The Tribune

By Mia Gardner

PLATO Alpha Design CEO Duran Humes said the decision to avoid digital transformation is costing Bahamian businesses far more in the long run. From government agencies to the private sector, Mr Humes said Bahamian businesses continue to suffer the consequences of avoiding the need for digitisation.

“The results are far-reaching,” Mr Humes said. “Inconvenience, slow response times, limited payment options, inefficient processes- all of these shortcomings can result in loss of customer trust, loyalty and ultimately lower revenue for your business. You're going to have to make the jump at some point. Think about it, you can lose sales opportunities. Not to mention your operational and human capital costs can increase dramatically.”

The impact, according to Humes, goes far beyond the dollar, affecting the company’s staff complement, resulting in low-retention due to its failure to utilise good technology.

“With the advancement of technology, employees expect digital tools to help with their job, efficiency and job satisfaction suffer tremendously because of this,” Mr Humes said. “You can also suffer from reduced market share and lose access to forward thinking and highly qualified talent.”

A Harvard Business Review study cited the early adoption of new technologies as an avenue to better business outcomes.

In The Bahamas, some companies have seen the benefit and have made the digital transformation. However, Mr Humes said many Bahamian companies continue to avoid the need to go digital and pay the price.

“Going digital, in a business sense, refers to the process of transforming traditional business operations and strategies to include and leverage digital technologies,” he said. “This shift can encompass a broad range of activities, from implementing automated software solutions to going completely paperless, establishing e-commerce platforms, utilising cloud computing, implementing AI and machine learning, or adopting data analytics for better decision making. The main goal of going digital is to enhance efficiency, improve customer experience, and increase competitiveness. However, it's important to note that digital transformation is not a one-time project but rather a continuous journey that requires constant adaptation to the rapidly evolving digital environment.”

Plato Alpha Design has created custom software to help Bahamian businesses to change.

Mr Humes said with more widespread acceptance of the need to go digital, more Bahamian businesses will reap the benefits of digitisation.

“While going digital can be a complex process, the potential benefits in terms of increased efficiency, competitiveness, and customer satisfaction make it a worthwhile investment for many businesses. Furthermore, there are many resources available, such as consulting services, online resources, and digital transformation tools, to help businesses navigate this process.”