Real Time Economy for EU - Big Picture

Real Time Economy for EU - Big Picture

Bo Harald

Chairman/Founding Member at ZEF and Real Time Economy Program

30 years with Nordea - international, large accounts, retail, payments, cards, e-banking, e-business, e-invoicing etc Retired EVP Head of Executive Advisors at Tieto. Retired 2013 Chair at ZEF Solutions Independent Advisor

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Real Time Economy for EU - Big Picture

15.03.2017 11:45 am

Being back from a very inspiring meeting in Brussels it is a good moment to post a few high level observations (going into Why-How-What details separately). 

The RTE is all about automating financial and administrative processes and data management and bringing them into real time (a big value in itself). There are many building blocks - ecosystems supporting each others and being worked on in many member states and on EU-level - picture below..

Why is it so important for Europe? Three main reasons:

1. Huge improvements in productivity (huge direct cost savings, real time financials, lower risks, just taxation etc)  and service levels (real time data and AI driven, automation, lower costs, transparency etc. All important - especially for SMEs.

2. The next step in building the largest Single Market in the world. Digitalisation enables harmonisation and drives standardization. Standardization drives competition, which drives progress. Digitalisation eliminates borders efficiently, as Google and Facebook - but also new start-ups keep demonstrating (especially when the home market is big enough and data is openly available).

3. Better jobs. Automation and robotization have always aimed at eliminating boring (therefore often badly paid) routine tasks. This gives the shrinking workforce opportunities to move into more interesting, purposeful and productive (and thus better paid) jobs. 

Ohter important reasons include lower consumer prices, lower tax pressure, smaller CO2-emissions, shrinking grey economy, better transparency, less financial crime, better corporate profitability, export opportunities, more start-ups - and so on.

All in all - by far the most important thing for EU to promote. 

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