Keep up with technological changes or face extinction!
CISCO’s Systems Engineer Shassim Mohammed issued this sobering caution during today’s Digicel Business Solution Summit 2016 at the Sandy Lane Hotel, telling participants that if they were not keeping up with new technologies to grow their businesses and better engage customers, they faced the likelihood of being left behind.
“If you don’t transition to what is happening with information technology and the relevance of the information and customers’ reaction, you are going to be left behind.
“Based on [global] market statistics we have seen that 40 per cent of the existing enterprises, if they don’t digitize soon, within the next five years they are going to become irrelevant,” he added.
Recalling that Kodak had filed for bankruptcy in 2012 because it had failed to keep up with relevant changes, he further urged companies to incorporate modern and relevant technologies in their operations as they became available.
This, he said, would help them to improve interaction with customers, lower their costs and reduce risks.
The Trinidad-based engineer pointed to global studies which suggested that once a company became digitized it was likely to become at least 26 per cent more profitable.
And with customers’ interaction with businesses constantly changing, Mohammad said both enterprises and governments needed to ask themselves if their operations had the ability to adapt and innovate as quickly as customers were changing their needs.
“If we are able to manoeuvre and become agile as our customers’ needs change and we are better able to serve them – our business processes, our outcomes, our solutions – we will always be relevant to the customers. They will always have the tendency to purchase from us. Hence, we make money,” he added.
Pointing to the rise in the use of fibre in recent times and the adaptation of new services by local businesses and Government as a result, Managing Director of Digicel Business Martin Keogh said Barbados was making progress when it came to innovative technology use. However, he said, there was still some way to go.
“We are actually pretty excited about the speed at which Digicel is leading the charge in the marketplace. If you look at our growth on a final note, we’ve had 800 per cent growth in three years . . . . So I think there is an appetite out there that is extreme for catching up with the rest of the world for any organization here that may find themselves behind,” he told reporters.
Keogh said what businesses needed now was greater trust in the various solutions that were being offered to help them grow their operations.
During the summit over 100 businesses had the opportunity to engage vendors on how to better incorporate new and improved technologies in their operations.