BUSINESS MONDAY: ICT changing our lives

AS BARBADIAN companies look to achieve greater efficiencies they are being reminded that leveraging advances in communications technology is imperative to surviving in the modern business world. 

 

Ezra Prescod, Vice President of the Barbados Chamber of Commerce and Industry (BCCI), made the comment as he underscores the significance of technology to the future business and the economic development of this country. 

 

Stating that technology enhances business success and development, Mr. Prescod remarked that developing countries need to take lessons from the fact that developed economies had seen digital technologies lead to cheaper, more efficient and ultimately more sustainable ways of doing business.

 

According to him, “Information Communication Technology (ICT) has drastically changed our private and work life. We cannot deny this. It has grown to permeate the business world ,affecting how companies make and market their products as well as how people communicate, accomplished their jobs, and serve customers every day.”

 

The BCCI official noted further that advances in cellular phone technology have revolutionised the way business people communicate with clients, employees, suppliers and with strategic partners. 

 

Prescod further argued that the Internet has revolutionised the marketing function in addition to opening up a wide range of communications options. 

 

The BCCI Vice President reasoned too that modern smart phones are changing the game yet again with the introduction of new and innovative applications. 

 

According to him, in the broader context life without technology and how businesses can survive. 

 

Quoting from the Public Leaders Network, an international source, Mr. Prescod said that mobile access to the Internet is helping to power social and economic mobility all over the world.

 

“Naturally this would lead to increased spending power, stronger economies and strong platforms for businesses to operate on,” the BCCI official said.

 

 He noted too that the world had seen the potential of mobile to provide people with access to financial services, a huge growth issue in developing countries where many people do not have access to banks.