Going digita...
The future has no analogue
What does the future hold? Does it look like Star Trek or Blade Runner? Paradise or dystopia?
From automation, to machine learning and artificial intelligence, to the threat of robots taking all our jobs—the rise of the machine is everywhere.
No surprise here: at the Bank of Canada, we’re working to understand how digitalization affects the economy.
Digitalization is everywhere..
Technology transforms the way we live, work and play. We call this “digital disruption.” While no one can predict the future with certainty, we know one thing for sure—digital disruption is here, it’s now and it’s big.
We see it throughout the Canadian economy, driven by both consumers and businesses.
Consumers benefit
No longer confined to our local shopping mall, we buy stuff online from across the country and around the world, tapping into an ever-growing array of goods and services, 24/7.
And for those of you with teenagers at home, you already know that online gaming fees will probably feature in your monthly expenses for the foreseeable future.
You can bet that businesses in Canada and abroad will produce more and better digital goods and services—and that your experience as a digital consumer will only intensify.
More efficient businesses
Automation, artificial intelligence and machine learning increase the productivity of companies. With these, companies can
make better products and improve their customers’ experiences,make products more efficiently and faster, and reach new buyers.
Improvements like these are happening now. Check out these current examples:
farmers use GPS autopilots to drive their tractors;
robots work on factory floors and in warehouses, “driving” forklifts to move goods and digitally track them from supplier to retailer;
machine learning offers up suggestions for products or services you may wish to buy; and
chatbots and “robo-advisers” stand ready to answer your questions when you visit websites.
Read on:
https://www.bankofcanada.ca/2018/10/going-digital/