"The last 10 years of IT have been about changing the way people work. The next 10 years of IT will be about transforming your business." — Aaron Levie, CEO of Box
This is a shallow dive in a deep pool. What is the digital economy? What does it mean for companies that must operate within it? What does counsel need to know in order to advise management? What does counsel tell its board of directors?
What is it?
The digital economy is an inclusive catch phrase understood to capture the impact of digital technology on everything in your business. The definition includes what happens inside your company: how your people work together, how you communicate, how you market and sell, how you order parts or services and manage inventory, how you bill and collect, how you hire, how you use big data and artificial intelligence (AI) to achieve efficiency, identify opportunities and increase profitability, how you determine what business you should be in (if not the business you conduct today).
The digital economy is about using hard tools (computers and communication systems) and soft tools (software that connects your people, including APIs [application programming interfaces that permit various software programs to communicate]). Digital expertise is essential to future internal operations, external operations, and achieving profitability by defining your market and your deliverables.
To read the full text of this article by Duane Morris partner Stephen M. Honig, please visit the New England In-House website.
Disclaimer: This Alert has been prepared and published for informational purposes only and is not offered, nor should be construed, as legal advice. For more information, please see the firm's full disclaimer.
