Wednesday, 22 September 2021 15:21

Workshop: What is Real-Time Economy (RTE)?

Written by  Reet Reismaa, PA Innovation, Ministry of Economic Affairs and Communications, Republic of Estonia

How about getting the information now? A real-time economy helps businesses and society to get the information in a digital format, automatically and in real-time without delay. We need real-time data to predict and plan our activities with saved time and money. It means that we are always in the right place at the right time!

The easiest way to go deeper into this is to look at what problems it can solve:

  1. Data is received with a long delay, there might be information currently out of date; the data is asked repeatedly, again and again;
  2. Data is not based on the same semantic model, ie there is no unified approach to data standardization; the data is asked repeatedly, again and again;
  3. Data cannot be exchanged in machine-readable form;
  4. Loss of time and money in the economic and business environment (eg. data entry, sending-receiving invoices, time-consuming processing and verification of low-quality information, excessive paperwork, physical visits to the public authorities, etc.).

For example, due to time-consuming support activities, Estonian businesses and the economy lose money every day and a significant amount of "unproductive work" is done, which in turn has a negative impact on productivity and growth. The RTE impact analysis of 2020 shows that using RTE-based solutions like e-invoices, e-receipts and e-waybills would save over 14 million man-hours and 200 million euros a year in Estonia. By switching to e-invoices alone would save Estonian taxpayers over 100 million euros a year!

Therefore, it is all about data exchange: between the entrepreneur and government, between the private and public sector, between authorities, between countries, etc. We can say that real-time economy equals “invisible” administrative activities, which leads us to less bureaucracy and more time for business and fun!


Real-Time Economy (RTE) is a cross-border and cross-sectorial economic model in which so far manually performed various administrative operations and financial transactions (B2B, B2G, B2C) will be created and processed digitally, in real-time, and based on international data standards. 

Visit RTE website to learn more: https://www.mkm.ee/en/objectives-activities/real-time-economy

 

Examples of RTE:

e-logistics; information and film-clip about eCMR prototype and testing:

https://accelerateestonia.ee/project/digital-real-time-ecosystem-for-logistics/

https://www.dinnocapbsr.eu/ecmr

https://www.youtube.com/watch?v=7w6WHvnjLdA

https://www.youtube.com/watch?v=p63VQlh9XHs


KYC (know Your Customer process); information and animations:
 

https://accelerateestonia.ee/project/kyc-service/

https://www.dinnocapbsr.eu/kyc


eReceipt; information:

https://www.dinnocapbsr.eu/ereceipt



Find out more in our webinar „Real-Time Economy (RTE) Community Building“ at EUSBSR Annual Forum 2021 on 29, September at 15:00 – 16:30 CET

Register to the Annual Forum here.



Read 275 times Last modified on Wednesday, 22 September 2021 15:27