09/11/2018
Dr. Alexander Rusli , CEO of Digi Asia Bios (ex CEO of Indosat Ooredoo) presented his perspectives on Digital Economy titled "Digital Economy Prediction - Digitize or Disappear" on November 8, 2018 at the Financial Club Jakarta.
Overall, it was probably one of the best Breakfast Dialogue event conducted by the Financial Club Jakarta with a good turnout. He has aroused the audience's interest by sharing with us where the economy is going with digital as highlighted as follows:
- Technology Development has made it possible for cheaper digital storage, stronger processing power, higher capacity, faster telecommunication, smaller processors and devices, and higher screen resolutions.
- This has led to complex analytics e.g big data, IOT, Digital ID, Autonomous Cars, and Quantum Computing.
- Businesses must think on how it can outcompete and outmaneuver these technological changes.
- Product and services are moving towards its true nature both in the non-digital and digital form e.g he mentioned that you could never digitize clothing, food, electricity, and transportation, but you can with music, money, video, etc.
- In 5 years the word "Digital Economy' will cease. It will just be "Business As Usual".
- Digital ID will be engrained in our own identity. He is right, it already has like Fingerprint ID, Face ID, and Iris Scanner.
- Digital goods will 'displace' lots of traditional industries. He mentioned Tik Tok and Bigo Live. (note: Do Google it, if unknown to you).
- Cashless transactions will be supported by Micropayments. Undoubtedly, the fees are getting lower. Great for offering digital products and services.
- The Good News: For countries, like Indonesia, it will be the bridge of the financial divide i.e this is what the Fintechs have been doing.
- For the future, consider the following: a) Reassessing markets, competitors, substitutes, and complements; b) new demand, limited supply; c) new pricing models; d) digital-friendly products/services, and finally e) acquire capabilities.
