Commerce Department Exhibition conducted on 15th August, 2017.
There is no doubt about the fact that technology has had a major impact on the all economies around the world.
The commerce and industries have witnessed a paradigm shift in the way businesses are being run in the twenty – first century. The Commerce Department exhibition that was held on 15th August this year revolved around the same notion where students from Grades 9 to 12 participated on the theme of ‘Technology and its Impact on Commerce and Economy’.
Some common ideas that were highlighted throughout the exhibition, were:
IMPACT OF ICT ON THE ECONOMIC GROWTH
1. Direct Job Creation:
At a time of slowed growth and continued volatility, many countries are looking for policies that will stimulate growth and create new jobs. Information communications technology (ICT) is not only one of the fastest growing industries – directly creating millions of jobs. The ICT sector is, and is expected to remain, one of the largest employers.
2. Contribution to GDP growth
Findings from various countries confirm the positive effect of ICT on growth. For example, a 10% increase in broadband penetration is associated with a 1.4% increase in GDP growth in emerging markets. The doubling of mobile data use caused by the increase in 3G connections boosts GDP per capita growth rate by 0.5% globally. The Internet accounts for 3.4% of overall GDP in some economies. Most of this effect is driven by e-commerce – people advertising and selling goods online. ICT has enabled the emergence of a completely new sector: the app industry. Research shows that Facebook apps alone created over 182,000 jobs in 2011, and that the aggregate value of the Facebook app economy exceeds $$12 billion.
3. Emergence of new services and industries
Numerous public services have become available online and through mobile phones. The transition to cloud computing is one of the key trends for modernization.
4. Workforce transformation
New platforms, developed by companies like oDesk, Amazon and Samasource, help to divide tasks into small components that can then be outsourced to contract workers. ICT has also contributed to the rise of entrepreneurship, making it much easier for self-starters to access best practices, legal and regulatory information, marketing and investment resources.
5. Business innovation
In OECD countries, more than 95% of businesses have an online presence. The Internet provides them with new ways of reaching out to customers and competing for market share. Over the past few years, social media has established itself as a powerful marketing tool. ICT tools employed within companies help to streamline business processes and improve efficiency. The unprecedented explosion of connected devices throughout the world has created new ways for businesses to serve their customers.
The students of commerce enthusiastically took part in the exhibition as they also got an opportunity to show case their talents through various channels.
The concept of scarcity was beautifully and interestingly brought out by Grade 9 students, through their story and explained how technology has helped us to solve the problem of scarce resources. Students also came up with wonderful chart- presentations to highlight the impact of Social Media on marketing, use of mobile apps that aid business industries. Students of Grade 10 gave presentations on the influences of technology in the field of banking, retail shopping, taxation, data collection and analysis etc. Students of grade 9 and 10 combined their efforts to show the evolution of accounting professionals over the centuries, through a Dress- up Presentation.
There were Quizzes related to Commerce and economics, along with Stock Market Corner where the visitors were invited to indulge in buying and selling of shares of various listed companies. Students made working models of some technical devices that are currently used in the world of business.
Power Point Presentations were done by students to emphasize the impact of modern day technology on commerce. There were videos made by Grade 11 and 12th students to show how technology can be used to explain even the complex economic concepts in the easiest ways.
The Commerce department Exhibition was successful in obtaining rave reviews from the visitors and the students alike.