A STUDY OF DIGITAL INNOVATIONS IN BUSINESS AND ECONOMY

Abstract

In actuality, we currently live in a world of digitization and the advances brought about by it. Digital developments have undoubtedly had an impact on corporate operations and the economy as a whole. Customers and businesses alike now favor conducting business through online platforms. The relevance of technology in digital innovations in business and the economy is a result of this rising trend and predisposition towards digitalization on the part of the populace. Digitalization, which has changed some markets and generated new ones, has altered the competitive dynamics of the economy. This presents a challenging conundrum to politicians and the organizations in charge of monitoring the competition. They must deal with uncertainty in quickly evolving markets, accept new wrongdoing, and look into areas whose boundaries are unclear. In addition, as worries about conduct in digital markets and signs of growing market power have grown, calls for new competition policy tools and for the more active use of existing ones have increased. Because they embraced outdated procedures and refrained from embracing technology, the majority of businesses collapsed during the Covid-19 outbreak. People who were kept in isolation during the pandemic decided to use more technology than usual. Economy The Covid19 outbreak is also grappling with a significant conundrum because of distant labor and a lack of corporate intelligence. This article generally covered digitalization and its impacts on the economy. The topic of this article is embracing digitalization. This research paper will focus on the impact of digital transformation on the economy, the need to update policies for the digital age, and the significance of digital innovations for business and the economy.