The newly-launched Caribbean Digital Transformation Institute (CDTI) piloted by the Caribbean Export Development Agency (Caribbean Export) is to equip Caribbean small businesses with improved digital capabilities as they leverage the use of modern technology to compete globally.

Under a three-year project, funded by the Inter-American Development Bank (IDB) and Compete Caribbean, regional micro, small, and medium-sized enterprises (MSMEs) will gain access to a self-assessed digital check-up tool to gauge their ‘digital maturity’, after which comes a tailored e-learning plan to improve their technological capabilities.

Speaking at the recent launch event, Caribbean Export’s Executive Director Deodat Maharaj promised participating Caribbean businesses “clear results and actionable recommendations” aimed at not only enhanced digitalisation but also allowing for greater growth, profits, and opportunities.

“Innovation and digitalisation are absolutely critical to help our businesses compete and become fit for purpose in a hyper-competitive world. This digital transformation institute will establish a programme using a data and knowledge-driven approach to first help our Caribbean businesses understand, and then check, their level of adoption of digital technologies, practices, and processes,” Maharaj said, while noting that the CDTI will offer businesses invaluable support and insight.

“I encourage every business to dedicate the time to complete the check-up. The combined data generated by widespread use will create a treasure trove of data analysis, producing actionable insight for all partners working to support our private sector in becoming more competitive,” he added.

The digital check-up tool, which is said to have already been rolled out in some 17 Latin American countries, after its initial start-up in Chile back in 2019, private sector lead specialist at the IDB, Sylvia Dohnert believes will be even more effective in the Caribbean.

Working alongside the CDTI’s E-Learning Management platform, the tool, she said, will help to identify knowledge gaps as it recommends a range of customised IT courses for businesses.

“This project is the result of thinking how to bring this tool to the Caribbean but taking it a step further by building a curriculum online to support the upgrading of businesses. We wanted to be able to direct businesses to the right resources for their status in terms of digital transformation, and we wanted to strengthen the ecosystem that supports them in their digital journey and innovation journey,” she said.

Caribbean Export’s advisor for innovation and digital business, Phillip Jackson, also said that while the digital check-up tool sits at the core of the CDTI, the project carries several other components including the development of a marketplace for digital service providers, which is also useful in finding relevant specialist quicker and easier.

“This is a comprehensive programme providing a 360-degree look at the digitalisation ecosystem in the region. The actionable data will drive policy interventions and drive knowledge products on the E-Learning Management platform and allow all of our private sector development organisations and agencies to interact and help businesses along their digitalisation journey,” Jackson stated.