The easiest way to go deeper into this is to look at what problems it can solve:
- Data is received with a long delay, there might be information currently out of date; the data is asked repeatedly, again and again;
- 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;
- Data cannot be exchanged in machine-readable form;
- 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.