To contribute to financial development and restoration efforts, Microsoft commissioned FrontierView, a world market intelligence and advisory agency for multinationals, to research the impression of COVID-19 on industries in numerous Caribbean international locations.
The “Roadmap to Financial Restoration: The Caribbean” particulars how new applied sciences might help governments, companies, and residents to speed up restoration and emerge stronger from the pandemic and obtain larger earnings ranges.
Financial restoration in key sectors
As a area, it’s prone to take a number of years for the Caribbean’s financial system to rebound to pre-pandemic ranges. Nevertheless, it is very important observe that there shall be vital variations between industries.
Amongst these with quicker restoration occasions are development (infrastructure initiatives), the pharmaceutical trade, medical expertise gear, and agriculture with pre-pandemic earnings ranges reached in the course of the first quarter of 2021. Against this, retail, manufacturing, extractives, development (residential and business), and hospitality and tourism wouldn’t get well this degree of earnings throughout 2021.
“The well being emergency took digital transformation to an entire new degree, condensing years of technological progress over a interval of months. Now, as Caribbean governments, companies, and residents adapt to a brand new regular, technological capabilities corresponding to cloud, synthetic intelligence, and course of automation shall be crucial to growing their resilience to face new eventualities and accelerating their restoration to a sustained development part,” emphasised Herbert Lewy, common supervisor of Microsoft Caribbean.
Funding in expertise accelerates operational development
FrontierView’s examine recognized expertise investments that might speed up the restoration of 14 sectors, together with the federal government, in line with their present wants and funding profiles:
– Transformative investments: highlights corporations that entered the pandemic with a robust monetary place, weren’t as closely impacted, or maybe even accelerated their gross sales in the course of the pandemic. This robustness will allow them to pursue rather more bold digital transformation plans. Right here now we have the IT and telecom, well being (pharmaceutical and medical gear), monetary companies, and utilities sectors. The applied sciences that stand out are:
i. Distant collaboration, course of migration, and buyer interplay options to new on-line platforms.
ii. Finish-to-end digitalization of the provision chain and automation of business processes.
iii Creation of personal platforms for e-commerce and strengthen information platforms and using AI for customized buyer focusing on.
– Productiveness options: corporations on this group had been closely impacted by COVID-19 or had been in much less favorable monetary positions. These corporations will focus extra on discovering course of efficiencies and accelerating their gross sales in the course of the restoration part. Industries impacted embody agriculture, development, mining, manufacturing, and retail (non-durable). The applied sciences that stand out are:
i Demand and income predictive analytics instruments.
ii Penetration of on-line channels corresponding to e-commerce, on-line marketplaces, and omnichannel technique creation.
iii. Knowledge assortment and evaluation platforms to generate info for determination making.
– Money era options: corporations on this class are in probably the most delicate place, having been most aggressively impacted by the pandemic. They need to prioritize investments that assist them defend or generate money move to make sure their business and monetary viability. Industries on this bucket embody retail (sturdy items), eating places/leisure, hospitality/tourism, and oil & fuel. The applied sciences that stand out are
i. Digital brokers and e-payment options.
ii. Instruments to handle the mission lifecycle and demand forecasting based mostly on predictive metrics.
iii. Digital instruments for portfolio administration and gross sales effectiveness.
– Price-conscious transformation: this class applies solely to the general public sector, as governments have taken a significant hit in the course of the pandemic, however they nonetheless have a robust capability and willingness to speculate. Regardless of plunging revenues and a gradual restoration forward, governments can extra simply finance daring transformative investments by tapping into debt, public financial savings, and fostering publicprivate partnerships (PPPs); nevertheless, these should be cost-conscious and efficient actions to protect fiscal credibility and strengthen the restoration. The applied sciences that stand out are:
i. Healthcare procurement options and digital instruments, together with telehealth, to increase entry to well being assets at a decrease value.
ii. Digital tax options that modernize the system, cut back fraud, curb evasion, and promote formality.
iii. Digital platforms to advertise distant entry to authorities companies; citizen assist by AI-powered chatbots.
Entry the total report To entry the entire report that analyzes the response, applied sciences utilized in response to COVID-19 and technological investments to speed up financial restoration in numerous sectors of the Dominican Republic, you possibly can entry the doc by the next hyperlink or on this handle: https://aka.ms/RoadToEconomicRecoveryCaribbean