New Economy

THE NEW ECONOMY

New economy refers to  the convergence of manufacturing, services and technologies to produce high value added, technology and enabled, and adaptable industries. Industry trends have always adapted changes in technology, incorporating and always initiating changes to improve productivity, quality and profitability with the rapid growth of communication technologies fro the mid 1980s,campanies have been able to adopt even faster.

 The idea that notable advances in information technology in the 1990s  and beyond and especially the rise of the internet as the business medium, had changed the fundamental economic rules, in the new economy it ws thought that the former business evaluation techniques were invalidated by the resulting fast changing business environment.

WHY NEW ECONOMY

There is timeless time: in today’s world there is no limit in time that people can do their things. People should think and move so fast with clarity. As a corporate officer you must make sure that everything that you do is clear to the publics because people are no longer limited with time in doing their things. Now days people can go wherever they want with their devices where they can get any information they want and do anything they want because of the advancement of economy.

Space flow: this means that because of the advancement of technology there is no longer space limitation. People can do whatever they want anywhere they are because nowdays people walk with their digital devices. For example a person in Tanzania can do business with another person in America without meeting physically. The limited space does not matter anymore  because people can do anything from wherever they are.as a business man or as a corporate officer you must make sure whatever you do with the technology the whole world can find out.

Inclusion and exclusion; the new economy is characterized by the inclusion and exclusion. If you are a corporate officer or a business person and you are not turned to work in the network society it is obviously that you are going to be excluded. The new economy works in the network society whereby the network society is the society that is formed by the evolution of electronics and computers. And if you are excluded you wont be able to work ot the challenges of corporate communication so you need to be aware of the digital divide. Understanding that there are those who have accses with the internet and those who have not so that you can be able to work with them. And you will be included if you decide to work in the network society.

The new economy can help you in learning how better production is done because though that you will be able to learn how competitors do their works, also it will help you as a marketer od a corporate communication officer in real time marketing, also it will help you to predict the sales of the organization or institution.

Conclusively: the new economy is able to lin the designers, marketers, suppliers, producers, distributors, and customers together using communication and management technologies. Since companies have been focusing on their core competencies and using this new communication tools, organization have been able to outsource  efficiently and improve their profitability.

BY: KIYABO NELLY

BAPRM 42587