Digital Transformation has been a major topic in the Caribbean. Especially, within the last 5 years. In fact, Trinidad and Tobago has recently created an entire ministry dedicated to it. Many factors have to be considered by businesses and governments alike when it comes to their digital transformation journey.
First off what is Digital Transformation?
Digital Transformation is the adoption of digital technology by a company. It is meant to optimize business processes, general productivity, enhance customer relations and general innovation within the organization.
What are the factors that must be considered when developing a digital transformation plan in the Caribbean?
While the backend has to be the priority in any digital transformation journey, various aspects will affect what is the best infrastructure and process for a business. This includes:
First off, businesses should invest in basic digital assets. Companies should evaluate their various processes. Then they must assess what urgently needs addressing, the potential value of digitally transforming each department, risks that may occur and cost comparisons. This should be a full assessment of where the company currently is in their digital transformation journey and where it could be. This can be analysed within every department of the company. From process mitigations, end to end technology of the supply chain, e-commerce solutions and more.
This is best done through consultations with the IT department or an IT company who can also aid in the assessment and especially in the options available to the company.
Many companies focus on their digital assets. However, it is equally important to train employees to understand these systems. Even after, the initial stage of implementation, companies should continue to invest in the skills of their employees. This is one of the most critical aspects of the success of the digital transformation within the company.
Assessing the Trends and Opportunities
It is equally important to stay on top of the trends and opportunities within the market and industry consistently. This is especially important with customers. In the areas of social media and e-commerce where the digital landscape and consumer expectations are everchanging. Signing up for magazines or blogs like Fast Company, Tech Crunch and Hubspot is one of the best ways to ensure that you remain up to date with industry updates.
This blog is based on our FAC Live Show interview with Herbert Lewy of Microsoft, which you can watch the video here.
First Atlantic Commerce provides online payment solutions and international credit card processing for merchants and banks in the Caribbean and Central America. Our services allow merchants to accept and process credit and debit card payments online! Learn more about our online payment solutions and how you can implement it on your website today!