A survey of over 2,500 Caribbean businesses has revealed that while more organizations are adopting digital transformation strategies, the majority are experiencing significant delays in implementation.
The findings come from Digicel Business’ 2024 Caribbean Digital Transformation Report, conducted in partnership with Symptai Consulting Ltd.
According to the report, the number of organizations that have implemented a digital transformation strategy has increased significantly, rising from 61 per cent in 2022 to 77 per cent in 2024.
Despite this progress, the study has found that 60 per cent of surveyed businesses are reporting delays in executing their digital transformation plans.
The study has identified three primary obstacles that are hindering progress in the region. The most significant challenge is systems integration issues, which affects 35 per cent of organizations. The second major barrier involves key resources being consumed by operational issues, impacting 34 per cent of businesses. The third most common obstacle is insufficient priority setting and lack of senior-level focus, which affects 31 per cent of organizations.
“Understanding how important digital transformation is to the business life cycle, this report helps by providing data that can be used to drive transformation journeys. Our aim is to reach businesses at various stages of their journey—whether they are initiating, progressing, or reassessing their strategies—to provide them with valuable insights and support,” said Marcelo Cataldo, Digicel Group’s CEO.
The comprehensive research has highlighted particular challenges and opportunities across multiple sectors, including hospitality, financial services, government, and small and medium-sized enterprises. The importance of digital technology is expected to increase dramatically, with projections showing a rise from 44 per cent in 2021 to 95 per cent by 2025, placing increased pressure on industries to enhance their digital capabilities.
“The goal of digital transformation is to provide better conditions in the everyday lives of people, businesses and stakeholders. In a digitally transformed Caribbean, we could be an exporter of technology products and services and a contributor to innovation. Doing business is easy, because almost all services are online, which leads to an explosion in entrepreneurship, hassle-free tax collection and trust in e-solutions. We’re all in a large interconnected digital ecosystem and this report provides clear opportunities and steps to achieving this future,” stated Marlon Cooper, Symptai’s CEO.
“Transformation doesn’t happen overnight, but is a process of ongoing evaluation and improvement. By working with best-in-class global partners we’re able to provide better solutions for better business,” Cataldo added.
This third iteration of the Digital Transformation Report builds upon valuable insights that were gained during the COVID-19 pandemic, which highlighted the critical need for digital adaptation across the region. The comprehensive study serves as an essential benchmark for organizations to measure their digital progress and identify specific areas for improvement in an increasingly technology-dependent business environment.
