The internet and economic development

Many countries in the region have been plagued with slow and expensive internet connections. With few outlets offering broadband connections, the lack of competition has led to higher prices for consumers which are difficult for many low to middle-income families to afford.

There is a direct correlation between broadband access and economic development.

Internet access is reaching near-saturation in the world’s rich nations but billions of people living in the developing world still don’t have access. The use of the Internet permeates every aspect of living, working and doing business.

For developing countries, it is the catalyst to closing the development gap. The Internet also removes barriers between nations and supports the process of globalisation. It is therefore important that any barriers hindering the growth and development of the Internet be removed.

Affordable and effective broadband connectivity are vital for economic growth, social inclusion and environmental protection. Strengthening the Caribbean’s telecommunications infrastructure is a first step to growing the region’s digital economy through improving the regional connectivity. In the longterm aim, this will also drive technology-based innovation.

Notably, there has also been growing investment in technology infrastructure across the region. Last year, the European Investment Bank agreed to invest EUR 8 million to improve internet access on the Caribbean island of St Maarten, enabling high-speed internet to be provided in schools, libraries and hospitals across the island. Once operational the improved network will not only revolutionise internet connections, but also allow smart metres to better manage scare water and electricity resources in St Maarten.

Caribbean countries are connected to the internet through submarine cables. Although most countries have two or three cables, Jamaica and Trinidad and Tobago each have five, and Cura?ao has six. In the case of Jamaica and Trinidad and Tobago, their considerably larger populations relative to other countries in the region make them key anchor points, as it is expected that they will generate significantly more traffic, thereby improving the cost recovery and profitability of the cables Telecommunications businesses are also keen to invest in the region. They are especially keen following restoration of diplomatic relations between Cuba and the USA which has increased interest in the Caribbean, and several global technology service providers are now turning fresh eyes toward the region. Digicel has the largest market share for the largest mobile operations across the region and has been investing in its submarine cable system. In 2014, it bought the submarine cable assets of Global Caribbean Fibre and Global Caribbean Network to create a fibre-optic cable network of approximately 3,100 km providing capacity from Trinidad in the southern Caribbean to Puerto Rico in the north.

The firm has approval to build out networks connecting the Bahamas, Haiti and Jamaica, 51 and connecting Guyana. Digicel also launched Digicel Play, using digital and fibre technologies to offer voice telephony, subscriber television and broadband Internet. To date, Digicel Play has been rolled out in Anguilla, Barbados, Dominica, Jamaica, Trinidad and Tobago, and the Turks and Caicos Islands, with plans to soon add Saint Kitts and Nevis.

But the vision for improving the internet goes beyond giving government more efficient ways to deliver critical services. It is about growing the digital economy by giving more citizens access to essential online services and creating opportunities for digital entrepreneurs to enter the growing market.

Technology is shaping the future and the changes it brings don’t have to be a crushing force. For business, an understanding of the emerging challenges and opportunities can help prepare them for the possibilities.

Cyber security, big data, cloud storage, artificial intelligence and robotics are just some of the technology trends that are changing the ways we work, and how finance professionals operate in particular. Whilst they do not need to become an expert in these developments, a broad understanding of where these technological advances are taking their profession will be crucial to their growth, whatever the sector they work in.

Today’s modern finance professional is increasingly viewed as an influencer, with a major role to play in strategy development and overall business success. Underpinning all of this is the effective application of technology.

Technological advances provide businesses with new capabilities to enhance their competitiveness globally, offer opportunities to be more productive and lead to new ways of securing finance. SMEs, in particular, are now able to compete on an equal footing, even without lots of capital to invest.

The finance function is a part of the digital world. Technology helps them automate and de-skill time-consuming work, and thereby focus on higher-value work, consolidating their role as strategic business partners. By keeping informed about technologies as they evolve, considering new ones as they emerge, and then assessing their implications for finance professionals and those they serve and support, finance professional can be prepared to minimise the burdens and maximise the benefits they bring