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INTERMEDIA

JOINING THE DIGITAL REVOLUTION

31.10.2019 Share this

By Harald Gruber

Digitisation is whirling like a storm through our economies and shifting the traditional boundaries of industries. The lower cost of communication and the ubiquitous scope for connecting devices provide a tremendous increase in flexibility for service provision, in mass customisation, in speed of production and in quality. The impact of digital technologies and their applications is no longer confined to early adopters in typical sectors, such as telecoms, electronics and automation. Digital technologies diffuse in a transversal manner across all sectors of economic activity and transform them, typically involving economies of scale and network effects. As data is the raw material for digital technologies, its processing requires substantial investment in non-tangible assets such as data acquisition, business practice, organisational rearrangement and training for effects to fully unfold.

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Europe has fallen behind in the ‘4th industrial revolution’ and the digital economy. The need for digital industrial policy is recognised but, as HARALD GRUBER describes, policymakers need to work quickly to correct market failures.

Intermedia Issue:
Volume 47, Issue 03
Issue Date:
October 2019
Region:
Europe
Harald Gruber (Dr) Harald Gruber (Dr) Head of Digital Infrastructure Division, Projects Directorate, European Investment Bank

Volume 47, Issue 03 Features
EDITORIAL 31.10.2019 Marc Beishon
LATVIA LIAISON 31.10.2019 Cristina Murroni
PLATFORM PARAMETERS 31.10.2019 Brian Williamson View All
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