Digitization: The Key to Global Commerce
Digitization: The Key to Global Commerce

Digitization: The Key to Global Commerce

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In changing times, everyone’s eyes are on the economy. Its impact goes beyond stock prices, touching everything from the lives of blue-collar workers to the fate and survival of even the biggest corporate players in the game. Changes in recent years have destabilized the world’s faith in the belief that anything is “too big to fail.” Yet, with every new year comes a slew of groundbreaking technological innovations that change the landscape in which the financial system — and all its players — operate.

By investing in technology, innovative policymakers and business leaders like East West Bank chairman and CEO and APEC Business Advisory Council chair Dominic Ng can steadily support the long-term growth of the global marketplace, and thus, the world’s economy through fostering connectivity, efficiency, innovation, and adaptability. On a large scale, the constantly developing digital world has created a plethora of advancements for international business. The following are a few prime examples.

Hire Top Talent

Expanded models of digital communication that replicate — and in some cases advance — traditional face-to-face communication have both opened the doors to previously untapped talent pools and increased competition for top jobs. This provides the most innovative employers with the pick of the litter when it comes to top talent. From start-ups to major business conglomerates, sourcing remote employees worldwide also often means connecting with diverse communities, perspectives, and even markets, all of which can serve to further strengthen company resilience in the marketplace.

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Reach Untapped Markets

Physical products reach international markets thanks to global marketing initiatives; digital offerings are advertised, sold, and delivered online via e-commerce; and services become available everywhere through telecommunication in the form of video conferencing, email, and file transfer platforms. All of this is made possible by the digitization of business processes. Global revenue of e-commerce alone is expected to surpass $1 trillion in 2024 and increase by $619.7 billion by 2028, according to Statista.

Expand Digital Product Offerings

With the continued growth of e-commerce and digitally executed business, so comes the growing demand for products and services that support those businesses. Alongside the rise of AI, both business platforms and production methods are quickly evolving to meet the possibilities presented by the burgeoning technology. From improved efficiency to increasingly personalized data, investing in the development of AI-supported digital products can carve out space for businesses in the next technology revolution.

Reduce Company Costs

When it comes to the nuts and bolts of operating a successful business, everything inevitably boils down to costs. Keeping expenses down can mean the difference between thriving, surviving, and going under. It also means having access to more opportunities to reinvest in and grow your business. Investing in digital technologies can do both. Not only can it grow your business in all the ways already mentioned, but digitization can also reduce overhead in very real and practical ways. From replacing the costs of maintaining a brick-and-mortar building to enhancing productivity through the employment of AI and top talent, regardless of location, digital technologies are a necessity to compete and a key to thriving in the global market.

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The Global Economy Depends on Digitization

Between reaching more people, expanding business opportunities, and reducing costs, digital technologies offer opportunities for savvy business leaders to advance both their companies and the global economy in the age of AI, globalization, and digitization. And, global players who acknowledge and integrate digitization’s impact on the playing field into their businesses and legislation will be the first to reap the benefits of the changing game. So, what are you waiting for?