Futuristic look at the “digital industrial economy”
Those of us who have watched one of the latest track by American female rapper Nicki Minaj called pills and portions, the impact of digital revolution in the music production is prominent. For those who don’t know, digital business is the creation of new business designs by blurring the digital and physical worlds. Digital business are ushering in an unprecedented convergence of people, business and things, creating new revenue opportunities in its wake. The “digital industrial economy” is the process by which goods and services are produced and sold that result from digital business and the digital industrial revolution. In today’s world, people call or text each other to obtain the necessary information or seek assistance, the impact of digital revolution is ubiquitous. In the current world of digital, I see a different series of events unfold.In Australia, a Sydney based company where a blue works, has developed an in-house car app that incase of an accident communicates with your smartphone and the sensors on your clothing to assess your condition and advise the coming ambulance. Interestingly, the phone then notifies your emergency contacts to let them know the situation. The phone will also query the nearby video cameras to obtain the evidence for the insurance company. Repair estimates are sent to the phone based on a video analysis of the accident scene and a damage report from the car itself. Technology has transformed business where things are doing lots of the work such that humans don’t have to. In addition to that, the services and help are provided more quickly, with higher quality and a lower cost.
A major force is emerging in business sector that will eventually overtake all business and all industries. This is the rise of digital business means breaking down traditional barriers between industry segments, creating completely new value chains and new business opportunities that may not be filled by incumbent players. It has challenged existing industry boundaries and challenged the dominance of leading players in an industry and cause them to rethink the businesses they are in. Those allergic to change views digital business as a simple extension of an enterprise technology but Contador Harrison call it “digitisation,” which is the same as using technology to automate existing processes. To compete in a digital world, enterprises must digitalise their models, in which products, services, markets, channels and processes are transformed through digital technologies. Researchers and experts across the world believes digital business is the essence of digitalisation as it disrupts existing business models even those that were born of the Internet and e-business eras.With the presence of the Internet of Things such as connected devices, sensors and smart machines grows, the things’ ability to generate new types of real-time information and to actively participate in an industry’s value stream will also grow significantly. Things will provide information streams that, along with big data, will be analysed to identify business moments.