Digitization of the Emerging Economy: An Exploratory and Explanatory Case Study

Abstract

Digitization has transformed societies and economies throughout the world. This exploratory and explanatory research has been performed in the context of digitization of Bangladesh economy. The research question is whether the transformation of Bangladesh towards the digital economy can act effectively and efficiently for the benefits of the society and the economy. Quantitative and qualitative analysis was conducted. Sixteen hypotheses were tested based on the Chi-square test. The time period of the study was from April 1, 2019, to December 31, 2019. The Chi-square test findings were significant for the following null hypotheses: Internet of Thinking will not bring benefits of the human beings; robots are not needed for industries; big data cannot be used for the business intelligence; artificial intelligence (AI) is not effective; bitcoin transactions should not be allowed; the banking sector is not relatively digitalized; chatbots do not need to be used in banks; drones cannot be used for commercial purpose; robots cannot be used for education purpose; farmers must not learn to yield wirelessly. Another six null hypotheses were rejected. Fear of losing employment was the key obstruction to execute the 4th Industrial Revolution (4IR) in the country as revealed from the study. Proper information and communication technology (ICT) based education, preparation and knowledge were required. Good governance and regulation should be established with the help of digitization in Bangladesh. The study is suggested to answer the research question, if the benefit from transforming the society to the digital economy may outweigh negative impacts and turn threats into opportunities, reduce demand for labor and disguised unemployment and narrow down the scope of creating new employment opportunities in the country. The potential unlocking system in the global market is feasible through ensuring digitization of Bangladesh society.