HELLO TOMORROW. FROM TRANSFORMING TO TRANSCENDING - CARIBBEAN DIGITAL READINESS SURVEY 2021 - PWC

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HELLO TOMORROW. FROM TRANSFORMING TO TRANSCENDING - CARIBBEAN DIGITAL READINESS SURVEY 2021 - PWC
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Caribbean Digital Readiness Survey 2021

Hello tomorrow.
From transforming
to transcending
HELLO TOMORROW. FROM TRANSFORMING TO TRANSCENDING - CARIBBEAN DIGITAL READINESS SURVEY 2021 - PWC
2   |   Caribbean Digital Readiness Survey 2021

From boosting workforce productivity
to improving customer experience,
accelerating digital transformation is
                                                  What marks out the
now competitively critical for businesses
here in the Caribbean region.

But PwC’s first Caribbean region digital
                                                  transcenders? How
                                                  can you become one
readiness survey reveals a wide gap
between organisations out in front and
those struggling to make headway.

What marks out the digital transcenders -
not just transformers? How can you win in
digital and become one of these
                                                  of these pace-setters?
pace-setters? Our survey benchmarks
where organisations in the Caribbean are
on their digital journey across six
key themes.
HELLO TOMORROW. FROM TRANSFORMING TO TRANSCENDING - CARIBBEAN DIGITAL READINESS SURVEY 2021 - PWC
3   |    Caribbean Digital Readiness Survey 2021

Snapshot
        Caribbean businesses set bold                             Digitisation is accelerating, but                     Productivity boosted
        digital ambitions                                         ground still to be made up                            Almost three-quarters of respondents believe that
        More than 80% of businesses in our survey are             Most respondents believe that they’re meeting or      use of digital technologies and behaviours has
        focusing their digital strategy on modernising            exceeding targets on integrating new technologies     boosted workforce productivity. Over half believe
        their brand with new capabilities, ahead of               into business processes, and products and             it has increased employee satisfaction.
        doing what they’ve always done faster and more            services – 42% on target and 28% ahead. But
        efficiently (62%).                                        that leaves more than a quarter who acknowledge                                     73%
                                                                  that they are behind target. Moreover, only 15%                                     say productivity
                                                   Modernising    believe that their digital fitness is on a par with                                 is up
                                   80%             with new
                                                   capabilities
                                                                  or ahead of the leaders in their industry.

                                                                  Pulled in too many directions                                                       57%
                                                                                                                                                      say employee
                                                                  There are now an infinite variety of digital                                        satisfaction is up
                                                                  tools and technologies on offer. The
                                                                  challenges of making and
        Further upskilling                                        implementing the right
                                                                  choice are exacerbated
        is critical                                               by the need to get on
                                                                                                                        Switch to remote working
        Digital transformation is as much                         with business as usual.                               becomes permanent
        about people as systems – you can’t                       Respondents see                                       The shift to remote working caused by COVID-19
        create a digital organisation if your                     competing priorities                                  is here to stay. Over half of respondents expect
        workforce is still stuck in analogue.                     as the biggest barrier                                at least a third of their employees to be
        But 46% believe their organisation                        to creating effective                                 working remotely more than one day a week a
        is behind in training workers with                        customer and employee                                 year from now. Alongside the right technology,
        skills for the digital era.                               experience.                                           this shift demands new ways of engaging with
                                                                                                                        and managing your workforce.
HELLO TOMORROW. FROM TRANSFORMING TO TRANSCENDING - CARIBBEAN DIGITAL READINESS SURVEY 2021 - PWC
4   |   Caribbean Digital Readiness Survey 2021

                         Welcome to Hello, tomorrow. From                                                                               Clearly digital transformation is a journey and most
                                                                                   Caribbean Digital IQ                                 respondents (66%) only began in the past three
                         transforming to transcending, our
                                                                                                                                        years. But 2020’s shift to remote working and step
                         first Caribbean-focused digital                                                                                up in digital customer engagement have ratcheted
                         readiness survey.                                                                                              up the pressure to accelerate progress.

                         The big questions we explore include how far                                             Scale: 0 (weak)       When asked about the risks of failing to transform
                         businesses in the Caribbean have come in their                                           to 100 (strong)       into a digital organisation, more than three-
                         digital journey, how can they accelerate progress,                                                             quarters of respondents believe that their revenue
Frazer Lindsay                                                                                                                          growth and/or profitability would suffer (78%).
                         and what can they learn from the front-runners –
CEO, PwC in the
Caribbean                the ‘transcenders’.                                                                                            More than half are concerned that customer
                                                                                                                                        satisfaction would decline (58%) or that they
                         The findings make fascinating reading. They reveal      Building on PwC’s Global Digital IQ framework,         wouldn’t be able to compete with others in the
                         the high level of ambition for digital transformation   this is the first regional study to gauge progress     industry (52%).
                         in our region. They also highlight barriers to          on developing digital capabilities. Digital IQ
                         change, and our insights on how they can be             measures how well an organisation understands          However, if your business is able to get ahead of
                         overcome.                                               and captures the value of digital investments in       the pack, the game-changing potential includes
                                                                                 terms of tools, business processes, and culture        more informed data-driven decisions, a more
                         As both the survey results and our experience           (0=weak and 100=strong). The average IQ for            compelling employee and customer experience,
                         here at PwC underline, moving forward is as much        the companies in our survey is 63. But there is a      and more tailored and targeted products and
                         about people as systems. That’s why a significant       wide gulf in scores (22 to 91). And when asked to      services.
                         proportion of our own investment in digital centres     identify and compare themselves to the leaders in
Zia Paton
Digital Leader
                         on upskilling. Our commitment is demonstrated           their industries, only 15% of respondents rate their
                         by the fact that our region is a leader in our global   digital readiness as being on a par with, or ahead
                         network on digital training and technologies.           of, those leaders.
HELLO TOMORROW. FROM TRANSFORMING TO TRANSCENDING - CARIBBEAN DIGITAL READINESS SURVEY 2021 - PWC
5   |   Caribbean Digital Readiness Survey 2021

Foundations for success

What then does                                    1   Clear definition of digital that
                                                      recognises that success is

our survey reveal                                     as much about an innovative
                                                      mindset and workforce

about the key                                         capabilities as systems alone        What it takes to make digital
                                                                                           transformation succeed:

foundations for
                                                      Digitally savvy leaders who
                                                  2   lead from the front rather than
                                                      delegating and are prepared          “A complete shift in the
success:                                              to take risks in support of
                                                      transformation
                                                                                           mindset…and a genuine
                                                                                           commitment to digital
                                                      Progress on developing and
                                                  3   applying digital skills – not just   transformation.”
                                                      among a few specialists or
                                                                                           Survey respondent
                                                      creatives, but the workforce as
                                                      a whole

                                                      Timely, relevant, and consistent
                                                  4   data to drive effective decision
                                                      making, innovation and
                                                      differentiation
HELLO TOMORROW. FROM TRANSFORMING TO TRANSCENDING - CARIBBEAN DIGITAL READINESS SURVEY 2021 - PWC
6   |   Caribbean Digital Readiness Survey 2021

Solutions to your challenges

No time for digital?
Digital transformation can seem like a second order
priority, even a distraction, when your business and
its workforce are just trying to keep afloat. Staff
may also be resistant to change, seeing digital
transformation as a threat to their jobs.

Solution
That’s why it’s so critical to make digital relevant to your workforce.
Demonstrate the benefits in areas such as new business won and improved
customer satisfaction. Give them the time and license to apply new skills
in their day-to-day work. This is an opportunity to work smarter not harder
and to create new and fulfilling tech-enabled employment. There are also
opportunities to create the transferable skills needed in an unpredictable and
fast-changing world, such as creativity, leadership and problem solving.

We know from the shift to remote working that employees will get behind
change when they see a clear rationale.
HELLO TOMORROW. FROM TRANSFORMING TO TRANSCENDING - CARIBBEAN DIGITAL READINESS SURVEY 2021 - PWC
7   |   Caribbean Digital Readiness Survey 2021

The data isn’t there                               “Employees have
You’ve invested in new systems,                    to buy into [digital
but can’t get the data to run on
them or it’s in the wrong format.
                                                   transformation] as
                                                   change is sometimes
                                                   difficult to implement
Solution                                           and sustain.”
The data is often there. But you may need
to reach out to business teams to unearth it,      Survey respondent
underlining the importance of organisation-wide
buy-in and involvement. There is also a lot of
external and unstructured data that can be mined
from sources such as social media or bought in
from third parties.
8   |   Caribbean Digital Readiness Survey 2021

                                                      “We need to be aware
We’re overwhelmed                                     of where it makes sense
Transformation is inevitably
daunting. Where do you begin?                         to go digital and where
What do you prioritise?                               it doesn’t. At this stage
                                                      and for the foreseeable
Solution                                              future, much of our core
It’s important to make change manageable. That
means setting an overall vision, while rolling        business cannot be cost
                                                      effectively automated.”
out investment, implementation, and workforce
training in iterative steps. It’s also important to
fail fast, and learn fast as you look to build the
agility and resilience needed to deal with constant   Survey respondent
change.
9   |   Caribbean Digital Readiness Survey 2021

Transcenders:
                                                      Mandate change
                                                  1   Mandate a leadership strategy

Taking transformation
                                                      focused on collaboration and
                                                      cross-functional work. Digital
                                                      should be your corporate strategy,
to the next level                                     not just a sideshow.

                                                      Invest like you mean it
                                                                                            “Forward thinking
                                                  2
Here at PwC, we’ve studied digitally
transforming companies for many years                 Understand the technology,            management and
through our Global Digital IQ research.               processes, operating models, and
What emerges is a winning 5% who are
leading the way in every area we assess
                                                      ways of working that you need         senior leadership who
                                                      to succeed in the future. Invest
– from growth and profits to innovation,
customer experience and more. We call                 accordingly.                          are all bought-in and
them transcenders. They’re marked out
                                                      Empower your people
                                                                                            will fully support the
                                                  3
by four key attributes:
                                                      Tap into the creative brain power
                                                      of all your employees. Upskill them
                                                                                            transformation initiatives
                                                      and upgrade your training. Foster     and help to implement
                                                      a mindset that revolves around
                                                      employee experience.                  real change.”
                                                                                            Survey respondent
                                                      Build up resilience
                                                  4   The new normal is constant
                                                      change. Build a resilient culture
                                                      and learn to regroup, readjust, and
                                                      tackle change head-on.
10   | Caribbean Digital Readiness Survey 2021

About this survey
                                                                79%
In October/November 2020, we surveyed over                                     The questions sought to gauge organisations’ digital readiness, enablers
600 senior executives from organisations in                                    and barriers to change, and priorities for the future. Our thanks to our 92
seven countries in the Caribbean.                                              respondents for kindly sharing their time and insights.

                                                                                    Government & public services
                                                              have USD$2m+          Other                                                3% 3%   8%
                                           Bermuda
                                                              in revenue.           Aerospace, defence & security                   4%
                                                                                    Technology
                                                                                                                              6%
                                                                                    Capital projects & infrastructure                                  15%
                                                                                    Media
                                                                                    Telecommunications

                                                              16%
                                                                                    Hospitality & leisure
                          Bahamas                                                   Healthcare
                                                                                                                        16%
                                                                                    Insurance

                                                                                    Energy, utilities & resources
                                                              have USD$100m+        Asset & wealth management
                                                                                                                                                        16%
                                                              in revenue
      Cayman                                                                        Consumer markets                          11%
      Islands

                    Jamaica                                                         Banking & capital markets                                    11%
                                                                                                                                         7%
                                                   Barbados                         Engineering & construction

                                                                72%
                                                 Trinidad &                         Automotive
                                                 Tobago
                                                                                    Industrial manufacturing

                                                 Guyana
                                                                 C-Suite            Transportation & logistics
11   | Caribbean Digital Readiness Survey 2021

Key findings

                                                 “Of paramount
                                                 importance will be digital-
                                                 savvy leadership, the
                                                 empowerment of staff to
                                                 innovate and work in new
                                                 and different ways and
                                                 the ability to recruit and
                                                 retain the right talent for
                                                 digital transformation.”
                                                 Survey respondent
12   | Caribbean Digital Readiness Survey 2021

Expected benefits
Improved customer experience is the number one goal for digital transformation.                                                                              In the following areas, to what extent
Also high on the list of expected benefits are sharper decision making and                                                                                   do/did you expect benefits as a result of
                                                                                                                                                             digital efforts?
enhanced brand and reputation.

                                                  Grow revenue                25%                                      48%                              20%              6%      1%

                       Create better customer experiences                                      57%                                                40%                         3% 1%

                                                 Increase profits           21%                                              56%                             18%            4% 1%

                                         Achieve cost savings               24%                                              59%                               11%          6%   1%

                 Improve talent retention and recruitment                   19%                                  44%                                   29%              7%       1%

                                        Innovate our products                         29%                                    48%                             20%                 1%

                             Enhance brand and reputation                                      48%                                       41%                            10%      1%

              Disrupt our own industry or other industries                  16%                39%                                 32%                             7%       6%

                              Combat new industry entrants                          20%               29%                                40%                       4% 7%

Improve decision-making through better data analytics                                          60%                                                     39%                       2%

                                                                    0                                                                                                          100

                                                                        Substantial benefits     Moderate benefits     Neutral      Minimal benefits          No benefits
Integrating new  technologies
                                                                                                Integrating new   into newIntegrating
                                                                                                                 technologies
                                                                                                             Integrating      into     new  technologies
                                                                                                                                        Integrating
                                                                                                                             technologies into      new   into newAttracting
                                                                                                                                                         technologies
                                                                                                                                                     Integrating      into      workers
                                                                                                                                                                     technologies    into withworker
                                                                                                                                                                                   Attracting   the  rig
                                                                                                                                                                                                  Attra
                                                                                   business processes
                                                                                                business processes          products
                                                                                                             business processes      and  services
                                                                                                                                        products  and  services     skills
                                                                                                                                                     products and services for the digital
                                                                                                                                                                                   skills   era
                                                                                                                                                                                          for the digit
                                                                                                                                                                                                  skills
         13   | Caribbean Digital Readiness Survey 2021
                                                                                                       - 5.43%          - 5.43%         - 5.43%             - 6.52%         - 6.52%       - 6.52%           - 15.22%   -
                                                                                                       - 23.91%         - 23.91%        - 23.91%            - 28.26%        - 28.26%      - 28.26%          - 27.17%   -
                                                                                                       - 42.39%         - 42.39%        - 42.39%            - 42.39%        - 42.39%      - 42.39%          - 29.35%   -

         Leading and trailing
                                                                                                       - 21.74%         - 21.74%        - 21.74%            - 17.39%        - 17.39%      - 17.39%          - 25.00%   -
                                                                                                       - 6.52%          - 6.52%         - 6.52%             - 5.43%         - 5.43%       - 5.43%           - 3.26%    -

         The findings highlight a wide gulf between a select group of leaders out in front                                                                             To the best of your knowledge, how do
                                                                                                                                                                       you rank your progress in the following
         and a trailing pack with considerable work ahead to catch up. As digitisation
                                                                                                                                                                       areas against internal strategic plans/
         accelerates, this gap could grow and be increasingly hard to make up.                                                                                         targets?

DESLIDE
  6     6
          Integrating new technologies           Integrating new technologies   Attracting workers with the        Training workers with skills         Realising value from new,      Encouraging rapid innovation
 ating
 chnologies
       new   technologies
               into
        Integrating
            into business Integrating
                            into
                      newprocesses    new
                                      Integrating
                           technologies    technologies
                                         into
                                        into       new
                                             products andtechnologies
                                                           into newAttracting
                                                     Integrating
                                                          services     into
                                                                      technologies
                                                                         Training
                                                                     right          workers
                                                                           skills for Attracting
                                                                                      theinto
                                                                                      workers  with
                                                                                                  eraworkers
                                                                                                  with
                                                                                           Training
                                                                                          digital     the right
                                                                                                      workers  with
                                                                                                       Attracting
                                                                                                       skills  for
                                                                                                                 with
                                                                                                           Training
                                                                                                                for   the
                                                                                                                    the
                                                                                                                    the   right
                                                                                                                     workers
                                                                                                                        skills
                                                                                                                       workers
                                                                                                                        digital  with
                                                                                                                                for
                                                                                                                                era   the
                                                                                                                                Realising
                                                                                                                                    the
                                                                                                                                  with    right
                                                                                                                                           value
                                                                                                                                        skills     from
                                                                                                                                                   the new,
                                                                                                                                               Realising
                                                                                                                                               for digital
                                                                                                                                             more          ways more
                                                                                                                                                            value
                                                                                                                                                                of from new,
                                                                                                                                                              Realising
                                                                                                                                                                   working       Encouraging
                                                                                                                                                                               more
                                                                                                                                                                           value from  new,
                                                                                                                                                                                  across        rapid innovation
                                                                                                                                                                                               Encouraging
                                                                                                                                                                                             more
                                                                                                                                                                                         the business       rapi
                                                                                                                                                                                                           Enco
 ess
 es processes
        business processesproducts andproducts
                                        servicesandproducts
                                                       servicesand services
                                                                    skills  for   the skills
                                                                                       digitalfor
                                                                                                erathe digital
                                                                                                       skills
                                                                         digital era digital era digital era    era
                                                                                                              for  the  digital  era
                                                                                                                                digital ways digital
                                                                                                                                               of working
                                                                                                                                                        ways digital
                                                                                                                                                              of working         across the business
                                                                                                                                                                      ways of working          across the busine
                                                                                                                                                                                                           acro
  43%         - 5.43%           -5%
                                  5.43%               - 6.52%      7%
                                                                   - 6.52%      - 6.52%           15%
                                                                                                   - 15.22%
                                                                                                        - 14.13%    - 15.22%
                                                                                                                         - 14.13%        14%
                                                                                                                                    - 15.22%
                                                                                                                                         - 14.13%           - 8.70%         10%
                                                                                                                                                                            - 8.70%       - 8.70%           5%
                                                                                                                                                                                                            - 9.78%    -
 3.91%        - 23.91%          -24%
                                  23.91%              - 28.26%     28%
                                                                   - 28.26%     - 28.26%          27%
                                                                                                   - 27.17%
                                                                                                        - 31.52%    - 27.17%
                                                                                                                         - 31.52%        32%
                                                                                                                                    - 27.17%
                                                                                                                                         - 31.52%           - 20.65%        26%
                                                                                                                                                                            - 20.65%      - 20.65%          5%
                                                                                                                                                                                                            - 26.09%   -
 2.39%        - 42.39%          -42%
                                  42.39%              - 42.39%     42%
                                                                   - 42.39%     - 42.39%          30%
                                                                                                   - 29.35%
                                                                                                        - 27.17%    - 29.35%
                                                                                                                         - 27.17%        27%
                                                                                                                                    - 29.35%
                                                                                                                                         - 27.17%           - 35.87%        36%
                                                                                                                                                                            - 35.87%      - 35.87%          5%
                                                                                                                                                                                                            - 35.87%   -
 1.74%        - 21.74%          -22%
                                  21.74%              - 17.39%     17%
                                                                   - 17.39%     - 17.39%          25%
                                                                                                   - 25.00%
                                                                                                        - 26.09%    - 25.00%
                                                                                                                         - 26.09%        26%
                                                                                                                                    - 25.00%
                                                                                                                                         - 26.09%           - 23.91%        18%
                                                                                                                                                                            - 23.91%      - 23.91%          5%
                                                                                                                                                                                                            - 18.48%   -
  52%         - 6.52%           -7%
                                  6.52%               - 5.43%      6%
                                                                   - 5.43%      - 5.43%           3%
                                                                                                   - 3.26%
                                                                                                        - 1.09%     - 3.26%
                                                                                                                         - 1.09%         1%
                                                                                                                                    - 3.26%
                                                                                                                                         - 1.09%            - 10.87%        10%
                                                                                                                                                                            - 10.87%      - 10.87%          5%
                                                                                                                                                                                                            - 9.78%    -

                                                                                                                                               SubstantiallySubstantially
                                                                                                                                                             behind       behind
                                                                                                                                                                          Substantially behind
                                                                                                                                               Behind        Behind          Behind
                                                                                                                                               On par        On par          On par
                                                                                                                                               Ahead         Ahead           Ahead

with
ng workers
     skills for
              with
       Training theskills for
                  workers Realising
                              the skills
                            with       value
                                         Realising
                                              from new,
                                          for the   value more
                                                           from new,
                                                        Realising     more
                                                                  value Encouraging Encouraging
                                                                                     rapid innovation
                                                                         from new, more           rapid innovation
                                                                                                 Encouraging              SubstantiallySubstantially
                                                                                                              rapid innovation          ahead        ahead
                                                                                                                                                     Substantially ahead
                      Substantially behind        Behind                On par               Ahead                Substantially ahead
 era digital era          digital ways digital
                                          of working
                                                 ways of  working
                                                        digital         across the business
                                                                ways of working     across the business
                                                                                                 across the business
 4.13%        - 14.13%          - 14.13%              - 8.70%      - 8.70%      - 8.70%            - 9.78%          - 9.78%         - 9.78%
 1.52%        - 31.52%          - 31.52%              - 20.65%     - 20.65%     - 20.65%           - 26.09%         - 26.09%        - 26.09%
 7.17%        - 27.17%          - 27.17%              - 35.87%     - 35.87%     - 35.87%           - 35.87%         - 35.87%        - 35.87%
 6.09%        - 26.09%          - 26.09%              - 23.91%     - 23.91%     - 23.91%           - 18.48%         - 18.48%        - 18.48%
  09%         - 1.09%           - 1.09%               - 10.87%     - 10.87%     - 10.87%           - 9.78%          - 9.78%         - 9.78%
14   | Caribbean Digital Readiness Survey 2021

Benefits in the bank
Almost three-quarters of respondents believe that digital                                                                                        How has your company’s use of
                                                                                                                                                 digital technologies, processes, and
technologies have helped them to boost workforce productivity.
                                                                                                                                                 behaviours changed the following
Over half report increases in employee satisfaction.                                                                                             aspects of your workforce?

                          Employee satisfaction 6%                      52%                               27%         4% 11%

                          Employee productivity 5%                             67%                              20%           8%

       Employee time spent on innovation 4%                 38%                              44%                      4% 10%

Employee time spent on strategic tasks 8%                     40%                            31%                  12%         8%

Employee time spent serving customers                  25%                           29%                  35%                 5%

                    Total employee headcount         14%                              68%                               15%

                                                 0                                                                                 100

                                                     Substantially Increased     Increased         No change    Somewhat reduced         Substantially reduced   Don’t know / not applicable
15   | Caribbean Digital Readiness Survey 2021

Remote working embraced
Over half of respondents expect at least a third of their employees to be working remotely                            What percent of your office employees
                                                                                                                      do you anticipate will work remotely
more than one day a week a year from now. The challenge for leaders is how to manage,
                                                                                                                      more than one day a week a year from
inspire and create cohesion across a scattered remote-working workforce.                                              now?

             43%                                  36%                                      21%
                   Few                                Many                                     Most

Over half of respondents (57%) expect a third or more of their employees to be working remotely more than one day a
week a year from now. Over one fifth (21%) of respondents expect most of their employees to be working from home.
16   | Caribbean Digital Readiness Survey 2021

Competing priorities
Leading a long list of barriers to transformation, is competing                                                        What are the major barriers to efficient
                                                                                                                       management of customer and
priorities. This underlines the importance of a clear business case
                                                                                                                       employee experience? Select up to 2.
and actively monitoring and managing return on investment.

                                     Lack of                          Lack of                         Lack of budget
                                     strategic                        clear ROI                       among affected
                                     emphasis                                                         functions

              9%                          9%       17%                  10%          15%                 2%                  38%

         Lack of budget                          Interdepartmental                Lack of ownership                        Competing
                                                 boundaries/hurdles               by affected                              priorities
                                                                                  functions
17   | Caribbean Digital Readiness Survey 2021

    Lack of understanding
    Beyond technology, effective leaders recognise the importance                                   How do you and your organisation’s leaders
                                                                                                    define digital? How does your overall
    of organisational mindset and integration. But less than 20% of
                                                                                                    organisation define digital? Choose one
    respondents feel their workforce understands this.                                              statement that best describes the definition for
                                                                                                    each group.

             Digital goes beyond technology alone to        Overall
             reflect a mindset that embraces constant       organisation
             innovation, flat decision-making, and the
             integration of technology into all phases                      32%               25%
             of the business.
                                                                                   6%
             Digital reflects our unified approach to
                                                                                        16%
             customer and employee experience,
             technology, and business performance.
-

             Digital is synonymous with IT.
                                                                             53%

             Digital refers to all the investments we are                                                        You and
             making to integrate technology into all
             parts of our business.                                                     25%                      other leaders

                                                                           18%                25%
Integrating new  technologies
                                                                                                Integrating new   into newIntegrating
                                                                                                                 technologies
                                                                                                             Integrating      into     new  technologies
                                                                                                                                        Integrating
                                                                                                                             technologies into      new   into newAttracting
                                                                                                                                                         technologies
                                                                                                                                                     Integrating      into      workers
                                                                                                                                                                     technologies    into withworker
                                                                                                                                                                                   Attracting   the  rig
                                                                                                                                                                                                  Attra
                                                                                   business processes
                                                                                                business processes          products
                                                                                                             business processes      and  services
                                                                                                                                        products  and  services     skills
                                                                                                                                                     products and services for the digital
                                                                                                                                                                                   skills   era
                                                                                                                                                                                          for the digit
                                                                                                                                                                                                  skills
         18   | Caribbean Digital Readiness Survey 2021
                                                                                                       - 5.43%          - 5.43%         - 5.43%             - 6.52%         - 6.52%       - 6.52%           - 15.22%   -
                                                                                                       - 23.91%         - 23.91%        - 23.91%            - 28.26%        - 28.26%      - 28.26%          - 27.17%   -
                                                                                                       - 42.39%         - 42.39%        - 42.39%            - 42.39%        - 42.39%      - 42.39%          - 29.35%   -

         Behind on upskilling
                                                                                                       - 21.74%         - 21.74%        - 21.74%            - 17.39%        - 17.39%      - 17.39%          - 25.00%   -
                                                                                                       - 6.52%          - 6.52%         - 6.52%             - 5.43%         - 5.43%       - 5.43%           - 3.26%    -

         Nearly half of respondents believe their organisation is behind in                                                                                            To the best of your knowledge, how do
                                                                                                                                                                       you rank your progress in the following
         training workers with skills for the digital era. The priorities aren’t
                                                                                                                                                                       areas against internal strategic plans/
         just technical skills, but also how to create the right mindset.                                                                                              targets?

DESLIDE
  6     6
          Integrating new technologies           Integrating new technologies   Attracting workers with the        Training workers with skills         Realising value from new,      Encouraging rapid innovation
 ating
 chnologies
       new   technologies
               into
        Integrating
            into business Integrating
                            into
                      newprocesses    new
                                      Integrating
                           technologies    technologies
                                         into
                                        into       new
                                             products andtechnologies
                                                           into newAttracting
                                                     Integrating
                                                          services     into
                                                                      technologies
                                                                         Training
                                                                     right          workers
                                                                           skills for Attracting
                                                                                      theinto
                                                                                      workers  with
                                                                                                  eraworkers
                                                                                                  with
                                                                                           Training
                                                                                          digital     the right
                                                                                                      workers  with
                                                                                                       Attracting
                                                                                                       skills  for
                                                                                                                 with
                                                                                                           Training
                                                                                                                for   the
                                                                                                                    the
                                                                                                                    the   right
                                                                                                                     workers
                                                                                                                        skills
                                                                                                                       workers
                                                                                                                        digital  with
                                                                                                                                for
                                                                                                                                era   the
                                                                                                                                Realising
                                                                                                                                    the
                                                                                                                                  with    right
                                                                                                                                           value
                                                                                                                                        skills     from
                                                                                                                                                   the new,
                                                                                                                                               Realising
                                                                                                                                               for digital
                                                                                                                                             more          ways more
                                                                                                                                                            value
                                                                                                                                                                of from new,
                                                                                                                                                              Realising
                                                                                                                                                                   working       Encouraging
                                                                                                                                                                               more
                                                                                                                                                                           value from  new,
                                                                                                                                                                                  across        rapid innovation
                                                                                                                                                                                               Encouraging
                                                                                                                                                                                             more
                                                                                                                                                                                         the business       rapi
                                                                                                                                                                                                           Enco
 ess
 es processes
        business processesproducts andproducts
                                        servicesandproducts
                                                       servicesand services
                                                                    skills  for   the skills
                                                                                       digitalfor
                                                                                                erathe digital
                                                                                                       skills
                                                                         digital era digital era digital era    era
                                                                                                              for  the  digital  era
                                                                                                                                digital ways digital
                                                                                                                                               of working
                                                                                                                                                        ways digital
                                                                                                                                                              of working         across the business
                                                                                                                                                                      ways of working          across the busine
                                                                                                                                                                                                           acro
  43%         - 5.43%           -5%
                                  5.43%               - 6.52%      7%
                                                                   - 6.52%      - 6.52%           15%
                                                                                                   - 15.22%
                                                                                                        - 14.13%    - 15.22%
                                                                                                                         - 14.13%        14%
                                                                                                                                    - 15.22%
                                                                                                                                         - 14.13%           - 8.70%         10%
                                                                                                                                                                            - 8.70%       - 8.70%           5%
                                                                                                                                                                                                            - 9.78%    -
 3.91%        - 23.91%          -24%
                                  23.91%              - 28.26%     28%
                                                                   - 28.26%     - 28.26%          27%
                                                                                                   - 27.17%
                                                                                                        - 31.52%    - 27.17%
                                                                                                                         - 31.52%        32%
                                                                                                                                    - 27.17%
                                                                                                                                         - 31.52%           - 20.65%        26%
                                                                                                                                                                            - 20.65%      - 20.65%          5%
                                                                                                                                                                                                            - 26.09%   -
 2.39%        - 42.39%          -42%
                                  42.39%              - 42.39%     42%
                                                                   - 42.39%     - 42.39%          30%
                                                                                                   - 29.35%
                                                                                                        - 27.17%    - 29.35%
                                                                                                                         - 27.17%        27%
                                                                                                                                    - 29.35%
                                                                                                                                         - 27.17%           - 35.87%        36%
                                                                                                                                                                            - 35.87%      - 35.87%          5%
                                                                                                                                                                                                            - 35.87%   -
 1.74%        - 21.74%          -22%
                                  21.74%              - 17.39%     17%
                                                                   - 17.39%     - 17.39%          25%
                                                                                                   - 25.00%
                                                                                                        - 26.09%    - 25.00%
                                                                                                                         - 26.09%        26%
                                                                                                                                    - 25.00%
                                                                                                                                         - 26.09%           - 23.91%        18%
                                                                                                                                                                            - 23.91%      - 23.91%          5%
                                                                                                                                                                                                            - 18.48%   -
  52%         - 6.52%           -7%
                                  6.52%               - 5.43%      6%
                                                                   - 5.43%      - 5.43%           3%
                                                                                                   - 3.26%
                                                                                                        - 1.09%     - 3.26%
                                                                                                                         - 1.09%         1%
                                                                                                                                    - 3.26%
                                                                                                                                         - 1.09%            - 10.87%        10%
                                                                                                                                                                            - 10.87%      - 10.87%          5%
                                                                                                                                                                                                            - 9.78%    -

                                                                                                                                               SubstantiallySubstantially
                                                                                                                                                             behind       behind
                                                                                                                                                                          Substantially behind
                                                                                                                                               Behind        Behind          Behind
                                                                                                                                               On par        On par          On par
                                                                                                                                               Ahead         Ahead           Ahead

with
ng workers
     skills for
              with
       Training theskills for
                  workers Realising
                              the skills
                            with       value
                                          Realising
                                               from new,
                                           for the   valuemore
                                                           from new,
                                                        Realising     more
                                                                  value Encouraging Encouraging
                                                                                     rapid innovation
                                                                         from new, more           rapid innovation
                                                                                                 Encouraging             SubstantiallySubstantially
                                                                                                              rapid innovation         ahead        ahead
                                                                                                                                                    Substantially ahead
                        Substantially behind       Behind                 On par              Ahead                Substantially ahead
 era digital era          digital ways digital
                                           of working
                                                  ways of working
                                                        digital         across the business
                                                                ways of working     across the business
                                                                                                 across the business
 4.13%        - 14.13%          - 14.13%              - 8.70%      - 8.70%      - 8.70%            - 9.78%          - 9.78%         - 9.78%
 1.52%        - 31.52%          - 31.52%              - 20.65%     - 20.65%     - 20.65%           - 26.09%         - 26.09%        - 26.09%
 7.17%        - 27.17%          - 27.17%              - 35.87%     - 35.87%     - 35.87%           - 35.87%         - 35.87%        - 35.87%
 6.09%        - 26.09%          - 26.09%              - 23.91%     - 23.91%     - 23.91%           - 18.48%         - 18.48%        - 18.48%
  09%         - 1.09%           - 1.09%               - 10.87%     - 10.87%     - 10.87%           - 9.78%          - 9.78%         - 9.78%
19   | Caribbean Digital Readiness Survey 2021

Held back by time and cost
Respondents cited a broad range of factors when asked what’s                                                                              What are the key barriers to upskilling
                                                                                                                                          the workforce at your organisation?
holding up upskilling. While lack of time and budget are at the
                                                                                                                                          Select up to 3.
top of the list, other barriers further down the list such as lack of
interest and structure can exacerbate this.

                                                                                                                     Other (Please Specify)
                                                                           1.33%
                                                            3%           3.11%
                                                      4%                                                             Fear employees will leave once we have invested in them
                                                                     4.00%
                                                                         18%         17.78%
                                                 6%              5.78%                        Lack of time           Lack of institutional knowledge

                                                             6.22%                                                   Lack of core education (e.g., math, communication) among employees
                                      6%
                                                                                                                     Difficulty changing leadership mindset and standard processes

                                                            7.11%                             12.44%
                                                                                                                     Lack of interest among employees
Lack of interest                    7%                                               12%
                                                                                                    Lack of budget
                                                                                                                     Lack of strategic focus on training

                                                             10.22%                                                  Lack of structure for delivering training
                                                                                           10.67%
                                        10%                                                                          Lack of clear incentives for employees
                                                                      10.67%   11%
                                                                               10.67%                                Low prioritization among managers

                                                      11%            11%                                             Lack of budget
Lack of structure
                                                                                                                     Lack of time
20   | Caribbean Digital Readiness Survey 2021

Leading from the front
More than 80% of respondents say their CEO is a champion for digital.                                                                        To what extent do you agree with
                                                                                                                                             the following statements about your
Around 70% believe that senior management as unafraid to take
                                                                                                                                             organisation’s senior management team.
calculated risks to support digital transformation.

100
                                                              9%                                 8%                      Strongly agree
                      14%
                                                                                                 21%
                                                             34%                                                         Agree

                      51%
                                                                                                                         Neither agree or disagree agree
                                                             45%                                 61%

                                                                                                                         Disagree

                      30%
                                                              12%                                10%                     Strongly disagree
     0
                 Our CEO is a                    Our leadership is digitally savvy    Senior management explicitly
              champion for digital.               and helps the workforce think      incorporate digital strategy into
                                                          in new ways.                     corporate strategy.
21   | Caribbean Digital Readiness Survey 2021

Data as the lifeblood
60% of respondents believe that the right data is critical                                               Which of the following is currently
                                                                                                         more important in driving digital
to driving their digital transformation strategy.
                                                                                                         transformation strategy? Choose one
                                                                                                         option for each item below.

                                                  Option a. is     Option b. is     Both are
                                                                                               Neither
                                                 more important   more important   important
               a. Data
                                                       60%              4%             34%         2%
               b. Instinct

               a. Customer
                                                       29%              11%            58%         0%
               b. Employee

               a. Business
                                                       30%              4%             65%         0%
               b. IT

               a. Short-term Outcomes
                                                       2%               34%            63%         1%
               b. Long-term Outcomes
22   | Caribbean Digital Readiness Survey 2021

Harnessing emerging technology
Artificial intelligence (AI) is the most prioritised emerging technology. More possibilities are   Which of the following emerging
                                                                                                   technologies have been prioritised or is
opening up all the time, from diagnostics to self-driving vehicles. However, AI is a broad and
                                                                                                   most applicable to your organisation’s
complex arena, underlining the importance of clear strategic targeting to make the most of the     strategy? Select all that apply.
potential within your particular business and avoid competing priorities.

                                   30% of respondents say
                                   AI is the emerging technology
                                   they have prioritised most.

                                                                             5%
        Artificial Intelligence                                         5%
        Internet of Things
                                                                   6%                   29%
        Robotic Process Automation
        Drones
        Blockchain
                                                             10%
        Augmented Reality
        Virtual Reality
        3D Printing

                                                                   20%
                                                                                  22%
Contacts
                                      If you would like us to measure the Digital IQ of your business or help accelerate and take
                                      transformation to the next level, please reach out to us.

                                                           Frazer Lindsay                               kevin.cambridge@pwc.com
                                                           CEO, PwC in the Caribbean                    PwC Bahamas
                                                           frazer.lindsay@pwc.com
                                                           Mobile: +1 345 516 8606                      arthur.wightman@pwc.com
                                                                                                        PwC Bermuda

                                                                                                        marlon.bispath@pwc.com
                                                                                                        PwC Cayman Islands
                                                           Zia Paton
                                                           Digital leader                               arnold.niranjan@pwc.com
                                                           zia.paton@pwc.com                            PwC East Caribbean
                                                           Mobile: +1 868 390 6218
                                                                                                        angelique.bart@pwc.com
                                                                                                        PwC Guyana

PwC in the Caribbean                                                                                    bruce.scott@pwc.com
                                                                                                        PwC Jamaica
digital products                                           Leighton McKnight
                                                           Advisory leader
Learn more about the digital                               leighton.mcknight@pwc.com
                                                           Mobile: +1 876 383 0720
products we offer to help you lead
the next phase of your evolution.

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