Digital Economy: Get Up To Speed

Chetan Reddy

Most people now agree that “the developed world is changing from an industrial economy based on steel, automobiles, and roads to a new economy built on silicon, computers, and networks,” as John Huey noted in 1994. That new economy Huey was talking about more than two decades ago digital economyhas evolved into what we today call the Digital Economy.

This economy is focused on “zero marginal cost intangible goods,” specifically, those that are sold through the Internet. From data that is collected by the omnipresent Internet of Things, to cars that drive themselves, to the rise of the sharing economy (headlined by Uber and Airbnb) — all are essential to the development of the Digital Economy.

Check out some of our best content, right here on Digitalist Magazine Online Edition, to get up to speed on this important new economic era.

These 4 Things Will Change Your Outlook on the Internet of Things
By Shelly Dutton

Think the Internet of Things is just a virtual representation of information derived from the Internet? Well, if so, your view is outdated. IoT is starting to take on a completely new life. It is the current representation of advanced connectivity between devices, people, services, and of course, things. Ultimately, it will be embedded in every single physical object in the world, from the pen you write with to the knife you cut your meat with. If you still think the Internet of Things is not relevant to you, you must take another look. Reconsider after reading the above article by Shelly Dutton. I guarantee you’ll change your mind for the better.

Self-Driving Cars: Joyride or Wrong Turn?
By Dan Wellers

With the exponential, about to be vertical, rise in technology, self-driving cars are transitioning from dots in the far horizon to realistic, practical solutions in the immediate future. The introduction of automation in the automotive industry will turn “car culture” on its head, with reckless, fallible human drivers decreasing drastically and potentially saving thousands of lives. The changes in society that will accompany the introduction of self-driving cars are impossible to predict with complete certainty, but our educated viewpoints predict changes in where we live to debates on insurance liability claims. To learn more how self-driving cars will impact you, in ways small and large, check out Dan’s article!

Entering the Digital Economy? Look Beyond the Technology [VIDEO]
By Shelly Dutton

Since less than half of the world’s population has access to the Internet, it is possible for some to think that the Digital Economy is not really that big a deal. But in reality, it is a new era in our modern world. With IT growing exponentially over the past 15 years, soon the rest of the world’s 5 billion citizens will be online. With the emergence of this Digital Economy, business automation is coming to the forefront. But there is one small asterisk: You need more than technology to be successful in this new era. You need to simplify. Learn more in Shelly’s article — and bring headphones, there’s a video!

How the Digital Economy Is Upending the Retail World
By Tom Redd

You probably have some retail experience. Actually, I bet you have a ton. But now, in the age of the Digital Economy, you’re about to have a new retail experience. The supply chain has become a global endeavor. There is no single segment or demographic anymore; now it is just “individuals who consume goods and services.” Everyone wants individualized attention to help them solve a problem or turn a dream into a reality. Customer intimacy will now be the focus of retail, with customers interacting with businesses in ways that they have never before been able to imagine. Learn how Tom experienced the power of the Digital Economy within the retail space while shopping for add-ons to his motorcycle!

2 Trends that Have Shaped the Sharing Economy
By Christopher Koch

The sharing economy, buoyed recently by start-ups such as Uber and Airbnb, has been a prime beneficiary of the Digital Economy modern era. Each company found ways to exploit markets to make themselves more accessible to customers, leading to explosive growth. However, startups aren’t the only ones that can take advantage of the sharing economy; older companies can join in on the fun too. To learn how Xerox and Zipcar, two traditional companies, have found new forms of value to bring to their customers — read Christopher’s blog post now!

The 10 Most Important Things You Need to Know About the Internet of Things [VIDEO]
By Shelly Dutton

Internet of Things is now the hip new trend, and the C-Suite is taking notice. Is it worth investing in, or is it a waste of time? That’s the crux of their dilemma. Gartner’s research reports that 64% of large businesses will decide to implement big data projects, but of those, 85% will fail. Companies are spending 50% – 80% of their development time just prepping their data for analysis as IoT is becoming increasingly more complex. To unearth why companies are still failing to achieve the value of IoT after investing so much time and energy, check Shelly’s blog out!

How to Direct Your Digital Future: 4 Questions
By Dan Wellers

With Gordon Moore’s law turning 50 this year, we are at the crossroads of a major inflection point. The digital technology growth curve is about to take off, racing ahead faster than we can make sense of it. Historically, technology has grown in small increments over generations, while upgrades to the human brain still take millennia. Now, technology is going by faster than a blink of the eye. It is possible that the next century will see equal progress to that over the past 200 centuries. Explore that future in Dan Wellers’ blog today!

Business in the Digital Economy: How Hyper (connected) Are You?
By Wilson Zhu

With the Digital Economy showing no signs of slowing down, there has never been a more linked, fast, and active time. Everything is moving in hyperdrive. People are becoming hyper-connected, hyperactive, and are moving at hyper-speed. Knowing this, people know what they want, and they want it now. With this connectivity, however, comes a complication: data privacy. Silos had previously kept information under lock, but opening up bridges makes protection more difficult than ever. Explore this issue further in Wilson’s article!


About Chetan Reddy

Chetan Reddy is a Duke sophomore studying Economics. He was a corporate marketing strategy intern during the Summer 2015.