CONTACT Magazine (Vol.18 No.2 – September 2018)

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THE DIGITAL IMPERATIVE Electronic vehicles (EVs) EVs represent a trend that is burgeoning globally, and Trinidad and Tobago has the right mix: a history of industrialisation, a global energy brand, an enviable base, and the capacity to produce relevant engineers. What we need to add to this is vision and investment, which could bring a world of reward from the global market if we act soon. We need a national mandate to convert a certain percentage of vehicles to electric within a given time frame, and initiatives by the government and private sector to partner with up-and-coming players to develop unique electronically powered vehicles for emerging and developing markets. Data as the new asset It is widely trumpeted that data is the new oil. But, unlike a barrel of oil, the value of a piece of data is directly proportional to the amount of data which can be related to it, and to an individual company’s ability to monetise those relationships. That ability differs vastly between companies, and varies with the amount of data held, the company’s installed base of customers, and the convenience of its payment transaction processes. Other important factors are the tech savviness of customer markets, data protection laws, intellectual property rights enforcement, and data warehousing capacity and security. These factors turn out to mean that a marginal piece of data in the hands of a large company in a technology-developed environment (say, Google) is likely to be worth more than that same piece of data in the hands of a local SME. Nevertheless, Google and the like can be beaten in areas where localised data matters. Imagine if we held all the geo-seismic exploration data generated over the years on our own oil- and gas-generating offshore shelf (instead of it being held overseas). Imagine if we were producing better than average images, and processing algorithms (read AI algorithms) of soil formations which were appreciably better at determining the size and scope of oil and gas deposits. Then we wouldn’t bother too much about running out of oil ourselves. The infrastructure required to establish crypto-currencies in the Caribbean is mostly absent Cloud solutions We really should not continue to cede our economic power to foreign governments and companies. In this regard, a focus on cloud-based solutions and platforms – which harness our own data – is critical to the way forward. Adopting cloud-based solutions in each sector could coordinate the actors better, improve collaboration and exchange efficiencies, exploit e-services, and track the data-trail of transactions. This in itself would lead to a circle of benefit-generating local employment, lowering the cost of doing business, generating historical data for improved decision-making and statistical analysis, and producing new data-based revenue models which could even be exportable. Protecting the net As Trinidad and Tobago feels its way forward, there are certain threats to take note of, especially the loss of net neutrality. Net neutrality says that all data on the internet should be treated equally, without discrimination or charging differentials by content, application, platform or type of user. The term “over the top” is used by the telecommunications community for data services and applications which threaten (or may threaten) their existing or projected lines of business. For instance, ISPs have threatened to ban the use of android boxes over their networks. This raises complex questions. For instance, how do they differentiate android box traffic from YouTube traffic? Will they develop “deep packet inspection” to determine exactly what traffic emanates from the wireless router in your home? After banning android box traffic, what will be next? This issue has far-reaching implications. Any regional application which gains a critical mass, and thus drives significant network traffic, could be at the mercy of telecommunication providers wishing to impose a “tax” on them for having a service with unfettered access to the network. We must invest in a technologycapable Trinidad and Tobago. But we must also choose the way forward wisely. Decisions made today will directly affect the long-term viability of our economy and society. 36 Trinidad and Tobago Chamber of Industry and Commerce www.chamber.org.tt/contact-magazine
Who’s afraid of digital? D’ Market Movers Small businesses too face the challenge of reinventing themselves. D’ Market Movers took a traditionally offline experience and put it online. The traditional Sunday market experience of buying fresh produce, meat and dairy was brought into the online world. The goal was to have people go online, order, and have their produce delivered directly to their homes. D’Market Movers developed a workable business model and the processes to make it successful. One of the key selling points is convenience. Busy consumers can replicate the experience of buying products in the market, but from the convenience of home. Another selling point is product quality. A network of farmers – all engaged in pesticide-free and organic farming – supplies the freshest products. D’ Market Movers was awarded the EY Emerging Entrepreneur of the Year award at the 2016 Trinidad and Tobago Chamber of Industry and Commerce Champions of Business programme. courtesy excellent stores Excellent Stores decided to emulate international online shopping sites Excellent Stores Excellent Stores Limited has six retail branches and a wholesale department. It celebrates its 60th anniversary this year, expanding its stores and opening a new one in St Lucia. It would be easy for a department store, using the traditional brick-andmortar retail model, to rail against the rise of online shopping. But Excellent Stores took a different approach. In July 2014, it launched its own online shopping service. The Excellent Stores website adopted many of the features that were familiar to shoppers from large online retailers such as Amazon. A search feature allows users to easily find the products they want. Convenient shipping options deliver products directly to the customer’s door. Online credit card payment is backed by well-known financial institutions such as Scotiabank and First Atlantic Commerce. Excellent Stores found ways to compete with international sites. It offered internationally known brands with local backup. It encouraged customers overseas to buy online for family and friends at home and to have the items delivered directly to them. In this way, the store sought to reinvent itself for the online age. Interviews by Anil Ramnanan, Director, Trinidad and Tobago Computer Society courtesy d market movers www.chamber.org.tt/contact-magazine 37 Trinidad and Tobago Chamber of Industry and Commerce
Page 1 and 2: Vol.18 No.2 - September 2018 The Vo
Page 3 and 4: Enabling Digital Co-creation with o
Page 5 and 6: Massy Tech
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Page 10 and 11: INNOVATION The village that markets
Page 12 and 13: INNOVATION Styve Reineck / shutters
Page 14: INNOVATION Sandra desuatels Castara
Page 17 and 18: The critical benefit for any busine
Page 19 and 20: The Point of Sale Specialist servin
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Page 24 and 25: THE DIGITAL IMPERATIVE The future o
Page 26: THE DIGITAL IMPERATIVE courtesy Wip
Page 29 and 30: “There is no rebellion or subvers
Page 32 and 33: THE DIGITAL IMPERATIVE How far have
Page 34 and 35: THE DIGITAL IMPERATIVE JAN 2018 MOB
Page 36 and 37: THE DIGITAL IMPERATIVE What’s nex
Page 40 and 41: THE DIGITAL IMPERATIVE Our digital
Page 42: THE DIGITAL IMPERATIVE Indifference
Page 45 and 46: REGIONAL OPERATIONS GUYANA , FRENCH
Page 47 and 48: Energy Update A comparison of Q1 20
Page 49 and 50: ADVERTORIAL Stratosa Consultancy Se

CONTACT Magazine (Vol.18 No.2 – September 2018)

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