The priorities of business people in the digital age are human capital and innovation. As the changes are fast, in the digital age, the decision maker will not look for the optimal solution, but will stop at the first solution that he considers satisfactory and will put it into practice as soon as possible, given the fact that there is a high probability that the opportunity or the conditions for materializing the decision must change, even before the implementation of the decision. The use of digital programs and technologies to simulate the company's development decisions can circumvent these shortcomings, at least for a short period of time. This chapter shows that, in an increasingly digitized world, there is widespread recognition that a strong organizational goal is essential for any company, as well as an awareness that trust is becoming increasingly difficult to gain. Also, the proper management of the growing expectations of stakeholders contributes to building the confidence needed for an organization to survive and thrive.
TopDigital Era - Support For Business Development
The digital age should benefit society as a whole, putting people first and opening up new opportunities for businesses. In the age of globalization, digital solutions are absolutely necessary for the development of all entities, but also for combating climate change and ensuring the transition to a green economy (Dunning, 1997). In other words, the digital solutions offered by the digital age open new opportunities for businesses, encourage the development of reliable technologies, promote an open and democratic society, create a dynamic and viable economy and contribute to combating climate change and transitioning to a green economy.
The European Union wants to become a global role model in the digital economy, support the digitization of developing economies and develop digital standards to promote internationally. Regarding opportunities for businesses in a digital society, access to high quality data is expected to lead to lower costs and manufacturers can optimize their production. For example, in agriculture, the analysis of data on crops, seeds and the use of fertilizers can increase the efficiency of agricultural activity, so that farmers could earn EUR 225 more per hectare. In terms of agricultural production, data-driven optimization can lead to savings of EUR 90 billion worldwide.
Digitization provides businesses with a better framework for conducting business online. At the same time, it gives economic entities equal access to markets in order to start an economic activity, to expand or develop economic activity, to innovate, as well as to compete on a level playing field. This is because innovation will be a key factor and a precondition for productivity and economic progress. Usually, the innovation starts within the company in which it was developed, but the greater benefits appear when the innovation is taken over by other companies and communities along the value chain.