Digital technologies are transforming how firms compete, trade and invest, according to 2 new reports from the Organisation for Economic Cooperation and Development (OECD).

The 2 reports were released recently in Phase I of the OECD’s Going Digital project.

Going Digital: Shaping Policies, Improving Lives presents a comprehensive strategy for policy-making in the digital age.

Measuring the Digital Transformation: A Roadmap for the Future proposes 9 actions to build the next generation of data and indicators to deal with the challenge of digital transformation.

OECD’s Director of Science, Technology and Innovation Andrew Wyckoff said the speed of what’s happening is challenging existing policy-making institutions, and digital transformation is affecting OECD countries around the world.

‘It is clear that jobs and skills will be directly affected and there are going to be sectors that maybe have not seen automation come to them before: sectors like law, education, finance,’ he said.

‘We are already seeing great examples across OECD countries.

‘Estonia is beginning to use blockchain already. We are seeing Mexico begin to use electronic verification of invoices to make sure tax evasion doesn’t occur.’

But the scope and speed of digital transformation varies greatly across countries, sectors, people and places.

By 2022, for example, only 7% of people in the OECD will have a fibre broadband connection yet there will be enough connected devices for every person around the globe to have 3 each.

The OECD says that economies and societies will only fully benefit if governments step up efforts to prepare business, people and policies for a digital world.

Phase II of the Going Digital project aims to implement an integrated policy approach to digital transformation in OECD countries.

The OECD is a global policy forum that works in over 100 countries to improve the economic and social wellbeing of people around the world.

If you’re a Queensland SME interested in digital transformation, TIQ is offering free ecommerce workshops for Queensland SMEs in July. Register now.