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Digital economy

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Joe Clark

Digital capabilities, adoption and usage are evolving at a supercharged pace. While most users scramble just to keep up with the relentless rate of innovation, the sectors, companies and individuals on the digital frontier continue to push the boundaries of technology use — and to capture disproportionate gains as a result.

The companies leading the charge are winning the battle for market share and profit growth; some are reshaping entire industries to their advantage.

Workers with the most sophisticated digital skills are in such high demand that they command wages far above the national average. Meanwhile, there’s a growing opportunity cost for the organisations and individuals that fall behind.… Companies in manufacturing, energy and other heavy industries are investing in digitising their extensive physical assets, bringing us closer to the era of connected cars, smart buildings and intelligent oilfields. The expansion of the digital frontier shows no sign of slowing, and we have barely scratched the surface of the many markets that could be transformed. Even as digitisation creates opportunities for growth, it is likely to unleash economic dislocation.

As digital technologies automate many of the tasks that humans are paid to do, the day-to-day nature of work will change in a majority of occupations. Companies will redefine many roles and business processes, affecting workers of all skill levels.

 

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Joe Clark
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