Challenges of the Digital Economy: Who Can Overcome Them?

July 12, 2018

The impact of the Fourth Industrial Revolution, based on digitisation and robotisation, is a topic that has been talked about over the past few years. Numerous new technological solutions have been created. They change not only the manufacturing itself, but also the economy, business models, society and our everyday lives. The big data, internet of things, new technology, such as self-driving cars, 3D printing, virtual reality, etc., have an immense influence on customers' needs; thus, business models have to change to satisfy the needs.

"To remain competitive, businesses have to prepare for the transformation of the economy. They must build up the intellectual, human, knowledge and social capital of companies, that will help to initiate, create and implement the necessary innovations. The Fourth Industrial Revolution is inextricably linked with the digital economy, the knowledge economy and the development of intangible assets," says Assoc. Prof. Dr. Eglė Kazlauskienė from the Department of Economics Engineering at the Faculty of Business Management at Vilnius Gediminas Technical University (VGTU).

According to her, digital economy is the economy based on wide application of information and communication technologies used for the dissemination of information, communication, purchasing of goods and services, and their production. At the times when technologies enter the economy, the question is – who can manage the new challenges? As E. Kazlauskienė says, there is a need for a new generation of professionals – economic engineers.

VGTU's Associate professor emphasises that economic engineering is not a science about economics with a minor in engineering. "It is about design of various economic processes. The science of economics examines the interaction and behaviour of economic units, and economics as a whole. Microeconomics, macroeconomics, econometrics are integral parts of the science of economics. In addition, economic engineering covers the application of information technologies in research, and processing of big data. In other words, the elements without which it is difficult to imagine a modern professional representing the new generation of economists," she highlighted.

Associate professor points out that the digital single market is among the most important the European Commission's priorities to strengthen the role of Europe in the global digital economy. Within this priority, the special emphasis is on the 5G technology, cloud computing, the internet of things, big data technologies and cybersecurity.

Digitalisation of economy is very important, because it affects all sectors of industry and services. "Country's competitiveness and productivity become increasingly dependent on the ability to create, develop digital innovations, and to apply them in all sectors of the economy. According to the European Commission's data, digital economy is growing seven times faster than other sectors of the economy," says E. Kazlauskienė.

With growth in the sector, the need for professionals is also on the rise. According to E. Kazlauskienė, there is also a need for new competences: "Future professionals, who will be working under the conditions of digital economy, must have a wider spectrum of knowledge, especially, on the new areas of economy, international economic relations, the activities of international organisations, and business opportunities in the global market. They should be able to apply innovative tools and methods of research in technical sciences to analyse and design economic processes. They must know foreign languages."

For example, VGTU study programme in Economics Engineering has such courses as programming Python, big data analysis, digital, industrial, and regional (China or Nordic countries) economics. Language courses (for example Chinese or Norwegian) are also part of the study programme. The study programme is given both in Lithuanian and English languages, and is based on application of mathematical (quantitative) methods. In addition, International Economic Relations' specialisation offers double degree opportunity: VGTU and Kyungpook National University, South Korea.

Language learning is very important in this programme, as national frontiers are blurring in business, trade and economy, and we face global processes. "Companies investing in Lithuania are looking for employees who know other languages apart from English. The demand for professionals who speak Norwegian, Swedish or other foreign languages is rising, and companies are ready to invest not only in the development of their employees, but also contribute to the development of students' competences," says E. Kazlauskienė. VGTU's cooperation with the US company Cognizant Technology Solutions is among the notable examples. A Norwegian language course developed by the company's employees is part of the Economics Engineering study programme.

According to the results of the "QS World University Rankings by Subject 2018", VGTU ranks among the world's TOP 201-250 universities in the Economics and Econometrics subject. This is the highest ranking not only in Lithuania, but also in all Baltic States.
 

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Austėja, a singer in "Vingis": "Here, I can do more than just listen to folk music – I can become a part of it"
Austėja, a singer in "Vingis": "Here, I can do more than just listen to folk music – I can become a part of it"
University is about more than just lectures in auditoriums. It is also an opportunity for personal growth and developing your talents through extracurricular activities. That is why VILNIUS TECH invites students to join the academic choir "Gabija", the theatre studio "Palėpė", the orchestra, or the song and dance ensemble "Vingis". It was in this very ensemble that Austėja Vaikšnoraitė, a fourth-year Event Engineering student at the Faculty of Creative Industries and a vocalist in the group, found not only a new hobby but also friends for life. We invite you to take a closer look at the features, traditions, and unique character of this collective. – First of all, tell us how you chose this study program and VILNIUS TECH? – In high school, I was involved in musical activities, but I was afraid to apply directly for an arts degree. I had always wanted to study in Vilnius, so when I decided on engineering, applying to VILNIUS TECH as my first choice was a natural step. I liked the idea that this study program would allow me to gain technical knowledge while staying close to the creative and event management fields. It was here that I discovered a wide variety of non-traditional student activities, including "Vingis". – And how did the idea to join "Vingis" come about? – A friend encouraged me to join. We went to the auditions together—she wanted to dance, and I wanted to sing. It was quite scary at first because I didn't know what to expect or how things would go. However, as soon as I got there, I realized I was worrying for nothing. I quickly felt right at home, and those initial fears simply vanished.       – Was singing in a folk ensemble a new experience for you? What drew you to try out this specific field? – Folklore and its motifs in music have always interested me, but I had never engaged with them directly. Before "Vingis," it was more of an outside interest, but here I was able to experience it up close—not just listening to folk music, but actually becoming a part of it. Once you feel it up close, you don't want to let go of the magic it radiates. I think that’s what drew me in the most—the realization that folk music isn’t just a piece we perform on stage. Behind it, there is history, people, emotions, and a very strong sense of community. – If possible, could you describe the feeling you experience while singing during performances? – Every concert is a completely different experience. The sense of responsibility before a performance brings stress and various questions: Will everything go according to plan? Will I make a mistake? Will I mix up the lyrics? However, as soon as the concert begins, that feeling usually disappears. The tension fades away, and a sense of euphoria takes over. Singing together, listening to one another, and sharing that collective emotion make up for all the hard work and pre-show tension. For me, that specific moment is incredibly important—when you realize you are no longer alone on stage, but part of a unified whole. I don't necessarily enjoy just standing on stage for the sake of it, but truly magical things happen up there. And it's exactly those moments that make you want to come back again and again. – Participating in any extracurricular activity can bring various benefits. What advantages do you see in singing with "Vingis"? – I see a lot of benefits from singing and being involved in "Vingis". Singing develops creativity, active listening, mutual respect, and, of course, musicality. You also learn responsibility—you realize that your preparation and effort impact not only yourself but the entire ensemble. As a group, "Vingis" provides a very strong social foundation for a young, developing personality. Being here builds courage, discipline, self-confidence, and teamwork skills. However, in my eyes, the greatest advantage is the people. You meet very different personalities here, but everyone is united by the desire to be together, to create, and to experience something more than just university lectures. – Tell us, how do your rehearsals go? – We singers have very few male voices—something we are eagerly looking for during the September auditions—so we usually rehearse all together. We start with vocal warm-ups, which are often a lot of fun and set an energetic tone for the rest of the rehearsal. We learn the pieces by vocal parts, and eventually, we put everything together. Usually, we can get the foundation of a moderately difficult piece down in a single rehearsal, but the work definitely doesn't stop there. We polish the piece for at least another couple of weeks, sometimes even months, depending on the scale of the upcoming concert and the number of songs. Rehearsals aren't always easy, but they are almost always fun. I think that the ability to work seriously while also sharing a laugh is what really helps maintain such a great atmosphere. – How do you all get along within the group? Do you have any traditions or rituals before performances or rehearsals? How do you welcome newcomers? – We are more than just an ensemble; we are one big family—a community that shares its kindness and warmth with absolutely everyone. You can laugh, cry, celebrate, or share a moment of sadness with any member of the group. We have a lot of traditions and special evening events that bring us even closer together. The season kicks off with a welcome evening for the freshmen, followed the next day by an orienteering game around Vilnius and a potluck party at one of the members' homes. In December, we hold an annual review night where we discuss everything we've accomplished over the year and elect a new president. In February, we have "Guys' Night," where the girls organize the best night of the year for them. In March, it's "Girls' Night," and the guys return the favor, often raising the bar even higher. In the spring, we have the freshmen initiation, where the new members take the "Vingis" oath and officially become part of our community for life. We close the season with an incredible camp in Aukštadvaris, where the outside world simply fades away into the silence of the forest. It’s an indescribable experience that you have to feel for yourself—there’s no other way to truly understand it. We also have a special ritual before every concert: we place our hands on each other’s shoulders and interlock arms. Our director, Rimutė, always shares a few words. These aren't just formal pre-show pleasantries—she delivers truly meaningful words that inspire us, calm our nerves, and stay with us throughout the entire performance. We welcome newcomers at the beginning of September, during pre-announced audition dates. The dancers are asked to replicate specific dance moves and are evaluated by the directors. Singers and musicians also showcase their skills and abilities. However, you don't need to be an expert when you arrive—often, motivation, a willingness to learn, and the desire to become part of our community matter much more. – That being said, a student's primary focus is their studies. How do you manage to balance lectures, exams, and, for some, a job, alongside this extracurricular activity? – Balancing studies with "Vingis" is fairly easy, as long as you don't have very late evening lectures. Sometimes, you might get an unfavorable schedule for a semester, which means you have to prioritize and juggle your various commitments. But it is absolutely doable. Once I started working, things got quite a bit more challenging because my chosen profession doesn't have standard 8-to-5 working hours—that's just how the event industry works. Work often takes place on evenings and weekends, sometimes overlapping with rehearsals or concerts. Even if you can no longer participate in the regular activities of "Vingis", the strong bond with the group remains. After all, once a vingietis (a Vingis member), always a vingietis. – Is there anything else you’d like to add, or perhaps a message you’d like to share? – "Vingis" is an essential experience for every student. I’m not exaggerating in the slightest. I don't think I would have experienced such emotions, challenges, and moments of euphoria anywhere else. I gained so many social skills here and met incredibly wonderful, genuine people who I can proudly call my friends. And even if they aren't all close friends, they are people who will never turn their backs on you. It truly is an all-encompassing experience. For me, "Vingis" isn’t just about singing, dancing, concerts, or rehearsals. It’s about the people, the sense of community, the traditions, the laughter, the occasional tears, the exhaustion, the excitement, and that hard-to-explain feeling of realizing you belong to something much bigger than yourself. So, if you are a freshman reading this—consider this a personal invitation to join "Vingis" and experience the true, wild, and wonderful student life. It might seem scary at first, and you might not know what to expect, but there is a very good chance that you’ll find people and experiences here that you will cherish for the rest of your life. And it doesn't matter if you show up to dance, sing, play an instrument, or just out of sheer curiosity—the most important thing is simply to show
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