You may have noticed that the wave of digital transformation has hit many countries in recent decades, following the realization that it plays a huge role in the economic prosperity of a country. Countries have established very innovative digital systems to ensure they have the upper hand in global trade.
Here are examples of digital transformation trends observed from different countries.
After the onset of the internet in the 1990s, Estonia embarked on a mission to incorporate digitals systems in all national sectors. Over time, the country developed some of the most sophisticated and innovative digital systems. Majority of the sectors of the Estonian economy enjoy the fruits of these efforts. Among the most innovative digital systems the country has today, is e-residency.
Through the e-residency platform, the government of Estonia issues digital identities to entrepreneurs from across the world. This allows them to start companies in the country online.
This platform is a first across the globe. You can register a company in Estonia and operate it from wherever you are in the world. Estonia boasts of one of the most advanced economies in the world and the system is a rare chance the country is giving to prospective entrepreneurs all over the world. The e-residency offers endless possibilities for both Estonia and global investors who have interest in the country.
According to a 2017 report by CNBC, Singapore is a digitalization giant among Asian countries. The country has placed itself strategically to reap benefits, as other countries strive to enhance digital transformations, by working tirelessly over the last couple of decades to optimize their trade systems through digitalization. And today, global trade is one of the country’s major economic pillars.
Singapore established a digitalization hub which seeks to provide digital transformation services for other countries in Asia and across the world. This takes advantage of the trend of digitalization in all countries in the world today.
For Instance, the Indonesian government rolled out a $1 billion-dollar fund for tech startups in 2015. It is opportunities like this that Singapore has already braced itself for. Singapore’s digitalization hub has been able to help Indonesian tech startups tap into global markets.
Finland ranks high among other countries in digitalization. Citizens, the public sector, and companies in Finland have all felt the positive impact of digital transformation by establishing itself as a worthy data center.
Data storage is a huge part if digitalization all across the world. And while countries in Asia and Africa are still undergoing a digital transformation, the demand for data storage services can only go higher in decades to come.
Finnish tech companies will also have the upper hand in the face of upcoming opportunities, thanks to the country’s rapid digital transformation. The country engaged in massive networking endeavors to ensure it becomes a superpower as far as technology is concerned. Business delegations have made engagements in the Southeast Asian tech industry seeking to establish trade routes and potential markets. Exhibition visits for their digital products have also been at the core of these efforts.
South Korea has been in the leading pack over the last few decades as far as the IT industry is concerned. The country has an ongoing project, whose main objective is to ensure 100% of the companies in the country are digitalized by 2020. These developments will spell good tidings for any company operating in South Korea as complete digitalization can open up business avenues across the world.
Digital transformation has been happening at a blistering pace across the world. The countries that get there fast can get a chance to profit from rest who are still in the initial process of development.
South Korea partnered with Germany in 2015, to accelerate the digital transformation processes. And as one of the most industrialized countries in the world, complete digitalization is going to make South Korea unshakable in major sectors of world trade.
Japan’s industrial prowess in unrivaled in many sectors. In 2017, the country launched the Society 5.O program, which seeks to kick digitalization in the country a notch higher. This will be done not just for the country’s economy, but also for citizens of Japan. The program aims at incorporating high-tech solutions to economic and societal challenges. The country plans on developing a super smart society that can create solutions through artificial intelligence, big data and robotics. The program is in its initial stages of implementation.
Countries are beginning to appreciate the major benefits of empowering small enterprises through digitalization. The Society 5.0 project has been likened to the E-Estonia project in Estonia, the Germany Industry 4.0 in Germany and the Smart Nation in Singapore. All these are digitalization projects meant to put companies in the countries in a better position to trade globally.
Countries across the world are working tirelessly to reduce their trade deficit. At the core of these efforts is digital transformation. Digitalization has been opening new markets and opportunities for many across the globe. You can be certain that countries that will be left behind by this wave are going to find it very hard to makes trade inroads in the future.
The time to intensively work on the digitalization of countries is now. All governments across the world should realize that and set systems running for the welfare of their citizens. Opportunities are many, but the competition is equally stiff.
And with the massive developments governments strive for digitalization, it is high time to find a way for businesses and startups to utilize this trend.