The Growing Era of Digital Transformation in Caribbean

What is Digitalisation?

Digitalization means using opportunities that technology brings to IT and advanced analysis, sensors, robotics, and 3D printing as leverage for corporate development. This affects the entire ecosystem of companies such as employees, customers, manufacturers, and partners. Companies that want to succeed in digitizing need to improve their current business model and work processes, add new sources of income to their business models or replace old models with new ones.

This process requires implementing new customer experiences, proposing new values, and bringing the organization’s effectiveness and efficiency to new levels. In other words, digitalization is about changing corporate structure, work processes, IT, and people who are working and living in real life right now.

Changes in Consumer Behaviour

We are facing a drastic change in consumer behavior. Consumers want everything regardless of time and place and value visual media. As a result, existing market definitions no longer apply, and innovation takes place at the boundaries of the industry as it leads to B2B2C.

With digital transformation, organizations boost productivity and improve customer experience, which is competitively critical for businesses here in the Caribbean.

According to a PwC survey held early this year, Caribbean businesses have ambitions for digitization, a wide gap between organizations out in front and those struggling to make headway.

All believe that digital transformation boosts productivity and improves customer experience, which is critical for businesses here in the Caribbean.

Barriers to Digitisation in the Caribbean

I believe that there are two main factors that blockage the digital revolution in the region.

First, lack of skilled workers, and second, not enough guidelines or information for transformation.

  • The survey revealed that 46% of the businesses are behind in upskilling workers and believe their organization is behind in training workers with skills for the digital era. They cited lack of time and budget as the top barriers to upskilling their workforce. The lack of alignment/clarity on roles and responsibilities relating to digital ownership and strict or slow processes is the most significant challenge to their overall digital transformation.
  • When it comes to digital transformation entire company has to think, do, and work differently. It is a fundamental shift in thinking and doing, but not every executive knows how to set these guidelines and what requires digitalization.

Digital Transformation is a Complex Process

Digital transformation is not something you can simply write on paper and throw money or technology at and hope that it just happens. Instead, it requires data, skilled employees, training, and the right technology to adopt. In addition, it’s crucial to understand the business plan, and see entire operations to build and implement. Sometimes it’s necessary to work with a solution company that oversees the whole process and understands the c-level’s concerns.

Blockchain is a technology that focuses on ‘decentralization’ that distributes and processes data. Therefore, it can be linked to various industries besides expecting endless scalability and data stored securely and kept intact.

And giving opportunities to businesses such as Interconnect business processes across enterprises, solving the complexity of data privacy legislation, high security, trust, and transparent operation with businesses/customers/suppliers/citizens.

But, some glaring critical technological challenges, some of which are already limiting the scale of enterprise-level blockchain adoption. One such challenge was that blockchain interoperability was practically non-existent.

Blockchain Technology

Currently, most blockchains exist as isolated networks introducing two significant restrictions, among others: No practical way to transfer value directly between different blockchains and the Inability of businesses and individuals to easily deploy distributed applications (dApps) across multiple blockchain platforms.

Blockchain technologies with interoperable features could ensure the reliability of scalable networks and facilitate the removal of barriers between businesses across countries at the same time.

Over the past years, many blockchain platforms jumped into solving this incompatibility issue, so does my company, OneLedger. We have been focusing on perfecting our technology and solving the problem; We have successfully built a platform that allows businesses and individuals to deploy and maintain decentralized services and applications and is also interoperable with other chains.

The primary purpose of creating a protective blockchain like OneLedger is to provide the world community with a fast and easily scalable infrastructure for business, which will protect its users from potential technical and legal problems of the real world and have a developed ecosystem of valuable services.

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