Publication on Caribbean road map for COVID-19 recovery to be launched today
CARIBBEAN road map for businesses to successfully navigate the current pandemic-influenced economic environment is to be launched today.
The 124-page publication titled The New Normal – A POST-COVID Primer for
Business has already been endorsed by Caricom’s 51st Council for Trade and Economic Development (COTED) held in November 2020. In addition, the crucial publication is a guide tailored for micro, small and medium enterprises (MSMES), both new and existing, with tips on preparing these businesses for the post Covid-19-operating environment, and has also been endorsed by some of the region’s leading trade officials.
The publication is penned by Jamaican economist Joseph Cox, current Caricom assistant secretary general with responsibility for trade and economic integration. The virtual launch of the publication will take place at 3:00 pm and will be streamed live at
The keynote speaker at the launch is former Prime Minister of Jamaica Bruce Golding.
The publication details a way forward for Caribbean businesses to recover from the pandemic with several prescriptions for advancement while at the same time laying the groundwork for sustainable growth and development.
The report also presents an interesting contribution to the trade and development discourse and the imperatives for direction by the Caricom business community currently.
The prescriptions contained in the publication seeks to provide a window of hope for Caribbean businesses as they grapple with the diverse elements which need to be incorporated into business strategy at this critical juncture. https://caricom.org/thenew-normal.
DIGITAL TRANSFORMATION AN IMPERATIVE IN THE NEW BUSINESS NORM
The report states that in the immediate aftermath of the pandemic, digital engagement levels have increased exponentially to the point where ICT can no longer be characterised as a mere support service but a principal driver in the business ecosystem.
As such, the report added that significant pressure is being brought to bear on Caribbean businesses to digitise operating models, coupled with a renewed impetus to integrate electronic commerce more fulsomely into standard business models.
At the same time, emerging market dynamics are also dictating that digital channels be optimised in the development of new products and services, and that this level of innovation be also extended to external partners.
Cox, in his publication, cited the emerging consensus among business operators that success in this POST-COVID-19 environment will be conditional on the utilisation of the more advanced technologies such as artificial intelligence (AI) and the Internet of things, to name a few.
IMPERATIVES OF PROCESS TRANSFORMATION
“In process transformation organisations are driven by business processes and, whereas, over time, people have become familiar with the term business process transformation, which is basically an interrogation of existing processes in a company with a view to optimising same,” Cox said in his report
The report added: “Process transformation entails the adoption of an end-to-end mindset at the firm level, which requires the seamless coordination of work activities geared towards meeting client needs. This aspect of the transformation incorporates the use of data analytics, AI, among other technological innovations to revolutionise organisational processes with a view to lowering costs, optimising profits while also enhancing efficiency and thereby fostering greater market penetration and competitiveness.”
In part two of this article coming this Friday in the
Caribbean Business Report,
we will look at the matter of mobilising the workforce, broadening customer engagement and other key areas in MSMES manoeuvring of the novel coronavirus pandemic-influenced business environment.