Business chamber driving digital transformation for growth

The Barbados Chamber of Commerce and Industry (BCCI) said Friday it is ramping up initiatives to equip local businesses with the tools and strategies needed to thrive in the digital age, with a strong emphasis on artificial intelligence and innovation.

BCCI President, James Clarke, noted the chamber’s role in advocating for government policies and incentives to encourage businesses to invest in technologies such as artificial intelligence (AI) to enhance competitiveness.

“The BCCI has a role in assisting the business sector in building a culture of innovation,” Clarke told Barbados TODAY. “The BCCI also has a role in lobbying the government on policies and incentives designed to encourage businesses to invest in, and leverage digital technologies to enhance business efficiency, productivity, and competitiveness.”

Clarke also referred to the Chamber of Commerce’s focus on fostering collaboration among industry leaders through platforms like the CEOs Digital Roundtable.

The event, hosted recently by the chamber, provided C-suite executives with insights into achieving sustainable enterprises and enhancing the value of goods and services through digital transformation.

“A key strategy of the BCCI is to facilitate platforms for engagement among CEOs, directors and other decision-makers on digital transformation and how they can achieve sustainable business enterprises and enhance the value proposition of their goods and services by integrating AI and other digital technologies,” Clarke said.

“It is anticipated that the chamber will host more of these sessions in 2025 to assist businesses with the tools and practical guidance to navigate this new digital environment in which we operate.”

His comments further align with findings from a recent KPMG survey, which revealed that 64 per cent of global CEOs identified AI as their top investment priority for 2024.

Despite economic uncertainty, the survey of over 1 300 business leaders worldwide found that 92 per cent plan to boost employee headcount over the next three years, reflecting optimism about growth.

In a recent release, KPMG in CARICOM Country Leader Raymond Campbell commented on the survey’s relevance to the Caribbean, noting: “Over the last ten years, CEOs have sought to create confidence in a number of ways, notably increasing investment in innovation and tech, placing people at the heart of growth strategies, and renewing their commitment to ESG [environmental, social and governance] and sustainability as a source of value creation.”

He added: “AI is poised to revolutionise island communities by addressing their unique challenges and unlocking new opportunities. AI-powered predictive analytics can help island businesses optimise their operations, such as supply chain management and inventory control.

Additionally, AI-driven personalisation can enhance customer experiences, leading to increased satisfaction and loyalty.”

The survey also highlighted challenges to AI adoption, with 61 per cent of CEOs sharing ethical concerns as the most difficult to address.
A lack of regulation (50 per cent) and technical skill shortages (48 per cent) were also flagged as key obstacles.

Furthermore, while 76 per cent of CEOs believed AI would not fundamentally impact the number of jobs, 58 per cent admitted that generative AI has made them rethink the skills required for entry-level roles.

The survey revealed that CEOs are renewing their commitment to ESG goals, with some 24 per cent acknowledging that failing to meet ESG expectations could give competitors an edge.

Head of ESG at KPMG Islands Group, Arnaud van Dijk said: “In our islands, we have recently seen firsthand the encouraging shift of many CEOs prioritising sustainability, with most planning to formalise their ESG strategies within the next two years.”

He noted the challenges in reporting ESG efforts: “Reporting in a meaningful way to stakeholders is taking up significant resources.”

“The exciting opportunity now is unlocking the full potential of ESG, turning these strategies into real value that drives both meaningful impact and long-term business success,” Van Dijk said.

In response to the report, the BCCI president reaffirmed the chamber’s commitment to helping businesses remain competitive, noting that its efforts to host more engagement sessions and advocate for policies supporting digital transformation would equip businesses with the tools needed to thrive in the digital age. (SM)