‘The New Normal – A Post-COVID Primer for Business in the Caribbean’ penned by CARICOM Assistant Secretary-General for Trade and Economic Integration

A blueprint for Caribbean businesses to successfully navigate the current pandemic business environment has just been published and will be officially launched on Wednesday (April 28).

The publication titled, The New Normal – A Post-COVID Primer for Business, is penned by Jamaican economist, Joseph Cox, current CARICOM assistant secretary-general with responsibility for trade and economic integration.

The 124-page publication has already been endorsed by CARICOM’s 51st  Council for Trade and Economic Development (COTED) held in November 2020.

Bruce Golding, former prime minister of Jamaica, will be the keynote speaker at the launch of the document, which details a way forward for Caribbean businesses in recovering from the pandemic.

The publication includes a number of prescriptions for advancement while at the same time laying the groundwork for sustainable growth and development.

In fact, the report presents an interesting contribution to the trade and development discourse and the imperatives for direction by the CARICOM business community at this time. The prescriptions contained in the publication seek to provide a window of hope for Caribbean businesses, as they grapples with the diverse elements which need to be incorporated into business strategy at this critical juncture.

The New Normal – A Post-COVID Primer for Business forms an important contribution to the Caribbean’s resolve to emerge from the present crisis more resilient and better positioned than it was prior to COVID-19. For micro, small and medium-sized enterprises, embracing the direction provided by the publication would confirm the region’s vision of exceeding its historic ‘highs’ as it strikes out into an era of increased uncertainty but with positive expectations for even greater development dividends.

Digital transformation an imperative in the new business norm

In the immediate aftermath of the pandemic, digital engagement levels have increased exponentially to the point where ICT can no longer be characterised as a mere support service but a principal driver in the business ecosystem. As such, a significant pressure is being brought to bear on Caribbean businesses to digitise operating models, coupled with a renewed impetus to integrate electronic commerce more fulsomely into standard business models.

At the same time, emerging market dynamics are also dictating that digital channels be optimised in the development of new products and services, and that this level of innovation be also extended to external partners.

Cox, in his publication, cited the emerging consensus among business operators that success in this post-COVID environment will be conditional on the utilisation of the more advanced technologies such as artificial intelligence (AI) and the Internet of Things, to name a few.

In this regard, there are three principal types of digital transformation, as highlighted by the CARICOM assistant secretary-general.

Optimise company processes through transformation

Cox singled out for special emphasis in his digital transformation prescription what he called process transformation in which organisations are driven by business processes and whereas, over time, persons have become familiar with the term business process transformation, which is basically an interrogation of existing processes in a company with a view to optimising same.

Process transformation entails the adoption of an end-to-end mind-set at the firm level, which requires the seamless coordination of work activities geared towards meeting client needs. This aspect of the transformation incorporates the use of data analytics, AI, among other technological innovations to revolutionise organisational processes with a view to lowering costs, optimising profits while also enhancing efficiency and thereby, fostering greater market penetration and competitiveness.

Several employees have now become accustomed to working from home and some argue that, without the rigidity of an office environment, they are actually more productive, armed now with the requisite technological tools to facilitate their work. Conversely, there are those who absolutely hate it and long for the social interactions and camaraderie that sometimes characterise the work environment.

According to the Jamaican economists, “this presents an opportunity for businesses to formally introduce flexi-work schedules, with persons being allowed to only report to the office a few times per week, representing a compromise of sorts to the telework or work-from-home strategy that would have obtained in the throes of the COVID-19 pandemic. However, this scenario requires the establishment of specific performance metrics and deadlines which will have to be monitored to ensure that efficiencies and productivity gains, previously alluded to, are maintained”.

This would imply opportunities to review their overall needs for office space and an opportunity to reduce overhead expenses. While this is only applicable to certain types of businesses, the benefits of a flexible approach to work at the level of the firm can be mutually beneficial and also aid in staff engagement and retention. There might also be opportunities for re-skilling (process of learning new skills to do a different job) and up-skilling (focus is on improving the skills of workers).

Broadening customer engagement

The success or failure of any business enterprise is usually predicated on its level of customer engagement. This has become even more critical in the post-COVID-19 era, as most consumers have been forced by their particular circumstance during the period of protracted restrictions, occasioned by the pandemic, to alter patterns of behaviour and acquire new habits.

In that regard, the new normal will be influenced by the percentage of those changed behaviours that are retained over the medium-term. In fact, it is quite likely that issues such as social distancing and the wearing of personal protective equipment may well continue to be part of the social dynamic as far afield as in 2023.

This is based on a notion that COVID-19 will be a factor influencing human behaviour well into the medium term. The impact of the pandemic has already been manifested in terms of obvious changes in psyche of the average consumer, with increased emphasis being placed on contactless delivery, heightened sanitation, and an overall shift towards the use of digital channels in conducting business.

This is not limited to the retail sector but has permeated every aspect of the business cycle, including customer interactions with the State.

The heightened sensitivity to germs and the spreading of infection by some have already altered the operational ethos of some industries, most notably the fast food industry.

Companies will therefore need to realign their customer engagement and distribution models to become congruent with the real-time digital transformation and demographic shifts which are occurring.