We are delighted to bring you the new digital economy report produced by Oxford and sponsored in part by PwC.
“The internet is triggering a third wave of capitalism that will transform business and government and lead to extraordinary wealth creation.”
John Sviokla, Partner, Strategy & Innovation
While the digital economy has been operating for several decades—few companies today operate without an e-commerce platform—our survey identifies four key technologies that are now bringing it into adulthood:
The virtuous circle is not just restructuring the world economy; it is leading to a new phase of industrial transformation. Indeed, to compete on the global stage, and reap the benefits of the digital marketplace, executives agree that industries will continue to see sweeping changes over the next five years.
The report details how the digital marketplace will affect three key industries:
Across almost all measured indicators, our survey reveals that firms in emerging markets are more willing to adopt digital technologies than their counterparts in industrial nations.
What might such disparities look like?
Cash-rich from rapid growth and largely free of debt, many emerging markets are poised to become economic powerhouses. By 2020, the E7 will hold a greater share of world GDP than the G7, and a new tier of emerging markets will take off in their slipstream.
Fifty-seven percent of respondents believe that business intelligence will be important to react in real time to market events, yet over one-third of companies still do not have the proper business intelligence tools to do so.
To operate in a fast-changing marketplace, where new rivals are unencumbered by rigid policies and thinking, astute Western firms are moving away from strict hierarchical decision-making and closer to a network structure that is more market-like and organic, not unlike the internet itself.