MSMEs Encouraged to Help Shape Country’s Digital Future  

  • Operators of micro, small, and medium-sized enterprises (MSMEs) are being urged to contribute to shaping Jamaica’s digital future. This appeal was made by Harold Davis, the Acting Chief Executive Officer (CEO) of the Jamaica Business Development Corporation (JBDC), during his recent appearance on the JIS TV program "Get the Facts."
  • “Digital transformation is no longer a nice thing to have; it’s a need to have,” Mr. Davis said, as he outlined the transformative potential of the Digital Jamaica Project that is set to enhance the country’s digital landscape. He also emphasised the urgency of digital literacy, availability, and accessibility, noting that Jamaica must embrace a digital future to compete globally.
  • According to a recent JBDC survey, only 33% of MSMEs are actively utilising digital tools and recognising the benefits of digitalisation. While the figure is a start, he described it as “modest”, as the JBDC aims to raise it to at least 80%. Mr. Davis further explained that while many MSMEs are present on social media, they often lack comprehensive digital solutions that could enhance their operational processes.
  • Having analysed the data, the JBDC is committed to increasing the number of MSMEs that leverage digital tools to their advantage. “The JBDC is about general transformation of your business, making sure that your business moves into this space of being globally competitive. So, the first thing that we do is a robust 360 assessment of your business, as no one size fits all,” Mr. Davis explained.
  • This assessment involves the JBDC conducting thorough evaluations of businesses to determine whether a viable business model exists and ensure that companies deliver on their value propositions.
  • MSMEs are encouraged to view their digital journey in three phases: digitization, which converts analogue processes to digital formats; digitalization, which employs suitable tools for e-commerce, supply chain, and human resource management; and digital transformation, which entails a complete overhaul of business models to integrate digital solutions.

(Source: JIS)