Report from the webinar: SPEED without borders – the economy of the data age

On April 28, 2021, another extremely interesting meeting was held by the EMBA @ UW Alumni Association, entitled:

“SPEED without borders – the economy of the data age”

The webinar speaker – Dr. Aleksander Poniewierski – partner, global leader of digitization and new technologies at EY. He has many years of experience in digital transformations of the largest companies in the world. He is also a lecturer at many universities in the country and abroad.

Dr. Poniewierski started the webinar with a short introduction to what characterizes the fourth industrial revolution. The accelerated world demands services immediately, there is an expectation of prompt delivery of goods. Nor is it surprising that we are able to predict events to come with great precision. Devices such as computers or mobile phones know more about us than family and friends. All this so that you could act faster.

After the introduction, the participants learned about the SPEED abbreviation:

Security

Partnership

Emerging technology

Economy

Digital transformation

Due to the time limitation of the webinar, Dr. Poniewierski decided to present the subject of modern technologies, data monetization and economics in the era of the fourth industrial revolution in a broader manner.

It is said that modern technologies emerging today will have a written economic model in a year so that you can make money on them. At the moment, we distinguish the big four dominant technologies:

–        Mobility

–        Cloud

–        Artificial intelligence

–        Internet of Things

The above technologies have unprecedented features.

Mobility

– we invest in the device, charge it, and take care of this device. That is, the software company does not have to create infrastructure

– these are our personalized devices on which we keep our secrets

– they are easy to identify and locate

Internet of Things

– for the first time in history, we have devices that are synchronized

– precise location of places (for free)

Cloud computing

– it can increase or decrease on demand

– we can allow or decline access

Artificial intelligence

– has the ability to solve problems and cognitive skills.

These four elements create digital transformation. They are available to everyone today. Once expensive, now affordable with high processing power and miniaturization plays an important role. These four technologies work best when they work together. They complement each other. Hence?

Once knowledge and experience gave an advantage over the competition. Today, in the era of the 4th revolution, it is possible to collect information stored on millions of devices and on this basis to create a concept. Today you do not need to have experience, it is enough to buy a product created on the basis of the accumulated experience of millions. These are the so-called products of the future.

The products of the future have 5 features:

–        they are complete

–        easy to use – intuitive

–          they have built-in logic

–        these products are simple

–        combined with knowledge, they give an optimal effect

The product of the future is an important part of the data economy.

What is the data-driven economy (fourth industrial revolution)?

  • Productivity – meaning more for less –

Productivity paradigms lowering operating costs are:

–        application of IoT processes and their processing in the cloud

–        Artificial intelligence that allows you to predict events

–        reduction of human workforce in favor of automation in repetitive tasks.

  • Data monetization – meaning something for nothing –

What does it actually look like?

Reliable and valuable data sources collected by data platforms are exchanged or sold in the data market by business stakeholders. They can build their infrastructure or connect to existing infrastructure.

Data is an unregistered value flow that can be copied a million times without losing its original value. This value is difficult to calculate and the data exchange is not taxed.

There are many ways to monetize your data, including ethically questionable ways.

The economy of the fourth industrial revolution uses technology to build dynamic data asymmetry. Depending on the business model, different modifications are needed to be able to use the technology to your advantage.

Dr. Poniewierski gave many examples illustrating the necessary changes and the effect they had on the productivity of companies.

Later in the webinar, Dr. Poniewierski encouraged the participants to a discussion during which he was asked many interesting questions about predictions about the direction of the economy.