Understanding the New Digital Economy - Essay Example

The rapid development brought about in the areas of technology has also boosted up one crucial factor which cannot be ignored when it comes sustainable and continued economic growth (Gumah & Jamaluddin, n.d.). This crucial factor can be commonly referred to as the communication process. In relation to the above fact, communication can be considered as a vital factor contributing to the social and cultural development of an economy. Through the effective use of communication, multiple business processes has come up and are expected to flourish in the later years.

More specifically, the entire concept of globalization can be stated to have been dependent on technology. As for the current marketing trend, the entire business world has turn digitised. At present, people across the world can be widely seen to be eager to perform digital or online marketing with the sole purpose of saving both time as well as money. Although the concept of digitization is not so old but it has got a great perspective in terms of acting as an economic development factor (Gumah & Jamaluddin, n.d.).

Digitization in general can be seen to be promoting trade which in turn benefiting the economy in myriad ways (Gumah & Jamaluddin, n.d.). The main objective of this discussion is to evaluate and understand the new digital economy. This topic also includes sub parts such as understanding of the aspects which have directly or indirectly contributed towards transition of traditional economy into a new digitised economy. This section will comprise of the thoughts and ideas of few authors who seem have quoted in context to this topic.

As per the Strategy Dynamic Global SA (2013), technology have helped multiple nation in segregating their ‘ previous economic stance’, ‘education system’ and ‘social obligations’. This group also quoted that the