By Carlvon Ramsingh
Over the last two years, Mrs. Kamla Persad-Bissessar, former Prime Minister and now Leader of The Opposition in Trinidad and Tobago, has championed the 4th Industrial Revolution, The Digital Age as a diversification strategy. This is quite encouraging especially in times of economic downturn, as it represents an avenue for engaging the human capital of the country, in an increasingly restless social environment.
Charting a Digital Way Forward
Given this posturing, there are many challenges to be surmounted, the first being political. Mrs. Persad-Bissessar’s stance represents a remarkable development in the emergence of technology as a mainstream economic growth strategy. It is the first time in the Caribbean that a Leader has emerged as an advocate for technological advancement and represent a shift in the political thinking. The effect of such a change speaks volumes for the future of Trinidad and Tobago in an ever-decreasing global market for fossil fuels. The Oil & Gas Sector in Trinidad and Tobago has been experiencing the shocks of low oil prices and consistent lower production in both oil and gas.
Increasingly, the need to diversify the economy is becoming urgent and critical. This requires the political directorate to make the decisions and support the diversification efforts. So far, little is being done by the present regime.
Investment is needed. Critical infrastructural capacity and capabilities are competencies needed to achieve this thrust forward. The country’s financial burdens weigh heavily of its ability to adequately invest in the paradigm shift. The door is therefore open to engage International funding agencies in the development process. Several Initiatives have been undertaken or are in the process. The IDB has entered into a loan agreement with the Trinidad and Tobago government for the thrust into the ITeS global sector, Loan 3112OC-TT. This Initiative was started under the Mrs. Persad-Bissessar Government, and although there are structures in place for the administration of it, the commencement has been quite cumbersome and given its pace, it is dubious such an Initiative will result in the economic growth of the country in the near future.
The opportunity to invest in creating the digital economy for Trinidad and Tobago is real.
In this regard Augmented Consulting has created a roadmap for the development of this Sector, as well as a Smart Industrial Policy to engage the rest of the economy and we shall welcome investors to help create this new economy.
The relentless, breathtaking speed of technological advancements and innovations continue to drive towards a new standard of living, of society and of governance. We are constantly and consistently pushed to new frontiers in global finances, global delivery, global technology the likes of which are shaping a new global order. These all point to greater benefits for the masses, but can pose a serious challenge to the economic order that has ruled countries, continents, and conglomerates.
The rise of Blockchain technology and crypto currencies has been nothing short of phenomenal and since our post of December 2016 this blog has been speaking to this specifically, whilst focusing on the emerging Digital Economy since inception. As we speak, Bitcoin Cash, a crypto currency spinoff from Bitcoin, has hit staggering new heights, The growth of other crypto currencies has also risen. Etherum, has risen steadily and is considered a major substitute. The trajectory is an upward trend and this is expected to continue as its usability becomes more entrenched.
Quite apart from the crypto currency though, is the technology running Bitcoin. That technology is Blockchain. Blockchain is considered to be a foundational technology according to Karin Lakhani, Professor, Harvard Business School. Blockchain is basically an online distributed ledger, and each participant in a transaction has a copy of that transaction. This authenticates the transaction providing fair evidence, which then becomes the basis of proof of contract etc. Certainly digital transactions can be added to show proof of work and completion of work within scope hence enabling an agreement to pay.
The consequences of such a technology is enormous in ensuring accountability and engendering the culture of fairness and accuracy. In Trinidad and Tobago, the enabling factor for the proper enactment of the Procurement And Disposal of Public Property Act 2015, can be Blockchain.
Blockchain is a game changer.
The fact is we live in an ever changing world. Some people are comfortable with this change and relish it. The price of Bitcoin reach past the $7000 on Thursday 2nd November 2017 and attracting great attention by the public. Such huge shifts are bound to get noticed. The private Central Banks and their owners must be scrutinizing, in great detail, these going’s on to figure the effect it will have on their wealth. The Harvard University Press reported Oxfarm as saying the world’s wealth is controlled by a minute few.
What then can we expect from this super-wealthy elite? What would their reaction be to this real threat and how would such a realization manifest itself, but your guess is as good as mine. When personal wealth is threatened, people can be very defensive.
Technology definitely has its great benefits. Of that, there can be no argument, but it also has the effect of challenging the status quo, and can result in terrible consequences and of that, I’m certain.
Is your company made up of a CEO and 3-4 Executives who make key decisions?
From the excerpt below, this Harvard Business Review article tells you why you should not be doing this and much more.
“In general, therefore, we suggest that CEOs avoid delegating input on strategic decision making to groups of only four or five people. To be sure, smaller teams reduce coordination and communication costs and reach consensus faster. But larger teams have more information-processing capacity and a greater diversity of perspectives. We recommend enlisting 10 to 14 executives when it comes to debating the company’s long-term strategy. (More than 14 is inadvisable, because members of very large teams tend to disengage.)”