CHALLENGES, OPPORTUNITIES AND REMEDIES OF BUSINESS AND ECONOMICS IN THE DIGITAL ERA: AN OVERVIEW

Abstract

This notion of this article is to explore the challenges, opportunities and suggest amicable solutions as remedies to overcome the challenges by applying the prevailing opportunities in the eld of business and economics in the digital era. Accordingly, certain challenges of the digital era are incorporated which include: Automation, Blockchain Technologies, Change Management, COVID-19 Pandemic Era, New Skill, e-commerce, Expansion of Industries, Security Threats, Digital Age, Information and Communication infrastructure, Infrastructural Challenges, Focus on the Environment, Labor and Social Relations, Lack of Clear and Dened Rules, National Data Regulations, Security and Privacy, Skills Challenges, Tax Regulation, Technology and Jobs Scare, and Trade Facilitations. Besides the challenges, opportunities to make use of the digital era particularly in business and economics are also taken in the study and they are: Blockchain Technology, Communication Services, Digital Transformation, Digitalization, Digitalization and Gender Equality, Domestic Resource Mobilization, e-commerce, e-commerce Development, Growth Creative Sector, Increased Internet Usage, Innovation, Digital Technologies, Internet Technologies, Labour-intensive Sectors, Marketing and Sales, Online Marketing, Production Processes, Reduction in Trade Costs, Technology Transformation and Technology and Public Service Provision. In order to overcome the challenges and make use of the opportunities, the following amicable and remarkable solutions are suggested and they are: Attention to Policymakers, Specic Strategies and Innovative Policies, Financial Assistance, High Skilled Labour Force, Improving Trade Logistics, Innovation Capacity, Responsible Role Makers, Role of Government, Role of International Community and The National e- strategy.