The road to digital economy

Digital economy can act as an intermediary to create employment through enterprises

Published : 13 Feb 2021 07:53 PM | Updated : 15 Feb 2021 09:01 PM

COVID- 19 brings universal changing and digital economy is transforming worldwide connectivity. Transformation led to world towards becoming global village. Currently global system is working through the procedure by which dealing or supplementary institute enlarge worldwide pressure or begin working on a global range. Socio-economic and technological forces of the planet is all part and parcel of pending jointly in the 4th Industrial Revolution in relation to the forces, which will eventually alter the employment opportunities with the help of machine learning, digitalization, artificial intelligence, big data etc. 

Economic scenario of the world is transforming gradually and diverse nature of economy in the worldwide economic sphere along with society, cultural heritage and diverse nature of environment with demographical action-based transformation as pandemic changed the lifestyle.The techniques included data mining, simulation and expert system with applications span across online reviews, food retail chain to e-health. On line education is becoming necessity during pandemic. 

Economic psychoanalysis is the learning of financially feasible scheme which are easing due to digital process. It might too be a revise of an invention procedure or a business with commercialization. Economic chances obtainable by data-driven invention, and things to see approximately of the important trials that government will need to address, such as: providing clarity around ownership and control of data; maintaining a strong, trusted data protection framework; making effective use of public sector data; driving interoperability and standards; and enabling safe, legal and appropriate data sharing. Governments of developed and developing countries government need to utilize data- driven innovation.

International and domestic business scenario is becoming easier due to digital economy. Foreign direct investment and investment policy along with outsourcing is becoming more users friendly. Synchronizing the goals and targets will stimulate action among domestic, regional and global economy considering human values and social welfare in an accurate manner. Behavioral economics is a technique of cost-effective analysis so as to pertain emotional approaching into person behavior to clarify financial supervisory. As such worldwide transformation has been occurring. A financial psychoanalysis of worldwide economic baseline through connectivity by the web link mostly on how immense transactions lead to earnings through creation of the digital economy with uniqueness, stability and existence.

Digital economy refers to a financial arrangement so that it is to be supported on digital computing skill. Though discrimination may occur at behavior of large and CSMEs business from one side to another side of the marketplace stand on the Internet and permit credentials to be linked with supplementary credentials by hypertext links, facilitate the human ware to look for   in order by affecting from one deed to another. 

Transformation of digital economy will be helpful by the big data architecture. 4th industrial revolution and employable skills in Bangladesh needs to be recognized with high-quality number of lines of effort containing with a comprehensive viewpoint to countenance the state of affairs assisting by the innovative and creative production awfully quick. Removal of the digital divide can be connected both rural and urban locality and connecting one country to other countries are indispensable in arrange to be at equivalence with high income middle-income countries. Passive supporting can be surrounded as necessary for policy makers, communities, and artisticentrepreneurs through cost-effective expansion.

Immensely huge amount of information can be accumulated which need to be analyzed computationally to make recognized direct, propensity, and dealings, predominantly connecting to being performance plus connections for economic benefits of the people. Machine learning and artificial intelligence can transform to get better both producer and customer acquaintance and modify the techniques linking at the grid in the midst of the technological progression. Innovation and creativity help to attain transformation of digital economy. Electronic data interchange and electronic fund transfer both works complementary. Innovations can be divided into four types: Incremental Innovation, Disruptive Innovation, Architectural Innovation and Radical innovation. Digital economic innovation is leading to better livelihood. 

Social innovation is modernizing to generate an entire structure resource insufficiency determination be placed too keen on next of relations with existing strategy and assemblyof tendency, which engage in exercise of a significant position for the growth of change trail and prospect state of affairs trait. This will allow to employment arranging out guiding principle and thoughts on how to make an additional sustainable civilization purposely and crowd funding through Internet. Online labor platforms that attach temporary workers and clients around the world are developing as asubstitute to old-styleoff shoringandworkers from developing economies in particular are helping from these networks. As such transformation in the planet is going on with the expansion of digital economy.

Digital economy can act as an intermediary to create employment through enterprises and sustain all over the world where big data, artificial intelligence, machine learning and dynamics of economy can be attained for the global people.  Thus, propelled from local economy to regional economy and global economy can work unlocked manner and connectivity without interference and interface among worldwide economic performance adding value. However, cybercrime should be reduced. Even it is evident that during pandemic job applicant’s data has been erased from the database and did not get admit card though the applicant has the proof of the tracking number. Online business raised but at the same time a section of sellers started casino playing which should be stopped during pandemic.

COVID-19 is gradually concentrated with digitalization process. To sustain in the long run competencies, trained labor and management of labor process is very much important. Focused based development is the necessity for crafting in the worldwide interchanges. A diversity of economy-wide occurrence is required to attain digital economy of a country. Bangladesh needs to embrace digital economy as it helps to reach new markets to attain sustainability. 

Muhammad Mahboob Ali is a Professor and an expert in the field of Macro and financial economics, entrepreneurial management and ICT