Recently, I had the opportunity of working with a large organization, advising and implementing a cloud-based solution. The most important lesson learnt was the strategic importance and role of the technology when used innovatively and creatively. Strategic decisions were made to influence operation into attaining highly effective results, when matched against targets realistically formulated. Not only were the results on target, but the benefits were high in terms of effIciency, translated into greatly reduced costs.
Cloud Computing, a Digital Age innovation, as a platform is disrupting many traditional systems whilst relelentlessly targeting the high costs legacy systems. The ease of use, its low cost, coupled with high capacity, speed, scalability and robustness makes it inevitable for organizations to adopt, micro, small, medium and large. Business will be able to achieve sizable savings in their traditional costs,msuch as IT, but also re-engineer their processes.
Another way the Technology factor will affect the economy is the future of oil prices.
Technology in the form of electric cars and its increasing disruption of the traditional market. According to reports, the expected rise in sales will further dampen oil prices.
Apart from technological pressures, The future of oil prices itself, seems to be bleak. Another Business Insider report suggests the OPEC accord to cut production has failed, and as a result, the supply of oil is unlikely to be reduced, especially with Iran not supporting the production cut.
The Trinidad and Tobago economy will be impacted negatively as these global conditions continue. Further decline in GDP and increase in the National Debt is expected.
All is not doom and gloom since Trinidad and Tobago can still develop areas that are non-traditional and strengthen traditional such as agriculture and tourism. It takes careful planning and execution not as yet demonstrated.