12 Themes of the New Economy

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1 DIGITAL ECONOMY! In this new economy, digital networking and communication infrastructures provide a global platform over which people and organizations devise strategies, interact, communicate, collaborate and search for information.

2 12 Themes of the New Economy 1. Knowledge is Power 2. Digitization 3. Virtualization 4. Molecularization 5. Integration 6. Disintermediation 7. Convergence 8. Innovation 9. Prosumption 10. Immediacy 11. Globalization 12. Discordance

3 New vs. old economy A dozen overlapping themes are emerging that differentiate the new economy from the old. By understanding these you have the precondition for transforming yourself for success.

4 Digital economy In the digital economy, as intellectual capital becomes the most valuable resource, the means of production shifts from the plant floor into the innovative minds of knowledge workers those who create value.! Knowledge workers can exert their power in infinitely more complex and effective ways. A good brain, a telephone, a modem, and a PC are all that's required to produce.

5 1. KNOWLEDGE IS POWER (KIP)

6

7 KIP

8 KNOWLEDGE IS POWER The digital economy is based on brain rather than brawn, there is a shift toward knowledge work.

9 The new economy is a knowledge economy Information technology enables an economy based on knowledge. But notwithstanding the rise of artificial intelligence and other "knowledge technologies," knowledge is created by human beings by knowledge workers (professional and technical workers now outnumber industrial workers by almost three to one)

10 Everything gets smarter Smart clothes with chips Smart cards - one card with many functions Smart houses Nest/fire detector by Google Smart roads - monitor traffic and weather conditions Smart cars - prevent accident, drive themselves, electric - Tesla Smart radios and TVs - interactive, get more information Smart telephones - more data, GPS

11 Intellectual assets = Knowledge worker In the new economy, the key assets of the organization are intellectual assets, and they focus on the knowledge worker.

12 Snowden is a knowledge worker

13 Rise of the Data Industrial Complex Data Industrial Complex Companies =Google, Facebook, Microsoft

14 RIP Labor The craft workers at the old-economy Mercedes plant in Germany, hand-sewing the seat covers, have a completely different knowledge base and skill set from those of the highly educated workers running robots at today's Lexus plant.

15 2. DIGITIZATION

16 The new economy is a digital economy. All information can be represented as either 1 or 0, which form the basis of the binary number system.! When information becomes digitized and communicated through digital networks information can be squeezed or compressed and transmitted at the speed of light! New digital appliances can be created that fit in your pocket (or smaller) and can have an impact on most aspects of business and personal life.! As text-based systems are replaced by multimedia mail in which your message contains information in many forms, including video the capacity of humans to communicate across time and space will be affected significantly.

17 New Digital Business Models What new business models are made possible by digitization and how can entrepreneurs more quickly implement them in ways that create widespread benefits?

18 Healthbook Apple s major first step into health & fitness tracking

19 3. VIRTUALIZATION

20 Physical things can become virtual Virtual ballot box Virtual bulletin board Virtual coupon. Virtual job Virtual mall Virtual office Virtual water cooler

21 . Virtual office assistant

22 Virtual shopping

23 4. MOLECULARIZATION

24 . All data becomes bits and bytes

25 Molecule In physics, a molecule is one of the basic elements of matter. It is the smallest particle into which a substance can be divided and still have the chemical identity of the original substance.

26 The new economy is a molecular economy. The new enterprise has a molecular structure. It is based on the individual. The knowledge worker (human molecule) functions as a business unit of one. Motivated, self-learning, entrepreneurial workers empowered by and collaborating through new tools apply their knowledge and creativity to create value.

27 5. INTEGRATION/ INTERNET-WORKING

28 Molecules into clusters The new economy is a networked economy, integrating molecules into clusters that network with others for the creation of wealth.

29 Clusters that network with others to create wealth

30 Small but nimble companies The new technology networks enable small companies to overcome the main advantages of large companies economies of scale and access to resources. At the same time, these smaller companies are not burdened with the main disadvantages of large firms deadening bureaucracy, stifling hierarchy, and the inability to change.

31 Interconnection rules The Internet-worked Enterprise will behave like the Internet, where everyone can participate and the total effort is greater than the sum of the parts.

32 6. DISINTERMEDIATION

33 Get rid of the middleman Middleman functions between producers and consumers are being eliminated through digital networks. Middle businesses, functions, and people need to move up the food chain to create new value, or they face being disintermediated.

34 Eliminate the middleman Middleman functions between producers and consumers are being eliminated through digital networks.

35 Supply chain is broken up Middle businesses, functions, and people need to move up the food chain to create new value, or they face being disintermediated. All these roles in the past have been in the business of executing transactions, brokering, or in general boosting the faint signals that passed for communications in a predigital economy.

36 7. CONVERGENCE

37 The dominant sector in the new economy is the new media, which are products of the convergence of the computing, communications, and content industries. In the United States, new media and their ancillary industries and services account for more than 10% of the GDP The profit in the new sector is moving to content because that's where value is created for customers, not in boxes or transmission. Convergence

38 Convergence Many of the content companies, the entertainment companies, broadcast networks, and publishers are slow off the blocks. The more successful companies are those with a background in software, services, computer-based content, and digital telecommunications.

39 8. INNOVATION

40 Innovation-based economy. Multivolume encyclopedias are being replaced by a single CD-ROM that can hold 360,000 pages of text. Music videos were a promotional add-on for a singer; now, they are necessary for success. Innovation is also beginning to drive education curricula.

41 In the old economy, a curriculum was good for years and careers. In the new economy, to be relevant the education system must constantly change content, instructional tools, and approaches.

42 Given the pace of change and complexity of markets, customers often cannot articulate their needs You must understand the needs of your customer's customer. Your organization needs a deep-seated and pervasive comprehension of emerging technologies. And you need a climate in which risk taking is not punished, creativity can flourish, and human imagination can soar. Be ready for change

43 9. PROSUMPTION

44 Consumer becomes a producer

45 Consumer in control In the new economy the gap between consumers and producers blurs. As mass production is replaced by mass customization, producers must create specific products that reflect the requirements and tastes of individual consumers. In the new economy, consumers become involved in the actual production process. Every consumer on the information highway becomes a producer by creating and sending a message to a colleague, contributing to a bulletin-board discussion group, altering the end of a movie, test driving a virtual car, or visualizing the brain of a patient across the country.

46 10. IMMEDIACY

47 Immediacy In an economy based on bits, immediacy becomes a key driver and variable in economic activity and business success.

48 Real-time enterprise The new enterprise is a real time enterprise, which is continuously and immediately adjusting to changing business conditions through information immediacy. Goods are received from suppliers and products shipped to customers "just in time," thus reducing or eliminating the warehousing function and allowing enterprises to shift from mass production to custom on-line production.

49 11. GLOBALIZATION

50 THE NEW ECONOMY IS A GLOBAL ECONOMY. "Knowledge knows no boundaries." There is no domestic knowledge and no international knowledge. With knowledge becoming the key resource, there is only a world economy, even though the individual organization operates in a national, regional, or local setting.

51 12. DISCORDANCE

52 Unprecedented social issues As we stand on the frontier of the new economy, we can also see the beginnings of a new political economy that will raise far-reaching questions about power, privacy, access, equity, quality of work life, quality of life in general, and the future of the democratic process itself.

53 New underclass? Those without access, knowledge, and motivation will tend to fall behind. If not managed properly, this will increase social stratification severely, creating a new underclass. The have-nots will become confronted with the contradiction between the magnificent potential of the new technology on the one hand and their declining quality of life on the other.

54 Big Data How can we harness the remarkably fine-grained, real-time data now available to answer age-old questions and identify new opportunities?

55 OTHER TRENDS

56 Education in the Digital Economy Can education be made more effective by taking a digital approach?

57 Digital education In the new economy, learning will more and more be provided by the private sector.! Moreover, the traditional educational institutions are failing to meet the needs of the economy, and there are huge and growing opportunities for learning products and services.! Furthermore, teachers and their unions need to participate and lead in the transformation of education if the old industrial-age type of schools are to have a hope of transforming themselves and surviving. But increasingly, learning can be done without formal institutions, and learning in schools can be done through technology, requiring fewer teachers.

58 Economics of education The Economics of Information How do the economics of digital industries differ from traditional economics? What new business models are possible? What are the implications for competition, innovation, incentives, and consumer welfare? What rules will maximize welfare and what is the appropriate role of government and other institutions?

59 Source tapch02.htm

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