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New Media and New Digital Economy

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(Photo: Princeton University, Office of Communications)

 

We Are Entering a New Era of Cybernetics and Informatics - 

Embracing the New Media World for Sustainable Growth

 

 

- Overview

The digital economy is a term that captures the impact of digital technology on patterns of production and consumption. This includes how goods and services are marketed, traded and paid for. Today the term encompasses a dizzying array of technologies and their application. This includes artificial intelligence, the Internet of Things, augmented and virtual reality, cloud computing, blockchain, robotics and autonomous vehicles. 

The digital economy is now recognised to include all parts of the economy that exploit technological change that leads to markets, business models and day-to-day operations being transformed. So it covers everything from traditional technology, media and telecoms sectors through to new digital sectors. These include e-commerce, digital banking, and even “traditional” sectors like agriculture or mining or manufacturing that are being affected by the application of emerging technologies.  

 

- Digital Core

At the centre of the digital economy is a ‘digital core’.  Digital core is the technology platforms and applications that allow organizations to transform into digital businesses and meet the new needs of the digital economy. 

The digital core includes next-generation technologies like advanced analytics, IoT, AI, and machine learning that are not generally suited to run on legacy IT infrastructure. Instead, they require flexible, scalable platforms that are integrated in the cloud. The digital core is key to allowing organizations to implement digital transformation initiatives that can improve existing business processes or develop new business models. One example is a customer experience management application that provides faster and better insights into customer behavior and enables event-driven decision-making.

 

- The Future of New Media

Communication, whether it’s personal communication with friends, family, and colleagues, or a large brand communicating to its consumer base, is more diverse than ever before. The mainstream introduction of the Internet in the early 1990s brought new and exciting communication methods, including using digital media to share your message more quickly and across greater distances. Social media channels and streaming video services became popular platforms for delivery and discussion of digital content; smartphones enabled brands to reach consumers regardless of their location. These advances in technology have impacted traditional communication professions, paving the way for digital media as a major influence on businesses and brands in creating relationships with their customers. The result is new job titles and a new landscape for what communication looks like.  

New Media is a 21st Century catchall term used to define all that is related to the Internet and the interplay between technology, images and sound. In fact, the definition of new media changes daily, and will continue to do so. New media evolves and morphs continuously. What it will be tomorrow is virtually unpredictable for most of us, but we do know that it will continue to evolve in fast and furious ways.

Artificial Intelligence (AI) - together with Augmented Reality (AR), Virtual Reality (VR), Wireless 5G technology, and hyper-automation -  is considered one of the main enablers of the Internet of Senses (IoS), a megatrend in the next decade (from 2021 to 2030).

 

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- The New Digital Economy

The New Digital Economy (NDE) is emerging from a combination of technologies, mainly from the ICT (Information and Communications Technology) space, that are becoming pervasive across mechanical systems, communications, infrastructure, and the built environment, and thus playing an increasingly important role, not only in social and political life, but in research, manufacturing, services, transportation, and even agriculture.

The technologies underpinning the NDE, most importantly, include: advanced robotics and factory automation (sometimes referred to as advanced manufacturing); new sources of data from mobile and ubiquitous Internet connectivity (sometimes referred to as the Internet of Things); cloud computing; big data analytics and artificial intelligence (AI).  

 

- The Rise of New Digital Industrial Technology (Industry 4.0)

Industry 4.0 combines emerging, connected and smart technologies to digitally transform industry. It is about the significant transformation taking place in the way goods are produced and delivered – moving toward industrial automation and the flexible factory. To stay competitive, factories and warehouses must leverage the industrial internet of things (IIoT) and digitalization to become much more agile and efficient. 

The rise of new digital industrial technology, known as Industry 4.0, is a transformation that makes it possible to gather and analyze data across machines, enabling faster, more flexible, and more efficient processes to produce higher-quality goods at reduced costs. This manufacturing revolution will increase productivity, shift economics, foster industrial growth, and modify the profile of the workforce - ultimately changing the competitiveness of companies and regions. 

 

- Possible Research Topics

 

 

 

[More to come ...]
 

 

 

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