For many people, the digital world is still a big mystery.
Is the digital world improving your lifestyle?
In the new global economy, information technology and communications (ITC) is the major driver, not just of improved quality of life, but also of economic growth. Also, there are strong indicators that ITC has the potential to continue driving profitable growth in businesses, non-profits and their communities well into the foreseeable future.
Perhaps the biggest beneficiaries of ITC are the businesses, non-profits and communities in the regional, rural and remote areas.
Yet, most of our policymakers still do not seem to accept this fundamental reality. In fact, many still incorrectly think that ITC and the digital economy is all smoke and mirrors.
The digital economy is more than fulfilling its original promise, the integration of information technology into virtually all aspects of the economy and is creating a digitally enabled economy that is responsible for generating the lion’s share of our economic growth and prosperity.
Contrary to popular belief, many small businesses are at the forefront of technology and innovation, employing highly skilled workers who are also highly productive. These businesses compete in global markets with little or no government assistance.
Across the world, high-income communities are evolving, as their businesses start to value-add using digital technology and increase their reach across the world. Value-adding in these communities usually revolves around service industries.
Those still leaning towards big old fashioned manufacturing industries to bolster their communities are dying, particularly if they are not practising advanced manufacturing and making the most of the digital technologies.
“My interest is in the future because I am going to spend the rest of my life there”. Charles Kettering
For many young enterprises and young people today, digital technology is an everyday tool. They use it like the older generations used the telephone and adapted to the advent of the automobile. They have no patience with a government or anyone else that can’t use technology in the services it provides to them, as citizens or young entrepreneurs.
The next generation of doctors, police, teachers and tomorrow’s voters will know what can be done and they’ll expect to see digital technology being utilised in all aspects of their lives. Globalisation is bringing even tougher demands businesses to adopt the new ways of doing business.
In order to compete, businesses, non-profits, communities and the advisors who serve them need to strengthen their technology infrastructures and become more focused on innovation and the flexible work environment.
As a country, we need to turn more of our research into commercial solutions and to invest more in our small enterprise’s and their innovations.
To seize the potential in our digital economy you will need to create and maintain the tight framework for creating a high growth and sustainable business that is functioning well all day, every day.
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I believe the rate of failure in small business and non-profits is far too high. The new digital technologies give us all a chance to do something about this terrible situation.
Little things like cloud accounting systems, access to big data and better information along with better marketing practices are all part of a new era in building more successful business models, value chains and business operations.
Bringing businesses, non-profits, communities and the advisor networks together to help each other will have an increasingly positive impact on everyone’s outcomes.