectors through to new digital sectors. These include e-commerce, digital banking, and even “traditional” sectors like agriculture or mining or manufacturing that are being affected by the application of emerging technologies.  

The unprecedented disruption by COVID-19 is accelerating the urgency for agility, adaptability and transformation. Industry structures and business models are being disrupted -- and the digitalization of the economy is being rapidly accelerated. An estimated 70% of new value created in the economy over the next decade will be based on digitally enabled platform business models. However, 47% of the world’s population remain unconnected to the Internet.

 

- Digital Core: The Foundation for Building The Intelligent Enterprise

At the center of the digital economy is a ‘digital core’.  Digital core is the technology platforms and applications that allow organizations to transform into digital businesses and meet the new needs of the digital economy. The digital core includes next-generation technologies like advanced analytics, IoT, AI, and machine learning that are not generally suited to run on legacy IT infrastructure. Instead, they require flexible, scalable platforms that are integrated in the cloud. 

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

At a simplistic level, an intelligent enterprise leverages internal and external data in real time to holistically understand their customers and adapt internal processes to deliver in an ever-evolving landscape. For example, in an intelligent enterprise, a procurement specialist is prompted on the optimal order (supplier, quantity, timing, and price) because the enterprise has a detailed understanding of the customer’s needs as well as a real-time view of the supplier’s ability to deliver. In inventory management, the enterprise can automatically optimize inventories because it has real-time visibility of the supply chain and customer demand. This paves the way to entirely new revenue opportunities because new business models can be supported.

 

- Digital Transformation and New Digital Economy

Digital Transformation is the adoption of digital technology to transform services or businesses, through replacing non-digital or manual processes with digital processes or replacing older digital technology with newer digital technology. Digital solutions may enable – in addition to efficiency via automation – new types of innovation and creativity, rather than simply enhancing and supporting traditional methods. 

One aspect of digital transformation is the concept of 'going paperless' or reaching a 'digital business maturity' affecting both individual businesses and whole segments of society, such as government, mass communications, art, health care, and science.

As businesses everywhere face the challenges and opportunities of digital transformation, the focus is no longer about what a business does or makes. Success in the digital economy comes from having a holistic view of your customer, anticipating what they want, and consistently delivering on their expectations. Intelligent enterprises can succeed only by generating vital and actionable insights to achieve their desired outcomes consistently -- and with less risk.  

 

- The Future of New Media

Communication, whether it’s personal communication with friends, family, and colleagues, or a large brand communicating to its consumer base, is more diverse than ever before. The mainstream introduction of the Internet in the early 1990s brought new and exciting communication methods, including using digital media to share your message more quickly and across greater distances. Social media channels and streaming video services became popular platforms for delivery and discussion of digital content; smartphones enabled brands to reach consumers regardless of their location. These advances in technology have impacted traditional communication professions, paving the way for digital media as a major influence on businesses and brands in creating relationships with their customers. The result is new job titles and a new landscape for what communication looks like.  

New Media is a 21st Century catchall term used to define all that is related to the Internet and the interplay between technology, images and sound. In fact, the definition of new media changes daily, and will continue to do so. New media evolves and morphs continuously. What it will be tomorrow is virtually unpredictable for most of us, but we do know that it will continue to evolve in fast and furious ways.

Artificial Intelligence (AI) - together with Augmented Reality (AR), Virtual Reality (VR), Wireless 5G technology, and hyper-automation -  is considered one of the main enablers of the Internet of Senses (IoS), a megatrend in the next decade (from 2021 to 2030).

 

London_UK_112920A
[London, UK - tmnikonian]

- The New Digital Economy

The New Digital Economy (NDE) is emerging from a combination of technologies, mainly from the ICT (Information and Communications Technology) space, that are becoming pervasive across mechanical systems, communications, infrastructure, and the built environment, and thus playing an increasingly important role, not only in social and political life, but in research, manufacturing, services, transportation, and even agriculture.

The technologies underpinning the NDE, most importantly, include: advanced robotics and factory automation (sometimes referred to as advanced manufacturing); new sources of data from mobile and ubiquitous Internet connectivity (sometimes referred to as the Internet of Things); cloud computing; big data analytics and artificial intelligence (AI).  

 

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

Industry 4.0 combines emerging, connected and smart technologies to digitally transform industry. It is about the significant transformation taking place in the way goods are produced and delivered – moving toward industrial automation and the flexible factory. To stay competitive, factories and warehouses must leverage the industrial internet of things (IIoT) and digitalization to become much more agile and efficient. 

The rise of new digital industrial technology, known as Industry 4.0, is a transformation that makes it possible to gather and analyze data across machines, enabling faster, more flexible, and more efficient processes to produce higher-quality goods at reduced costs. This manufacturing revolution will increase productivity, shift economics, foster industrial growth, and modify the profile of the workforce - ultimately changing the competitiveness of companies and regions. 

 

- Possible Research Topics

 

 

 

[More to come ...]
 

 

 

Document Actions