NewsSaint Lucia PM Addresses The Jamaica Stock Exchange on Digital Transformation

St. Lucia News OnlineJuly 4, 2022123005 min

Prime Minister Philip J. Pierre was one of several high-profile guest speakers at the opening ceremony for the Jamaica Stock Exchange’s 17th Regional Investments and Capital Markets Conference, on January 25, 2022.

Prime Minister Pierre addressed the conference, attended by CEOs, investors, IT professionals and stock traders, on the subject of “Digital Transformation for Caribbean Countries — The Path Forward”. His just under 17 minutes presentation was packed with insightful advice and lessons to be learnt from the application of digital transformation in a dynamic and fast-paced business environment.

The Saint Lucia PM told his audience, “Very often the term ‘Digital Transformation’ is perceived as the simple automation of processes, or the employment of the latest technology.”
But, in his view “the term means much more” and “belongs at the heart of strategic thinking in the world of business and delivery of public goods and services.”

According to Pierre, “Digital Transformation has more to do with ‘transformation’ than ‘digital’, however, the ‘transformation’ needs to be enabled by ‘digitalization.’”

The huge benefit of Digital Transformation,” he explained, was that it “ leveled the playing field in the world of competitive business within countries and between countries, small and large.”

“In today’s knowledge-based economy,” he added, “talent and creativity are not the preserve of any country or social class of people.” He went on to advise that businesses should create a culture of training and life-long learning within their enterprises if they are to remain relevant. And that business models should be driving the technology and not the other way round.

He went on to share how small and medium-sized (SME) enterprises had destroyed previously-well- established and profitable big businesses by enabling digital transformation. “The creation of the digital camera destroyed Kodak’s successful film camera business model.”

“This is an interesting story,” he said, “because Kodak produced the first digital camera, but the success of the film camera was, at the time, just too-good to abandon.” He cautioned from this example that businesses should not allow previous success to breed complacency.

His second example: “Blockbuster, the video rental company, was eventually sent into bankruptcy because of Netflix, an online movie rental business.”
And in reference to a more recent business disruption, he asked, “How many of you remember Skype? COVID-19 arrived and Zoom has made Skype a distant memory…”

Pierre told his audience those examples are lessons for today’s business executive.
In looking ahead , he lamented the low level of broadband penetration within the region and called on the governments of the region to collaborate in making internet access a public good, so that the people of the region are not excluded from the digital world, where so many new opportunities exist.

St. Lucia News Online

One comment

  • Ladesa

    February 2, 2022 at 7:42 pm

    I would like to see the vjdeo of that address lol.

    Reply

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