Emergence of network economy is the newer model to scale

VARINDIA
Published on: Jun 28, 2023
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The digital economy refers to a broad range of economic activities that use digitized information and knowledge as key factors of production. That is transforming towards Network Economy. It includes the internet, cloud computing, big data, fintech, and other new digital technologies that are used to collect, store, analyze and share information digitally and transform social interactions. The digital economy also permeates all aspects of society, influencing the way people interact and bringing about broad sociological changes. All sectors of the economy have adopted ICT to enhance productivity, enlarge market reach, and reduce operational costs.



Changes have been seen in the customer’s demand, with the emergence of the network economy for cutting down the cost and increasing agility to accelerate the digital ecosystem. When we compare the global market Asia continues to benefit from this digital transformation the most. However, understanding the digital economy remains a challenge because of its complexity. Digital transformation is about not only big data and digital platforms but also how those advanced technologies can be utilized to maximize opportunities for innovation, new business models and processes, and smart products and services. Further, the digital economy is allowing regional businesses to move away from the local and into the global, in keeping with the long-term trends towards market liberalization and reduced trade barriers.


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Emergence of network economy is the newer model to scale

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