The article discusses the Real-Time Economy (RTE) notion and explains why it might be the next phase of digital transformation in business and government. RTE describes a digital ecosystem in which financial and administrative transactions between businesses, governments, and citizens occur almost instantly through automated data exchange. Instead of relying on manual processes and paper-based systems, RTE uses machine-to-machine communication and standardised digital data to enable faster decision-making and more efficient operations.  

To understand this emerging concept, the authors conducted a systematic literature review across various disciplines, including information systems, accounting, and economics. Their aim was to synthesise fragmented research and develop a clearer understanding of what RTE signifies and how it can influence the future of the digital economy. The study identifies three main perspectives in existing research and proposes a more integrated definition of RTE as a collaborative digital environment based on automated, paperless transactions and real-time data flows.  

The article emphasises several advantages of RTE. Real-time data exchange can improve efficiency, lower transaction costs, and help businesses respond more swiftly to market changes. Automated systems like e-invoices, digital receipts, and real-time payments also enable organisations to optimise accounting, reporting, and supply chain processes. For governments, access to real-time business data could support better policy decisions, more accurate economic forecasting, and more effective public services. These relationships and benefits are illustrated in the authors' conceptual model, which presents RTE as an interconnected digital ecosystem linking businesses, governments, and citizens through real-time data exchange. 

At the same time, the authors note that implementing a full RTE ecosystem is challenging. Legacy systems, fragmented standards, regulatory differences, and concerns about data security and privacy can slow down adoption. Businesses may also worry about sharing sensitive data or losing control over information when systems become fully integrated.  

Despite these challenges, the study argues that RTE has transformative potential. By combining digital infrastructure, automated services, and new management practices, real-time data ecosystems could enable more innovative business models and closer collaboration between companies, governments, and citizens. As digital technologies such as artificial intelligence and big data continue to evolve, the Real-Time Economy may become an important foundation for future economic growth and digital governance.

*For more details, see the full article: Alishani, A., Olesk, M., Soe, R.-M., Kadak, T., & Krimmer, R. (2025). “Real-Time Economy: A New Frontier in Business and Economic Growth,” published in Halduskultuur. Read the article here.