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The Digitization of Business and the Industry: Opportunities, Challenges and the Technology Behind

In: Advances in Time Series Data Methods in Applied Economic Research

Author

Listed:
  • Spyridon Adam

    (School of Pedagogical and Technological Education (ASPETE))

  • Loukas Pol. Michalis

    (School of Pedagogical and Technological Education (ASPETE))

  • Spiros Panetsos

    (School of Pedagogical and Technological Education (ASPETE))

Abstract

We go through automated passport checking, at airports and use automatic cashiers at supermarkets. Google and Tesla are road testing their autonomous vehicles and in a while we will do our online banking not through forms or graphical interfaces, but through chatbots with which we will be able to speak in our natural language, as we do with a human operator over the phone or the bank’s counter. These changes are merely the beginning of the deep changes that digitization and AI will bring to businesses and the industry, transforming them to an extent that to a special report by the Economist, will amount to the third industrial revolution. In this paper, we set out to discuss how digitization and AI will transform business and the industry, the key technology and ideas—deep learning, Internet of Things, Graphics Processing Units that will underlie this transformation and how this transformation will enhance productivity and innovation.

Suggested Citation

  • Spyridon Adam & Loukas Pol. Michalis & Spiros Panetsos, 2018. "The Digitization of Business and the Industry: Opportunities, Challenges and the Technology Behind," Springer Proceedings in Business and Economics, in: Nicholas Tsounis & Aspasia Vlachvei (ed.), Advances in Time Series Data Methods in Applied Economic Research, chapter 0, pages 485-502, Springer.
    • Handle: RePEc:spr:prbchp:978-3-030-02194-8_32
    DOI: 10.1007/978-3-030-02194-8_32
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