Technology In A Digital Age

THE GLEANER, FRIDAY, FEBRUARY 12, 2021 | www.jamaica-gleaner.com | D2 DOING BUSINESS ONLINE FEATURE A RE YOU a micro, small or medium- size enterprise (MSME) that would like to incorporate or expand your use of technology to meet the changing markets of the post-COVID-19 era? Would you like to transform your paper-based operations to technological processes? The Development Bank of Jamaica (DBJ) has a raft of products and services that can assist you in acquiring or implementing technological tools (both hardware and software) to restructure and modernise your company. Visit www.dbankjm. com . A DBJ grant – via the Voucher for Technical Assistance (VTA) programme or the Innovation Grant Fund – can assist you in your efforts to transform your company digitally. An SME can access up to $200,000 in grant funding from the voucher programme to help establishe-commerce arrangements and implement Web-based marketing strategies, among other processes. Visit www.dbjvoucher.com . Medium-size enterprises can also get assistance through the DBJ’s Innovation Fund to develop and commercialise new products – including those which are technology-based – allowing for the creation of (or increase in) income and revenue streams. Visit www.thinkbigee.com . In the event that additional resources are needed to complete the digital transformation of your company, a DBJ loan is also available through our network of 26 approved financial institutions (AFI) that include commercial and merchant banks, credit unions, and many other financial institutions. A list of the DBJ’s AFIs are on the DBJ website. If you do not have enough collateral to support a loan, the DBJ’s Credit Enhancement Facility (CEF) can provide partial credit guarantees of up to 80 per cent or $30 million of the loan amount. Visit www.dbjcef.com . For additional information, contact your business banker or the DBJ. Helping to transform your company digitally THEDEVELOPMENT BANK OF JAMAICA T RY AS we may to avoid it, change is one of life’s constants. Ironic, isn’t it? Over the years, significant changes in consumer behaviour have driven advances in technology. The latest generation of tech seeks to transform the way consumers discover, engage, and buy. Businesses, accounting for changing expectations for customer experience, can no longer operate a 9 to 5 model as consumers no longer want to be served the way they were before. After all, businesses, no matter the nature, exist to serve their customers. In a world where the client is king, changing consumer behaviour often equates to rising demand, not just for goods and services but also for information. Businesses must optimise their processes to account for this while creating value and increasing efficiency. The ability to scale operations to meet these changes is especially paramount. Technology is pivotal to this growth as without it, it is impossible to scale exponentially. Businesses must be able to grow without being hampered by an inflexible IT infrastructure and operational model. Instead, goals should be a scalable and self-healing system that ensures reliable operations and an “always on” environment; enabling companies to focus on delivering value through innovation rather than struggling to maintain and manage outdated IT systems. Organisations must reconsider the concept of business continuity in dealing with disruptions, planned or unplanned. They must move past the idea of simply backup and recovery and embrace the concept of continuous operations in a 24/7 economy where business never stops. Today, digital assets are like oxygen for business. As employees are accessing digital assets – data and applications, from outside of your firewall, Internet security should be front and centre for CEOs. Protection of these assets requires a strong and agile security infrastructure that protects the company not only for today but for a changing world. The pace of change has accelerated. To thrive, businesses must be agile and flexible enough to adapt. Rethinking the way your business operates is a matter of survival. How will you rise to the challenge? To prepare your business for this new world, contact Info Exchange at 876-931- 9552 or email us at mybusiness@ infoexchangeja.com . RETHINKINGBUSINESS OPERATIONSFORTHISNEWWORLD In a world where the client is king, changing consumer behaviour often equates to rising demand, not just for goods and services but also for information. Businesses must optimise their processes to account for this while creating value and increasing efficiency. The ability to scale operations to meet these changes is especially paramount. Medium-size enterprises can also get assistance through the DBJ’s Innovation Fund to develop and commercialise new products – including those which are technology- based – allowing for the creation of (or increase in) income and revenue streams. Visit www.thinkbigee.com.

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