A survey of more than 2,500 businesses across the Caribbean has shown that while there has been an increase in the number of organisations that have a strategy in place for digital transformation (77 per cent in 2024 vs 61 per cent in 2022), 60 per cent of those surveyed reported being delayed in the roll out of their digital transformation plan.
These were among the findings of Digicel Business' 2024 Caribbean Digital Transformation Report, in collaboration with Symptai Consulting Ltd which was released and delved into the progress and challenges faced by businesses across the region.
Evolving from the need for digital transformation that the COVID-19 pandemic highlighted, the report provided an understanding of the current regional state of readiness and actionable insights to navigate this journey.
The study also noted that the top three barriers to success that came up were systems not being properly integrated (35 per cent), key resources being consumed with operational issues (34 per cent) and inadequate priority setting and lack of focus from the senior level of the organisation (31 per cent).
In commenting on the study, Marcelo Cataldo, Digicel Group’s CEO said, “Understanding how important digital transformation is to the business life cycle, this report helps by providing data that can be used to drive transformation journeys. Our aim is to reach businesses at various stages of their journey—whether they are initiating, progressing, or reassessing their strategies—to provide them with valuable insights and support.”
The report also contained key insights for specific industries and groups, including hospitality, financial services, government/public sector and small and medium sized enterprises.
It emphasised that with the importance of digital technology growing from 44 per cent in 2021 and expected to reach 95 per cent by 2025, it’s critical that the various industries leverage their digital capabilities to serve their customers and citizens effectively.
“Transformation doesn’t happen overnight, but is a process of ongoing evaluation and improvement. By working with best-in-class global partners we’re able to provide better solutions for better business,” Cataldo added.
Meanwhile, Marlon Cooper, Symptai’s CEO added that the goal of digital transformation is to provide better conditions in the everyday lives of people, businesses and stakeholders.
"In a digitally transformed Caribbean, we could be an exporter of technology products and services and a contributor to innovation. Doing business is easy, because almost all services are online, which leads to an explosion in entrepreneurship, hassle-free tax collection and trust in e-solutions. We’re all in a large interconnected digital ecosystem and this report provides clear opportunities and steps to achieving this future," Cooper added.