Forget about old economy and new economy. Everything is now part of the tech economy, a prominent U.S. research panel reports.
New technologies ranging from cloud computing to data analytics are transforming virtually all industries, including old-economy sectors like manufacturing, said the report by the National Academy of Engineering.
Manufacturing can no longer be considered separate from the system of technological innovation used in new economy sectors, said the report by the NAE, part of the National Academy of Sciences, a research organization created by Congress.
"Technological developments, reengineered operations, and economic forces are changing the way products and services are conceived, designed, made, distributed, and supported," it said.
"Developments in data collection and analytics, digital manufacturing, and crowd-sourcing have opened up a wealth of possibilities for companies and entrepreneurs to better understand customer needs and desires, optimize design and production processes, discover new market opportunities, and acquire new investment funds."
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