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Real-time economy is an environment where all the transactions between business entities are in digital format, increasingly automatically generated, and completed in real-time without store and forward processing, both from business and IT-processing perspectives. For enterprises, public sector, and citizens this means, for example, that orders, order confirmations, invoices, and payments flow from system to system without delays. This makes it possible to move towards electronic archiving, electronic book-keeping, and automated accounting.
Real-time economy can be described as an economic system from which the time-consuming intermediate steps between sales and reporting are eliminated. All the elements of business transaction, like sales, invoicing, accounting, tax payment and business reporting, will take place automatically, in a digital environment and in real time.
For example, the real-time enterprise can be considered as a giant spreadsheet of sorts, in which new information, such as an order, is automatically processed and percolates through a firm's computer systems and those of its suppliers. The core objective of the real-time economy is the reduction of latency between and within processes. Latency reduction will reduce capital occupancy costs by occupying assets for less time. It aims at promoting new technologies that enable a more real-time economy, processes, and services.