4.2 Economic
Mindmap
Notes
🏢 4.2A Business
| Subtopic | Examples of uses | Positive impacts | Negative impacts |
|---|---|---|---|
| 🖥️ Operation and organisation of businesses | - Cloud computing (AWS, Microsoft Azure, Google Cloud) - Enterprise resource planning (ERP) systems (SAP, Oracle ERP, Microsoft Dynamics) - Customer relationship management (CRM) software (Salesforce, HubSpot, Zoho CRM) | - Increased efficiency, collaboration, and data-driven decision making | - Dependence on technology - Potential for data breaches and privacy violations |
| 🌈 Diversity in businesses and corporations | - Digital diversity and inclusion initiatives (Microsoft's GCDI, Accenture's Inclusion & Diversity) - Online employee resource groups (Microsoft Disability Employee Resource Group, Google's Pride @ Google) - Virtual unconscious bias training (Google's Unbiasing, Microsoft's Unconscious Bias Training) | - Leveraging technology to increase diversity and inclusion - Improved sense of community and support for underrepresented groups - Raising awareness and addressing biases in digital spaces | - Tokenism and superficial efforts - Lack of tangible change and progress - Potential for online harassment and discrimination |
🗞️ News item: Microsoft has pledged to invest $150 million in diversity and inclusion initiatives, including increasing the number of Black and African American managers and senior employees by 2025. (Source)
👷 4.2B Employment and labour
| Subtopic | Examples of uses | Positive impacts | Negative impacts |
|---|---|---|---|
| 💻 Working practices | - Remote work tools (Zoom, Slack, Microsoft Teams) - Digital nomadism (Remote Year, Hacker Paradise) - Open office designs (WeWork, Regus) | - Increased flexibility - Work-life balance - Access to global talent pool | - Isolation - Communication challenges - Blurred boundaries between work and personal life |
| 🕴️ Crowd work, microwork and gig economies | - Freelance platforms (Upwork, Fiverr, Freelancer) - Ride-sharing apps (Uber, Lyft) - Delivery services (DoorDash, Instacart) | - Increased job opportunities - Flexibility - Low barriers to entry | - Lack of benefits and job security - Exploitation of workers - Income instability |
| 🤖 Automation and employment | - Robotic process automation (RPA) (UiPath, Automation Anywhere, Blue Prism) - AI-powered chatbots (IBM Watson Assistant, Amazon Lex, DialogFlow) - Self-driving vehicles (Waymo, Cruise, Tesla) | - Increased productivity - Reduced errors and costs | - Job displacement - Skill gap - Widening income inequality |
🗞️ News item: A study by the World Economic Forum estimates that by 2025, automation could displace 85 million jobs while creating 97 million new ones, emphasising the need for upskilling and reskilling workers. (Source)
🛒 4.2C Goods, services and currencies
| Subtopic | Examples of uses | Positive impacts | Negative impacts |
|---|---|---|---|
| 🛍️ E-commerce, e-trading and online marketplaces | - Amazon - eBay - Alibaba - Etsy | - Increased convenience - Wider product selection - Access to global markets | - Disruption of traditional retail - Counterfeit products - Environmental impact of shipping |
| 🎯 Personalised and targeted marketing | - Behavioural targeting (Facebook Ads, Google Ads) - Geotargeting (Foursquare, Snapchat Geofilters) - Predictive analytics (SAS, IBM SPSS) | - Improved customer experience - Increased conversions and loyalty | - Invasion of privacy - Data exploitation - Algorithmic bias |
| 💰 Cryptocurrency, non-fungible tokens (NFTs), cashless society and micro-transactions | - Bitcoin - Ethereum - NFT marketplaces (OpenSea, Nifty Gateway) - Mobile payment apps (Venmo, Cash App) | - Increased financial inclusion - Lower transaction fees - New forms of digital ownership | - Volatility - Lack of regulation - Potential for fraud and money laundering |
| 👷 Additive manufacturing | - 3D printing (Stratasys, 3D Systems, Formlabs) - Rapid prototyping - Customised production | - Faster product development - Reduced waste - Localised manufacturing | - Intellectual property concerns - Quality control issues - Potential for misuse (e.g., 3D-printed weapons) |
🗞️ News item: The NFT artwork "Everydays: The First 5000 Days" by digital artist Beeple sold for $69.3 million at Christie's auction house, setting a new record for digital art sales. (Source)
🌐 4.2D Globalisation
| Subtopic | Examples of uses | Positive impacts | Negative impacts |
|---|---|---|---|
| 🌍 Borderless selling and global sourcing | - Cross-border e-commerce (Alibaba, Amazon Global Selling) - Global supply chain management (SAP Supply Chain Management, Oracle Supply Chain Management) - International payment systems (PayPal, Wise) | - Increased market access - Lower prices for consumers - Economic growth | - Exploitation of labour in developing countries - Environmental degradation - Cultural homogenisation |
| 🌎 Offshoring, outsourcing, reshoring, inshoring, and insourcing | - Business process outsourcing (BPO) (Accenture, Infosys) - Knowledge process outsourcing (KPO) (Wipro, Genpact) - Nearshoring (Softtek, Globant) | - Cost savings - Access to specialised skills - Increased competitiveness | - Job losses in home countries - Communication and cultural barriers - Quality control issues |
🗞️ News item: The COVID-19 pandemic has accelerated the trend of reshoring and nearshoring, as companies seek to reduce their reliance on distant suppliers and improve supply chain resilience. (Source)