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Economy of Real Time

In the quest for better productivity in the global markets we have been listing huge levers like:

- Economy of Scale - still important - even if IT-processing costs have been coming down

- Economy of Scope - still important - especially as customers plastic brains have all but eliminated attention spans - and thus comprehensive offerings (self- and network produced packages

- Economy of Reuse - use investments made for new purposes (for example, bank-id and e-invoicing network also for e-receipts using payment networks for transport)

- Economy of Repetition - use familiar tools for new purposes (for exampla e-banking credentials as strong e-id in ohter services

- Economy of Trust - use players that are (have to be) trusted for new purposes (for example banks)

and now when transactions and data are delivered to the endpoint or service in real time:

- Economy of Real Time. Storing and then forwarding data is very expensive and risky. It also delays progress in value chains for no good reason. So all data should be passed on in real time. Payments have already made good progress, but also e-invoicing & e-receipts and other high volume transactions need to move forwards.

 

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Bo Harald

Bo Harald

Chairman/Founding member, board member

Transmeri, Demos, Real Time Economy Program,MyData

Member since

04 Nov 2008

Location

Helsinki Region

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This post is from a series of posts in the group:

Banking Strategy, Digital and Transformation

Latest thinking in respect to Banking Strategy, Digital and Transformation. Harnessing our collective wisdom to make banking better. Ambrish Parmar


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