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What is Digital Economy?

What is digital economy?
A business consultant  Tsang who  had served as Hewlett-Packard’s global account director, Oracle business development global account director and director of educational services, and Global Knowledge Training general manager says  that using the internet and technologies that are available to do business “is an economic activity and is classified as digital economy”.
“The ICT’s different applications can be used to conduct businesses faster compared with the traditional ways. There are many applications that provide data in daily business operations that can also be customised or crystallised to become practical application ideas for any activity.
“For example Prada (the Italian luxury fashion house) collects inventory and purchasing data of its products to optimise its supply chain,” he added.

According to the G20 Digital Economic Development and Corporation Initiative, digital economy refers to a broad range of economic activities using a modern information network as an important activity space and the effective use of ICT to drive positive growth and economic structural optimisation.
“There are many activities like purchasing, logistics and more that had been digitalised to facilitate business planning, speedier and smoother operations.
“Basically, with IT and the internet, you can actually use the applications for various business operations and activities. That is sometimes called internet economy or web economy but it is pretty much the same thing.

“In the past, upon request, we have to invoice the customer using paper and then we collect the money or cheque for payment.
“But now, because of the internet or ICT, we can do it much faster online. Companies such as Amazon are selling many more products via the internet with the use of various applications or Apps.
“Today, all I need is a website to market products to anyone and anywhere in the world. This has actually narrowed the competing gap between the more powerful money-making established companies and the small start-up entrepreneurs,” he added.

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