Digital convergence refers to the convergence of four major industries into one conglomerate. These industries are Information Technologies, Telecommunication, Consumer Electronics, and Entertainment. Technology is trending toward the evolution of previously distinguishable digitalized information formats, services, applications, networks, and business models in ways that reduce or blend the distinctions. An example of a digital convergence trend setter is the Apple iPhone which transitions between IT and Telecom.
Digital convergence provides innovative solutions to businesses and consumers, usually within the same application or context. As this trend continues to mature, businesses need to move to converged content, mixing business content with personal (user generated) content. This approach enables businesses to have greater customer intimacy through social networking. Thus, the cell phone has become a leading edge devices for businesses to conduct sales and marketing.
Digital convergence combines numerous present and future markets, technologies and functions, and will serve as the foundation for innovation in extant and new industries. This rapid pace of innovation results in the exponential rise of new data and information; increased information and cognitive overload resulting in decreased human and institutional performance; information asymmetries across academic disciplines, industries and markets; shifts in the global economic order; emergence of new geographies of technological innovation; and new threats to global economic stability and peace. With the complexities and perils of scientific, technological, and social change, however, opportunity is present in the transformation of science and technology to meet existing and emerging needs.
Which customer needs does digital convergence serve? Whether the customer plays digital games, manages complex logistics for supply store chains, or requires real-time integrated intelligence to make battlefield or business decisions, consumers of digital convergence have related needs: to use the widest range of relevant data as easily, quickly, cheaply, safely and securely as possible to best satisfy the greatest number of beneficial purposes.
Praxis Technologies, Inc., provides a foundation to help customers get their needs met at the appropriate time, place, and cost at the appropriate level of risk. Praxis Technologies, Inc., is the coalescence of all the functions for the acquisition, storage, distribution and utilization of all present and future human and machine-derived knowledge. Thus, the distinction between service and product offerings, traditionally provided through discrete networks and channels of trade by information technology, consumer products, media and telecommunications industries, has become less and less pronounced.
Praxis Technologies, Inc., is a key enabler, reducing the importance of distance, connecting people and speeding information flows and processes – constituting a crucial development in the evolution of interdependent global enterprises and increasing the potential for greater inclusion and enhanced societal interaction (social networking). As markets develop, Praxis Technologies, Inc., provides the foundation to create opportunities for new business models, increasing competition, and challenging and altering existing businesses and traditional business models.