Author(s)

Lili Wang ¹, Dongmei Wang ¹

Affiliation(s)

¹ School of Business, Taishan University, Tai'an, Shandong, China

Corresponding Author

Lili Wang

ABSTRACT

The aim of this study is to analyze the advantages of the digital economy and explore its potential for innovative development. Firstly, we provide a definition of the digital economy and outline its characteristics, thereby clarifying its distinctions and connections with traditional economies. Through an analysis of the benefits associated with the digital economy, several key findings emerge. Firstly, it enhances production efficiency and fosters innovation capabilities, thereby facilitating economic growth, increasing employment opportunities, and driving market expansion and diversification of business models. Furthermore, the digital economy offers consumers convenient and personalized consumption experiences, while simultaneously optimizing resource allocation and promoting environmental sustainability. To achieve innovative development within the digital economy, we delve into the relationship between technological innovation and digital economy, underscoring the significance of talent cultivation and the creation of an environment that nurtures innovation and entrepreneurship. Moreover, we emphasize the necessity of digital economy policies, regulatory support, and introduce innovative models of industry collaboration and cross-sector cooperation. Nevertheless, the digital economy is not without its challenges. We discuss pertinent issues such as data privacy and security, the obstacles associated with the digital divide and digital inclusivity, as well as the importance of technical standards and interoperability. Additionally, we address the ethical and social impacts that arise from the digital economy.

KEYWORDS

Digital economy, advantages, innovative development, production efficiency, economic growth, personalized services, resource allocation, technological innovation, digital divide, ethical impacts

CITE THIS PAPER

Lili Wang, Dongmei Wang, Analysis of the Advantages of the Digital Economy and Innovative Development. Information Systems and Economics (2023) Vol. 4: 148-155. DOI: http://dx.doi.org/10.23977/infse.2023.040919.

REFERENCES

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