The readiness of businesses to operate with a ‘digital-first’ posture has become critical as we all strive to compete and remain relevant in an increasingly global marketplace. With Nadeen Matthews Blair, of Crescent Advisory Group, we discuss the results of the latest Caribbean Digital Readiness Survey conducted by PwC, including: what it means to be a ‘digital champion’; Nadeen’s observations on AI’s use in business; why organisations might have an improving digital IQ but still limited innovation; and what businesses facing survival-level threats from digital disruption can do to improve their situation.
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Between November 2023 and January 2024, global professional services and Big Four accounting firm, PricewaterhouseCoopers International, more commonly known as PwC, conducted a digital readiness survey in the Caribbean region. The survey was first administered in 2021 and explores how Caribbean businesses are ‘going digital’, especially as there is a growing urgency for organisations to digitally transform to maintain (or increase) their competitiveness and to improve their longer-term prospects.
In the 2024 exercise, senior executives from eight countries responded to the survey: Anguilla, Antigua and Barbuda, Bahamas, Bermuda, Barbados, Jamaica, Trinidad and Tobago, and Turks and Caicos Islands, and about two-thirds of them appeared to represent corporates based on their revenue bracket – earning revenues of USD 2 million and over. Although the majority of respondents may not be representative of the typical micro, small and medium enterprises (MSME) in the region, an analysis of the survey results could provide us with some insight into the posture and attitude of Caribbean businesses generally, and also highlight issues we should be examining within our own businesses or organisations.
Introducing our guest
Nadeen Matthews Blair is the Founder and Chief Executive Officer of Crescent Advisory Group, which provides consulting, training, and executive coaching services to help business leaders bridge the gap between strategies and tangible results. With over 20 years of experience in strategy, digital transformation, advanced analytics and AI, marketing, communications, and business development at leading organisations like National Commercial Bank Jamaica Limited, McKinsey & Company, and JPMorgan Chase, Nadeen believes digital transformation powered by artificial intelligence presents an accessible and scalable path for all enterprises to level up their competitiveness.
Recognised as a LinkedIn Top Voice for AI and Digital Strategy, one of CIO Views’ 10 Most Influential Black Corporate Women to Watch in 2023, among the Top 25 Most Innovative Bankers in Latin America by FinTech Americas in 2017, and a World Economic Forum Young Global Leader in 2017, Nadeen has a proven track record of catalysing impact by setting bold aspirations, leveraging digital and AI technologies, putting people at the centre of change, and sharing powerful narratives to inspire action.
Nadeen holds a Master of Business Administration from The Wharton School, University of Pennsylvania, and a Bachelor of Science in Financial Economics from Binghamton University. She completed certificates in Applied Generative AI for Digital Transformation from MIT and AI Consulting with CPD Accredited Provider – Monetized Marketing. Nadeen is a certified Executive Coach and through the IWF Leadership Foundation Fellows Programme, she has completed Executive Leadership Training at Harvard Business School and INSEAD.
Insights into our conversation
As an experienced C-Suite Executive, but also someone with a highly analytical mind, Nadeen was the first and only person who came to mind to discuss the PwC Caribbean Digital Readiness Survey 2024 results, and he doesn’t disappoint!
In our conversation, Nadeen contextualised many of the questions and the responses, as nuances may be at play that the PwC report might not have mentioned. We discussed some of the individual takeaways from the survey and Nadeen shared some advice and strategies organisations could consider to address some of the challenges that were highlighted and which we discussed.
Below are some of the questions posed to Nadeen during our conversation.
- First, overall, what did you think of the survey findings PwC shared?
- What does it mean to be a ‘digital champion’?
- Regarding takeaway 1, though not a response from Caribbean businesses, I noted that US respondents felt they were struggling with the measurable value of new technology. Why might that be the case, and why does it appear that Caribbean respondents did not have that concern?
- Regarding takeaway 3, what are you observing regarding AI’s use in business?
- Regarding takeaway 4, what is digital IQ? And what could be some reasons for the reported disparity between the higher digital IQ and limited innovation?
- Regarding barriers to skills adoption, how could a lack of time be the biggest factor?
- Regarding takeaway 5, A third of the businesses surveyed responded they faced survival-level threats from digital disruption. For those in that predicament, what can they do to begin to improve their situation?
We would love to hear your thoughts!
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Select links
Below are links to some of the organisations and resources that either were mentioned during the episode or otherwise, might be useful:
Image credits: N Matthews Blair; Nasim Nadjafi (Pixabay); Andreas Klassen (Unsplash); zaozaa09 (Freepik)
Music credit: The Last Word (Oui Ma Chérie), by Andy Narrell
Podcast Editing Support: Mayra Bonilla Lopez
