It’s not news that the world we live in is going through tremendous change, driven by the digital economy.
And with spending on the Internet of Things expected to exceed $1.7 trillion this year, companies are being presented with significant economic opportunities.
“If you think to just 10 years ago, Twitter was just a noise that birds made, clouds were in the sky, 4G was probably your cinema seat and WhatsApp would have been a typo,” said Adaire Fox-Martin, the regional president for SAP Asia Pacfic, Japan.
“Today in our vernacular these are all very, very common words and terms and they have taken on new meaning in this hyper-connected world.
“By 2020 the size of the digital economy is anticipated to be $US90 trillion.”
Here are five key trends that SAP sees as driving the digital economy framework:
“This is the explosion we’ve experienced in connections we’ve seen between individuals. Driving new channels for customers, products, goods and services.”
2. Super computing.
“High performance computers that have changed what is possible from a computing perspective. In the past, people have had to keep their transactions systems and analytical systems separate, and that created all sorts of issues in terms of business process, in terms of total cost and in terms of ability to manage a dissect and manage data. Now, they can see all data sets together and operate on a real-time basis.”
3. Cloud computing.
“Many people see this as a great leveler. It’s at the forefront of the digital economy, it’s accelerating time to value, it’s driving a much higher adoption of technology and it’s allowing business to innovate much faster than ever before.”
4. Smarter world.
“We’re looking at sensors, we’re looking at robotics, 3D printing and artificial intelligence. All of these are creating a much smarter world and and driving new value chains in the digital economy.”
5. Cyber security.
“Regardless of whether you are operating offline or in a virtual world, there are some old-fashioned things that just don’t change – and trust is the basic currency of business. In our world of the digital economy it’s very important that corporations address security… for its employees and consumers.”
The author traveled to Singapore as a guest of SAP.
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