What Is the Digital Economy?

Any definition, given to the digital economy today, risks being incomplete tomorrow. The reason for this lies in the fact that the digital economy is a constantly evolving phenomenon, boundaries of which are constantly expanding, and, as a result, its scale is changing.

We can evaluate artificial intelligence, crypto assets, applications on our mobile phones, and many other aspects under the auspices of the digital economy. However, if we study the impact of the digital economy on our lives, we will see that all these aspects are united by «hyper dependence». Hyper dependence means that people or machines are continually connected to the network. Just like we connect to the Internet through email at work or school, and through social networks in our free time.

With the advent of the Internet and smartphones, the number of hours we spend online has increased because online presence makes our life easier. All of us more than once were saved by the food delivery service on a busy day. The convenience of such services pushes us to look in the digital space for solutions to our other problems or needs. If ordering food at home satisfies us, why not consider taking an online cooking course?

All such efforts to create solutions for the needs of people and the world constitute the concept of a «digital economy».

Digital Transformation and Economy

The digital economy has entered everyday life so quickly that we can no longer imagine our existence without it. Statistics confirm this fact as well: according to a study by Oxford Economics, over the past fifteen years, the growth of the digital economy has exceeded that of the classical economy by two and a half times. Forecasts for the future show that this speed will only increase, and, accordingly, the growth of digital transformation will continue at a rapid pace.

Digital transformation is a favorite topic of science fiction. Countless books have been written and numerous films have been shot about where technology will take us. While Star Trek told us about the possibility of a utopian future where technology solves environmental problems, hunger, and poverty, the Blade Runner movie painted us a world as uninhabitable. What is your favorite film? Your answer may also reveal your attitude towards digital transformation.

It may not sound as dramatic as science fiction, but it will not be a mistake to say that digital transformation has completely changed our lives. From daily purchases to investments, from the movies that we watch to our love relationships... We may not realize it as we live our everyday lives, but if we stop and look back, we can see how quickly humanity has changed in the last twenty years. According to your forecast, what will our life look like in another twenty years?

Digital Transformation at Borusan Cat

With the motto «We create solutions for a better world» at the heart of our corporate purpose, we knew we had chosen a high peak to climb. We consider it our duty to contribute to the future of our planet by taking everything we do with the utmost seriousness.

To this end, we use our proactive approach to implement innovative projects in the field of the circular economy, maximizing the opportunities offered by the digital economy. We think locally and equip the roof of our Adana facility with solar panels; we continue to generate millions of dollars of added value every year, both through our global policy and through the parts and machines we rebuild in our revision centers.

Our proactive approach, which allows us to be a recognized solution provider, directly benefits both our customers and our planet. As part of our Borusan Cat Exchange (B'More) project, we in our Revision Center renew key components such as engines, power trains, and hydraulics that completed their service life using genuine Cat parts, offering high quality and lower costs, and the Borusan Cat warranty. With a total of 4 audit centers in Kazakhstan, the Russian Far East, Gebze and Ankara in Turkey, we ensure the smooth operation of business lines with maximum efficiency. We support sustainable business models by preventing technological waste.

With our team of 74 people in charge of research, development, and digitalization, we have a clear vision of the future. We can accurately detect potential faults with our AI-powered Augur app. Thanks to Müneccim, where 80% of business machines are connected to the IoT network and take on the task of analyzing millions of entries of data every day, we have been able to significantly reduce costs for our business partners.

In recent months, we have also launched the Boom 360 app, which offers many innovative solutions, from getting new suggestions to finding errors through audio analysis, much like the Shazam app, which provides song information based on 10 seconds of played music.

Borusan Cat is the first Caterpillar distributor to drive digital transformation. We will continue to add value to our customers, employees, and our world by harnessing the power of digital transformation.

Digital Economy and Sustainability

Of course, like everything that happens on Earth, the digital economy must include concern for the future of our planet. Thus, projects that have adopted sustainable development continue to stand out in the digital economy; between the two projects, that are close in essence, the «green» one always has the upper hand.

A concept called «sustainable digitalization» hopes to combine the best of both worlds so that the growing digital economy continues on its path to a future that prioritizes care for nature.

Do you think that the development of information technologies and methods such as artificial intelligence will be sufficient to save our planet? Or will our future be like pessimistic works of science fiction?

theBClog

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TheBClog consists of rich content prepared by all Borusan Cat members on topics such as sustainability, productivity, future, technology, and the business world. The stories of success shared by the Borusan Cat members meet with the world at TheBClog in Turkish, English and Russian.