Years ago, the American economist Robert Solow blasphemed: “The computer age can be seen everywhere, except in productivity statistics.” While labor productivity growth from the 1970s to the mid-1990s was still around three percent, productivity growth since the mid-2000s has been below one percent. But what is the reason for this paradoxical development? One of the main reasons is the continued lack of innovation.
Real-Time Economy is an environment where all the transactions between business parties are in digital format, increasingly automatically generated, and completed in real-time from business and IT-processing perspectives. For enterprises, public sector, and citizens this means, for example, that orders, order confirmations, invoices, and payments flow from system to system without delays. The concept of Real-Time Economy was created by the University of Aalto in Finland at the beginning of the milennium. Continue reading