Innovation In The Digital Economy

1108 Words5 Pages
Digital technologies play an important role and works as a vital tool for present business economies. Due to continuous changes occurring in economy, business needs to pursue solution for enhancing and developing their organisation. Thus, business development, advancement and innovation in digital economy basically highlight the competitive benefits occurring due to the emerging digital economy (Nayyar, 2014). In order to understand the development model of new technology it is important to go through current innovations taking place in digital economy. It is important for the researchers, practitioners and managers to understand the pros and consequences of theses digital innovations (McAfee, 2009).
As mentioned by Drucker (2007), currently
…show more content…
This is because of digital economy that has given rise to various new business models. Even though several of these models are parallels in traditional business, current advancement in ICT has allowed conducting various kind of business at significantly larger scale and for longer distances which was not possible previously. The digital economy is known as the Internet Economy, the Web Economy or New Economy. Progressively, the “digital economy” is tangled with traditional economy for creating clear delineation harder (Drucker, 2007).
It has been accepted widely that the expansion of digital economy has widespread all around the economy. Several attempts are made that are recognising the range of its effect on traditional sectors. The impact of digital economy has worked in various areas:
Retail: The digital economy has made it possible for the retailers to allow consumers placing their order online and this has made it easier for the retailers to analyse and gathers the data on customers, providing them personalised advertising and
…show more content…
Media and Broadcasting: The digital economy has changed dramatically the media and broadcasting industry, with the access to broadband particularly opening new avenues for delivering traditional media players, delivery of content and expanding user participating in media by social networking (McAfee, 2009).

Inspiring Digital Business Innovation: Apple iPhone Journey
Apple is responsible for bringing digital innovation that has truly inspired many customers (Nayyar, 2014). No doubt technology has progressive in such a pace that entire societies had to adjust their living standards according to it. Apple iPhone is the major innovation by the company that has conveniently brought forward innovation to this world of innovation. They still lead the market share.
The speciality of the innovation is its simplicity, as the first iPhone shared the idea of touch to the world that is the most distinctive and natural feature in relation to cooperating with smart phone.

Implications for
Open Document