The Shift Towards a Digital Economy

Digitization has tapped into all aspects of society, dramatically transforming the way people interact- from shopping to getting around town, digital innovations have revolutionized the way we do things. The advancements that have come from scientific breakthroughs in cloud computing, mobile connectivity, and other fields have become so pronounced that they have impacted the economic environment, increasing the size of what we now call the Digital Economy. Worth trillions of dollars, the Digital Economy is one of the most attractive fields for students and fresh graduates entering the job market, impacting curriculums and desired skill sets around the globe.

Going Digital Digitalization is all the buzz, and companies are eager not to get left behind or deemed obsolete. To stay competitive in this digital economy, organizations must evolve as disruptive technologies are continuously getting introduced. If not, they risk failure and displacement. The best examples of companies that were unable to keep up with the changing economic environment and the evolved consumers that come with it, are Blockbuster, Blackberry, and Kodak. These once world-famous brands were unable to reinvent themselves and adapt to the new marketplace. Some may argue that these companies were blindsided and didn’t anticipate they would ever be affected by the digital revolution. While this may hold true for some businesses, it certainly wasn’t the case for Kodak. Many are surprised that it was, in fact, Kodak that invented the first digital camera. And they are even more astonished to learn that the prototype of the first digital camera was introduced over 40 years ago; that’s at least three decades before the digitalization of economies and the widespread use of the Internet. What went wrong? With digital photography surpassing film-based models, Kodak ultimately faced its demise. However, their destruction could have been avoided had they recognized that digital photography was a disruptive technology that threatened their core offerings. Instead of embracing new business models and evolving with the times to meet consumer demand, they chose to remain as they were. Onwards and Upwards There’s a lot to be learned from companies that had failed to keep pace with digitalization, and we’re seeing many organizations in the marketplace today let go of some of their traditional practices that are no longer relevant or effective. Companies have created digital homes online, using cloud computing, and creating a constant presence in the form of websites and social media accounts. They communicate with their audiences through relevant content and on a variety of digital platforms that open avenues for two-way communication and engagement. The digital revolution is upon us and with it, our ever-growing reliance on our mobile devices. With a few swipes and taps on our smartphones, we are now able to do everything in order a pizza, book a ride, find a song, to getting a paycheck. Mobile apps have even redefined how we date! Paavaa is embracing the digital revolution, championing some of its greatest innovations to bring convenience to everyone. We recognized the need for both customers and service providers to connect in a digital marketplace, from the convenience of anywhere and in real-time. Presenting customers with options that aren’t sponsored, targeted or unrelated is fundamental to how PAAVAA works. Connecting those customers that need services immediately, with relevant, local service providers that are leveraging mobile connectivity to always be aware of marketplace demand, and that can respond to it quickly. Whether you are a customer or a service provider, we’re all part of the exciting changes brought on by digitalization. Are you ready to embrace change? Source: https://paavaa.com/the-shift-towards-a-digital-economy/