Rest Day, no running.
Using the internet as a global platform, digital economy was introduced less than two decades ago. Now companies like Apple, Alphabet, Microsoft, Amazon, and Facebook are household names. They represent the top 5 players in the digital economy according to the World Economic Forum.
The digital economy has taken the traditional business model to the next level. Namely the speed of transaction brings about a more efficient system, up and down the supply chain. Whether it’s information, logistics, manufacturing or whatnot. One can order a book from the Amazon and get it in 2 days (as a Prime member). Completely cashless.
With such efficiency, one would think everyone is standing ready to leverage the digital economy. However that is not the case. The conversion from the traditional business model to the digital economy is paved with challenges. As an example, in 2013 85% of the world’s transactions were still in cash according to the same World Economic Forum article.
For sure, the digital economy does not guarantee a digital planet. At least not yet. Countries like UAE and Egypt while geographically close are on the opposite ends of this digital evolution. US, Germany and Japan while early adopters to the digital economy are on the borderline of stalling out.
What are your take on the digital economy?