Report Emphasises the Importance of the Digital Revolution

The advances in technology open to businesses today are as important as the innovations which powered the original Industrial Revolution, a recent report has claimed.

The belief that the world is about to see another seismic shift in the way it operates has been growing over the past couple of years.

And it is a trend that must be recognised by business leaders and governments alike, the World Economic Forum’s Global Information Technology Report 2018 has concluded.

Their document argues that new apps, computer programs and similar innovations present real opportunities to transform the way businesses work and that these advances need to be at the heart of modern enterprise.

During their research, the team at the World Economic Forum (WEF) considered how different countries were harnessing new technology and produced a league table outlined which had been quickest to respond.

They concluded that Finland, Switzerland, Sweden, Israel, Singapore, the Netherlands and the United States were the frontrunners when it came to generating economic impact from investing in information and communications technologies.

The United Kingdom is not too far behind, being placed eighth in the global rankings, but the indications are that the nation needs to do more if it is to close the gap on the leaders.

Richard Samans, from the Geneva-based WEF, said: “The digital economy is an essential part of the architecture of the Fourth Industrial Revolution.

“In order for digital technology to continue contributing economic and social impact, societies need to anticipate its effects on markets and to ensure a fair deal for workers.”

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