Digitisation

Digitisation

Digitisation has penetrated all areas of our lives, integrating people, machinery and processes into networks and creating huge opportunities for the German economy.

Digitisation has triggered profound structural change in all areas of the economy and of our society. It is important that we exploit the opportunities provided by this digital transformation, which includes the automation and “autonomization” of processes in the value chain to create what is increasingly being called Industry 4.0. By enabling machines to organize, repair and optimize themselves, “autonomization”, in particular, is opening up previously undreamt-of possibilities.

The prerequisites for this digital transformation are universal high speed networks and an unbureaucratic and capital-rich environment for innovation. The workforce also faces challenges: Companies must identify the new skills their employees will need and train them accordingly. Moreover, companies, and especially small and medium-sized enterprises, must press ahead with their own digitisation, for example by further developing existing business models and creating new ones, perhaps in cooperation with start-ups.

Vera Demary

Vera Demary

Head of the Research Unit Structural Change and Competition

Tel+49 221 4981-749

Mailvera.demary@iwkoeln.de

@V_Demary

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Barbara Engels

Economist for Industrial Organization and Competition

Tel+49 221 4981-703

Mailengels@iwkoeln.de

@BarEngels

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David B. Meinhard

David B. Meinhard

Economist for Supply of skill needs

Tel+49 221 4981‑815

Mailmeinhard@iwkoeln.de

@DBMeinhard

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