The Exporter: Modernizing and Repositioning Barbados For The Futute

ISSUE #8

Covid-19–An Opportunity For The Services Sector In Barbados Business Continuity Q&A Artificial Intelligence: Productivity, Transformation & Social Risk

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Modernizing & Repositioning Barbados for the Future

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THE TRADE IN SERVICES MAGAZINE OF THE BCSI

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Welcome to this special edition of the BCSI’s EXPORTER Magazine, which focuses on technology development and how its adoption could trigger the transformation of the Barbados economy.

In this edition, the Barbados Coalition of Service Industries shares its perspective on COVID-19: AN OPPORTUNITY FOR THE SERVICES SECTOR IN BARBADOS. We also have a number of other interesting articles including one on Artificial Intelligence (AI): Productivity,

Transformation

and

Social

When the idea for this edition of The

Risk by Professor Hopeton Dunn who is a

EXPORTER magazine was first discussed

leading communications scholar, technology

at the beginning of the year, COVID-19 was

policy analyst and UWI researcher now

a distant threat only impacting the city of

based at the University of Botswana. Ms.

Wuhan in China. Little did anyone know

Lydia McCollin, Chairman of the Institute

that within a matter of weeks the disease

of Chartered Accountants of Barbados

would

phenomenon

shares her thoughts on the impact newer

and would be listed by the World Health

technologies are having on the accountancy

Organization (WHO) as a global pandemic.

profession. A special feature is included with

An event not seen within our lifetime and with

Ms. Cheryl Griffith, an experienced Business

comparisons being made to the flu pandemic

Continuity Management Consultant who

of 1918 which infected about 500 million

gives her perspectives on a range of

people or one-third of the world’s population

business disruption and business continuity

at that time and killed an estimated 50 million

issues. She encourages entrepreneurs to

worldwide.

efficiently adapt their businesses to not only

become

a

global

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EDITOR’s notes

survive, but to thrive in the current climate of Whilst many individuals and businesses may be in survival mode at the moment, others

uncertainty and shares a few practical tips on how to improve corporate resilience.

are moving into strategic mode planning for life after COVID-19. Though there remain

This edition also highlights the work of

many unanswered questions and though

Mr. Shannon Clarke within the FaceBook

many things remain uncertain, what we do

Developer Circle. Shannon is an electrical

know is that it wouldn’t be business as usual

engineer who is passionate about utilizing

for individuals or companies going forward.

technology to empower people and improve the livelihood of others especially those living

Already, for businesses – especially those

in developing countries.

within the services sector, there are a number

We are also pleased to reproduce some

of lessons being learnt from this crisis. For

ideas shared by Senator, the Hon. Kay

one, companies with flat organizational

McConney, Minister of Innovation, Science

structures which supervise employees less

and Smart Technology on the development

while promoting their increased involvement

of Bridgetown as a SMART City.

in the decision-making process are proving to be more responsive to the changes needed

We trust that you will find the contents of this

for survival in this environment. In addition,

edition informative and we look forward to

companies which have a higher adoption

receiving your comments and suggestions

rate for integrating newer technologies within

on how we can continue to improve this

their business processes will be more agile,

Trade in Services publication of the BCSI.

more ‘nimble on their feet’ and more resilient to market changes.

GRAHAM CLARKE Graham Clarke is a Chartered Marketer and Current Executive Director of BCSI

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Contents Modernization of the Barbadian Economy

02 05 07 11 17 20 24 30

Editors’s notes Smart Barbados “It is Good to Know What You Don’t Know.”

Accountants & AI Artificial Intelligence: Productivity, Transformation & Social Risk Facebook Developers Club The Story of Rum General Data Protection Regulation (GDPR)

In-House News:

36 38 40 43 47 48

BIMTECH Firefly COVID-19 – An Opportunity For The Services Sector In Barbados Business Continuity Q&A The New BCSI Board UNCTAD: International Meeting on Services Value Added in Exports.

MODERNIZING & REPOSITIONING BARBADOS FOR THE FUTURE

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FREE Wi-Fi

MISSION EASE Minister of Innovation, Science and Smart

the Lands and Surveys Department to

Technology,

identify those streets in Bridgetown where

Senator

Kay

McConney,

recently spoke to the Senate about the

the first pilot of smart parking can begin.

Ministry’s plans for a smart city.

The three main aspects of a smart city are:

Mobile App Guide: This app, currently being developed by

Free Internet Access:

the Barbados Tourism Product Authority

Though the Minister noted that while this

(BTPA), will act as a virtual tour guide for

endeavor would be an expensive one, it

tourists who wish to explore the historic

would add greatly to the visitor experience

city of Bridgetown.

Smart Barbados

and also improve quality of life for our locals. She commented, “To provide free

Senator McConney also spoke on her

Wi-Fi for a City is expensive. However,

Ministry’s

we are committed we have determined

improving the ease of doing business

that we will design and build in adequate

in Barbados “We say we are on mission

capacity to ensure that there is a good

EASE… making it easy, affordable, safe and

user experience. As you know if there

efficient for people to access Government

isn’t a good user capacity what happens

services online.” In order to do this however,

is when you log on it takes too long, and

they will require around 18.9 million dollars

you get logged off. So, we are taking our

to turn our Country into a digital hub. We

time to design and build a network where

are already seeing some advancements in

we believe it is working for the capacity we

the ease of doing business with the recent

expect to have here in Bridgetown.

change in how persons can apply and

plan

for

2020-2021

being

receive a police certificate of character.

Smart Parking:

“In collaboration with the Royal Barbados

There will be sensors and geo-tagging for

Police Force we have digitized over 66,000

the parking spaces in the Bridgetown area,

records that will help feed the back end of

this will allow persons to know beforehand

the Police Certificate of Character” and as

where they can find a free parking spot.

of March 2nd 2020, the process of getting

This could potentially encourage persons

this document is now fully automated.

who may avoid the town area because of parking issues to visit more often. The

Reference:

ministry has already began engaging the

https://barbadostoday.bb/2019/07/18/smart-bridgetown/

Royal Barbados Police Force (RBPF) and

SENATOR the Hon. Kay McConney Minister of Innovation, Science and Smart Technology

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“It is Good to Know What You DoN’t Know.”

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“It is Good to Know What You DoN’t Know.”

Some years ago, I attended an IT conference where I was exposed to what was then new in technology assets for businesses to improve and protect their environment. While touring the exhibition area, I came across an exhibit which I would never forget. It caught my attention and aroused my curiosity.

This exhibit featured a box or device which, when plugged into your PC could show exactly what is on your network. You may ask what is the significance? For the average Joe, your network is what allows you to essentially share data between computers and the internet gives you that “broad stroke” to define a network you use with billions of unknown actors. Essentially, today we are in a world where we can use networks more openly and not know or care anything about how our data is shared.

More importantly, personal data is being shared freely on the internet via social media networks like FaceBook and Instagram without the need to know where the data is stored or who is accessing it? As an IT trained professional in information security knowing who or what is on my network is critically important.

Andre Griffith ICT Professional

Going back to the story of the exhibit - I proceeded to ask the technology representative to explain how the device worked, and he responded with a very interesting statement, “It is good to know what you do not know!” At first, I was thinking “this does not make any sense” or rather “pardon me?”

However, as the gentleman continued to explain further, the point became

contributor profile

clearer to me. There is an old Bajan adage which says “wha’ you don’ know

Andre C A Griffith has been working in the ICT profession for over 15 years as lead manager of Information Technology within large group companies domicile in Barbados and internationally. He has been active in building system capacity in providing centralised and enterprise solutions in various spheres of IT service delivery. In addition he has worked assiduously and relentlessly on various IT projects to deliver world-class solutions.

don’ hurt ya.” If you don’t know what is going on you are never bothered by

Such to name a few are: administration of private cloud infrastructures, implementation of business intelligence environments, mobile apps development, development of SQL reports for BI platforms, consolidation of ICT infrastructures and cybersecurity consultation activities.

what ifs?

it. All the risks or what-can go-wrong questions never come to mind. Most people take the self-assured stance epitomised by Bob Marley “. . . don’t worry about a thing because every little thing will be alright”.

The reality is that we often prefer to deal with just the good things rather than being prudent and confronting the enormous tasks of the

In the workplace, where the risks of planned, automated and fast-moving cyber-threats are higher, facing challenges of compliance to data protection laws like the GDPR creates a heightened demand for awareness of data security for businesses. As our digital businesses continue to grow in complexity, diversity, and scale, our private and public networks are under constant attack from theft and manipulation of critical data which results

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in staggering losses to companies due to

harmful to your system and rules are what

business interruption.

As a technology

firewalls use to prevent entry of uninvited

advocate providing IT advisory guidance

guests on your networks. I shall not bore you

and IT support for IT services delivery teams

with the technical details on such but just to

who manage networks, I recommend a

simply say rules can be broken, signatures

solution called Darktrace which allows you

can be copied but something as complex as

to feel good in what you do not know.

human behavior cannot be mutated. Rather human behavior must be learnt, applied and

In today’s information security environment, the new threat is now the use of machine learning to plan network attacks.

proven and this is the major difference that

While traditional approaches continue to

Moreover, the deep learning application of

pre-define threats in advance, Darktrace’s

Darktrace patterns of life approach makes

unique application of Artificial Intelligence

it more aware based on previous calculated

(AI) focuses instead on learning the normal

attacks to identify what is normal from

‘pattern of life’ for individual businesses,

abnormal behavior on a network. In today’s

and spotting subtle deviations indicative

information security environment, the new

of a threat – whether known or unknown,

threat is now the use of machine learning

external or internal, subtle or fast-moving.

to plan network attacks. What do I mean

Artificial Intelligence is the application that

by machines planning attacks? Simply,

Darktrace develops to protect business

computers using automated commands that

networks. It seeks to answer the question

are not only scheduled to carry out the attack

“What is going on in the network?” Not

but self-learn the network vulnerabilities

only what is going on but learning how the

via algorithms to calculate an attack and

network behaves and if that behavior is

autonomously decide on the sequence of

threatening. Darktrace does not need for IT

the attack. Hence, we have moved from

to enter any parameters of their network as

just the application like a Trojan and worm

its machine learning investigates, collects

doing a single attack to self-defined machine

and essentially diagnoses the network

learning and machine coordinated attacks.

looking at the patterns rather than complex signatures and rules.

Traditionally,

rules

and

signatures

are

the main measures used to protect your networks. Simply, signatures are used by antivirus databases to match data that is

Darktrace AI brings.

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What next?

Going back to my opening statement “it is good to know what you do not know�, we can identify one of two possible outcomes.

1. Not knowing what is on your network can only bring good results if you have a solution that brings light to what you do not know.

2. Otherwise, like a dark room with no light you can inherit a mountain of undetected problems that can be very costly to mitigate in the event of a cyber-attack.

Darktrace Antigena provides the ability for businesses to have the same autonomous learning technology and its response to make networks safe.

For further information visit Darktrace website at Darktrace.com. ARK ONLINE ENTERPRISES is a software company which also does IT consulting services and a technology partner of Darktrace in Barbados. Visit AOLENTER.COM for more details for an evaluation with Darktrace and a free Proof of Value.

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Accountants & Artificial Intelligence

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1.

How has the use of newer technologies impacted on the practice of present-day accounting?

Today’s accountant is no longer burdened solely with task-oriented jobs. The role of the accountant is changing to that of a business advisor. Repetitive tasks and processes are being automated using various technologies such as artificial intelligence, robotics and cloud

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computing. Routine tasks that took long hours to complete are being

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There is more time to engage with the client or business leaders and

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automated allowing accountants to perform higher value activities. focus on business strategy instead of getting laden with detailed processes. Use of technology is also driving increases in productivity which over time should drive costs down and may also lead to the need for less staff.

Communication tools coupled with ease of access to information

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are allowing accountants to work from anywhere and at any time.

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maintaining close communication via phone, text and video. Over time

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will need less space to house staff.

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Accountants & Artificial Intelligence

Remote workers are driving flexibility as teams work from home while this will also drive down costs of running businesses as companies

There is an increased focus on data analytics to gain more insights into business operations. For example, companies in the retail sector would be interested in margins by product, by market segment (geographical location, demographic), correlation of sales to activities in the market to be better able to manage the business and provide more effective decision making. Accountants are driving this data analysis by comparing similar companies across sectors and industries and providing benchmarking data to their clients to show them how they are performing versus industry and sector metrics.

There is also an increased focus on observing exceptions in performing month-end close procedures. A simple example would be in a business whose processes are automated. The number and nature of manual journal entries posted would be highlighted as an exception drawing attention to potential irregularities since these processes are automated.

Lydia McCollin Vice President - Finance & Operations/ Corporate Secretary, Consolidated Finance Co. Limited

contributor profile Lydia McCollin is a Fellow and Practising Member of ICAB, and is a Fellow of the Association of Chartered Certified Accountants (ACCA). She was appointed to Council for the first time in 2018, and has been the Chairman of the Ethics, Governance & Risk Committee since 2016, having served as Deputy Chairman from 2014-2015. Lydia also serves as the President of The Institute of Chartered Accountants of Barbados (ICAB) With over 25 years’ experience in the profession Lydia started her career as an auditor with PriceWaterhouse (now PricewaterhouseCoopers, SRL). Lydia has lived and worked in Barbados, the Bahamas and St. Lucia, serving the financial and banking, retail, import, distribution, manufacturing, construction, telecommunications, tourism, healthcare and the port and harbour operations sectors. She also has proven expertise in driving efficiency and productivity through the evaluation of systems and the implementation of process improvements.

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5 79 0 3 6 4 6 8 9 9 876 543 098 76543 6 098 764 3 7 5 347462 348 746354 32347587 65 43 236 11 010 01 10 1 0 00 89877665 4328 4 9 1 1 1 1 8 8 7 8 2 4 56 76 7 77 3409430349583490 097059735349574398t70956585 464645 76 676 67653 765 65 5768 8101 1 01 010 9 876 543 098 76543 1 208 764 3 7 5 347462 348 746354 32347587 65 43 236 1 1 1 1 1 0 0 0 409 5 60 78 87323 21 7 9 7 8 5 4 6 4 6 4 5 1 27 6 6 7 6 T 6H7 E6 5 3E X7 6P 5O R 6T 5E 7R 5 4 3 5 4 7 3 7 5 7 6 5 7 9 8 9 7 8 0 0 9 1 4 10104 5768 8101 1 01 010 01 10 1 0 0 0 8 9 8 7 7 61 26 5 4 3 2 8 4 9 876 543 098 76543 6 098 764 3 7 5 347462 348 746354 32347587 65 43 236 4379BVB1 1 1 1 1 0 0 0 409 5 60 78 87323 21 7 3409430349583490 097059735349574398t70956585 464645 76 676 67653 765 65 5768 8101 1 01 010 01 10 4753 1 0 00 89877676 9 876 543 098 76543 1 208 764 3 7 5 347462 348 746354 32347587 65 43 236 1 1 1 1 1 0 0 0 409 5 60 78 87323 21 7 9 7 8 1 1 1 1 0 0 0 409 5 60 78 87323 58 0 8 9 7 74 3212 1 34094303495834904375097059735349574398t70956585 464645 76 676 01 1 01 010 01 10 1 0 00 89877665 4328 4 9 787 5 876 54 45 876 54312 14 253647587 654 10 23 5 5 79 0 3 6 4 6 9 876 543 098 76543 6 098 764 3 7 5 347462 348 746354 32347587 65 43 236 1 1 1 1 1 0 0 0 409 5 60 78 87323 21 7 9 7 8 3534059735349574398t70956585 464645 76 676 67653 765 65 5768 8101 1 01 010 01 10 4753 1 0 00 89877676 54 45 9 876 543 098 76543 1 208 764 3 7 5 347462 348 746354 32347587 65 43 236 1 1 1 1 1 0 0 0 409 5 60 78 87323 21 98t70956585 464645 76 676 67653 765 65 7543 5473 75765 79 897 8 6 54312 14 253647587 654 10 23 5 5 79 0 3 6 4 6 8 9 9 876 543 098 76543 6 098 764 3 7 5 347462 348 746354 323 60 78 87323 21 7 9 7 8 0 9 0 9 708 76 5434 3 2 58 4 56 76 7 77 3409430349583490 09709574398t70956585 46464 010 01 10 4753 1 0 00 89877676 54 45 876 54312 14 253647587 65 9 876 543 098 76543 1 208 764 3 7 5 347462 348 746354 32347 87323 21 7 9 7 8 0 9 0 9 708 76 5434 3 2 58 0 8 9 7 7 35349574398t70956585 464645 76 676 67653 765 65 7543 5473 7576 Firms are looking to “digitally upskill” staff. This means teaching and 4 9 7 8 7 5 8 7 6 5 4 4 5 8 7 6 5 4 3 01 010 01 10 1 0 00 89877665 4328 3 6 4 6 8 9 adapting new technologies to work. Some of these technologies will be 3 2 1 2 1 9 876 543 098 7654 0 8 9 7 74 09 8 0 9 0 8 8 7 8 7059735349574398t70956585 464645 driven from the center through business-led initiatives. Companies are 7 6 6 7 6 6 7 6 5 3 7 6 5 6 5 5 7 6 8 8 1 4 3 7 5 347462 348 746354 32347587 65 43 236 1 1 1 1 1 0 0 0 4 already deploying technologies and training among staff; driving “citizen- 3 2 1 2 1 8 76 5434 3 2 58 0 8 9 7 74 09 8 0 9 0 8 8 7 8 7059735349574398t70956585 464645 76 676 67653 765 65 5768 8 led” solutions as well.

By “citizen-led” I mean staff are given the tools, 877676 54 45 876 54312 14 253647587 654 10 23 5 5 79 0 5 347462 348 746354 32347587 65 43 exposed to training and told “go innovate”. This encourages critical 2 3 6 1 1 1 1 1 0 0 0 4 0 9 5 6 34 3 2 58 0 8 9 7 74 3212 1 340943034958349 thinking by allowing staff to find solutions rather than being given the 7 5 3 4 7 4 6 2 3 4 8 7 4 6 3 5 4 3 2 3 4 7 9 876 543 098 76543 1 208 764 3 87323 21 7 9 7 8 0 9 0 9 708 76 5434 3 2 58 0 8 9 7 7 solutions. Critical thinking is a highly desirable key competence for the 6 7 6 5 3 7 6 5 6 5 7 5 4 3 5 4 7 3 7 5 7 6 35349574398t70956585 464645 76 676 01 010 01 10 1 0 00 89877665 4328 4 9 78 76543 1 208 764 3 accountant in today’s technology-driven world.

6 1 1 1 1 1 0 0 0 409 5 60 78 87323 21 7 9 7 8 0 9 0 9 708 7 34094303495834987 5 876 54 45 876 54312 14 253647587 654 9 876 543 098 76543 6 098 764 3 7 5 347462 348 746354 323 There is also a “Digital Fitness” tool which is used by some firms in the 7 6 5 4 3 4 3 2 5 8 78 87323 21 7 9 7 8 0 9 0 9 708 0 8 9 56 76 7 77 3409430349583490 United States. This tool measures the digital fitness of an organization. It 0 9 7 0 5 9 7 3 5 3 4 9 5 7 4 3 9 8 t 7 0 9 5 6 5 8 01 010 01 10 4753 1 0 00 89877676 54 45 876 54312 14 25364758 teaches employees about emerging technologies exposing them to new 8 9 9 876 543 098 76543 1 208 764 3 7 5 347462 348 746354 32347 and evolving cases for those technologies as they evolve in real time. This 5 4 3 4 3 2 5 8 87323 21 7 9 7 8 0 9 0 9 708 76 0 8 9 7 7 35349574398t70956585 464645 76 676 helps to change the way accountants and employees think, learn and 6 7 6 5 3 7 6 5 6 5 7 5 4 3 5 4 7 3 7 5 7 6 01 010 01 10 1 0 00 89877665 4328 4 9 787 5 876 54 45 876 543 solve problems while at the same time driving innovation. Accountants 3 6 4 6 8 9 9 876 543 098 76543 6 098 764 3 7 0 8 9 7 74 3212 1 0 and employees continuously learn and upskill through bite-sized content. 0 9 7 0 5 9 7 3 5 3 4 9 5 7 4 3 9 8 t 7 0 9 5 6 5 8 4 56 76 7 77 3409430349583490 653 765 65 5768 8101 1 01 010 5 347462 348 7 In Barbados many audit and accounting firms are offering additional skills 0 1 1 0 4 7 5 3 43 236 1 1 1 1 1 0 0 0 409 5 60 78 87323 21 7 9 7 8 0 9 0 9 70 training for their accountants and are looking at bootcamps for learning 8 8 9 7 74 3212 1 09 8 0 9 0 8 8 7 2 4 56 76 7 77 34 7059735349574398t70956585 464645 76 676 67653 765 65 5768 81 outside of core IT coding.

10 4753 1 0 00 89877676 54 45 876 54312 14 253647587 654 10 6 4 6 8 9 9 876 543 098 76543 1 208 764 3 7 5 347462 348 746354 323 The Institute of Chartered Accountants of Barbados (ICAB) recently 9 7 8 0 9 0 9 7 0 8 7 6 5 4 3 4 3 2 1 1 1 1 0 0 0 409 5 60 78 87323 21 7 7 74 3212 1 34094303495834904375 097059735349574398t7095658 approved the formation of a “FutureTech” Committee whose mandate 8 0 0 9 1 4 653 765 65 7543 5473 75765 79 897 10104 5768 81 10 1 0 00 89877665 4328 4 9 787 5 is to analyze the major changes affecting the profession and make 8 7 6 5 4 4 5 8 7 6 5 4 3 1 2 1 4 2 5 3 6 4 5 5 79 0 3 6 4 6 8 9 recommendations for action by ICAB’s members and stakeholders. 3 7 5 3 4 7 4 6 2 3 4 8 7 4 6 3 5 4 3 2 3 9 876 543 098 76543 6 098 764 1 1 1 1 0 0 0 409 5 60 78 87323 21 7 9 7 8 0 9 0 9 708 76 5434 3 2 Professional bodies such as Association of Chartered Certified 8 9 7 74 3212 1 09 8 0 9 0 8 8 7 2 4 56 76 7 77 34 7059735349574398t70956585 464645 Accountants (ACCA) and CPA Canada also offer various seminars and 7 6 6 7 6 6 7 6 5 3 7 6 5 6 5 5 7 6 8 8 1 10 4753 1 0 00 89877676 54 45 876 54312 14 253647587 654 10 webinars in this area.

6 4 6 8 9 9 876 543 098 76543 1 208 764 3 7 5 347462 348 746354 32347 .

87323 21 7 9 7 8 0 9 0 9 708 76 5434 3 2 58 0 8 9 7 7 35349574398t70956585 464645 76 676 67653 765 65 7543 5473 7576 01 010 01 10 1 0 00 89877665 4328 4 9 787 5 876 54 45 876 543 3 6 4 6 8 9 9 876 543 098 76543 6 098 764 3 7 5 347462 348 746354 323 78 87323 21 7 9 7 8 0 9 0 9 708 76 5434 3 2 58 0 8 9 56 76 7 77 3409430349583490 097059735349574398t7095658 01 010 01 10 4753 1 0 00 89877676 54 45 876 54312 14 25364758 8 9 9 876 543 098 76543 1 208 764 3 7 5 347462 348 746354 323 78 87323 21 7 9 7 8 0 9 0 9 708 76 5434 3 2 58 0 8 9

2.

What training is there to provide accountants with the tools needed to be successful in the changing technological environment?

0

0 0 409 5 60 78 87323 21 7 9 7 8 0 9 0 9 708 76 5434 3 2 58 0 8 9 7 74 3212 1 09 8 0 9 01 10 4753 1 0 00 89877676 54 45 876 54312 14 253647587 654 10 23 5 5 79 0 3 6 4 6 8 9 0 9 0 9 708 76 5434 3 2 58 0 8 9 7 74 3212 1 34094303495834904375097059735349574398t70956 9 787 5 876 54 45 876 54312 14 253647587 654 10 23 5 5 79 0 3 6 4 6 8 9 9 7 8 0 9 0 9 708 76 5434 3 2 58 0 8 9 7 74 3212 1 09 8 0 9 0 8 8 7 8 2 4 56 76 7 54 45 876 54312 14 253647587 654 10 23 5 5 79 0 3 6 4 6 8 9 5973534 0 9 0 9 708 76 5434 3 2 09 876 543 098 76543 1 208 764 3 7 5 347462 348 746354 32347587 65 43 236 6 67653 765 65 7543 5473 75765 79 897 80 01 010 01 10 1 0 00 89877665 4328 4 99 1 4 10104 5768 8 9 0 9 0 9 708 76 5434 3 2 58 0 8 9 7 74 3212 1 09 8 0 9 0 8 8 7 8 2 4 56 76 7 77 3409435 876 54312 14 253647587 654 10 23 5 5 79 0 3 6 4 6 8 9 7 9 7 8 0 9 0 9 708 76 5434 3 2 58 0 8 9 7 74 3212 1 3409430349583490437509705973534957 0 09 1 4 10104 5768 8101 1 01 010 01 10 1 0 00 89877665 4328 4 9 787 5 876 54 45

3.

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2 4 101 1 409 5 60 2 4 101 0 3 6 0 78 873

Tell us about some new advances and trends within the accounting Sector.

as the ability to deliver financial information and reports through the cloud. This opens a new way for accountants to work with their clients. There is no need for a physical office. Delivery of services are therefore

Roger CPA Review Team in a posting on

56 76 7 77 3409430349583490 01 010 01 10 4753 3 6 0 9 8their blog, lists five top ways technology is 78 87323 21 7 9 7 8 0 9 0 9 5 6 7 6 7 7 7 3 4 0 9 4 3 0 3 4 9 5 8 3 4 9 0transforming the accounting industry. I agree 1 01 010 01 10 4753 1 0 00 with their views and they are as follows: 4 6 8 9 8 76543 1 208 764 3 23 21 7 9 7 8 0 9 0 9 708 76

spread over larger geographical areas allowing clients to be served outside of the local/domestic market. Since information is easily passed over this medium, time is saved that was previously spent gathering

587 65 43 236 1 1 1 1 1 0 0 0 4 0 9 5 6 0Artificial Intelligence and Robotics74 3212 1 3409430349583490437509705 intelligence and robotics is 65 79 897 80 09 1 4 1 0 1 0 4 5 7 6 8 8 1 0 1Artificial 7 5 347462 348 746354 32347587 65 43 automating complex and repetitive tasks 6 5434 3 2 58 0 8 9 7 74 3212 10 23 5 5 79 0 3 6 4 6 8 9 and processes with extreme accuracy, 347587 65 43 236 1 1 1 1 1 0 0 0 409 5 9 7 74 3212 1 09 8 0 9 0 8 8 7 8 2reducing operating costs and increasing 85 464645 76 676 67653 765 65 5768 8101 efficiency. These are some of the emerging 87 654 10 23 5 5 79 0 3 6 4

data manually.

587 65 43 236 1 1 1 1 1 0 0 0 409 74 3212 1 340943034958349043750 65 79 897 80 09 1 4 10104 5768 312 14 253647587 654 10 23 5

issues

09 8 0 9 0 8 8 7 8 85 464645 76 676 746354 32347587 08 76 5434 3 2 58 409430349583490 101 1 01 010 0 23 5 5 79 0

347587 65 43 236 58 0 8 5 464645 76 676 01 1 01 010 47587 654 10

technologies supporting the transitional

5 60 9 7 0 5role of today’s accountant 8101 critical thinking role.

5 79

into a more

Innovations in Tax Software The tax software of today has improved accuracy while reducing margins of error - something businesses want to embrace in order to avoid tax penalties and prevent with

stakeholders.

Better

tax

software also helps streamline audits by making them more efficient and effective.

Mobile Accounting -

STAYING UP-TO DATE WITH TECHNOLOGICAL TRENDS, BECOMING FAMILIAR WITH CURRENT ACCOUNTING SOFTWARE & BEING OPEN TO ACCEPTING & LEARNING EVOLVING & NEW TECHNOLOGIES.

Accountants are increasingly dependent on their mobile devices to access data. Mobile connectivity bridges accountants and their clients. These mobile apps help accounting firms manage their business while on-themove. Firms can reconcile, send invoices, add receipts and create expense claims

347587 65 43 236 2 58 0 409430349583490 101 1 01 010 0 23 5 5 79 0

from smartphones or tablets.

587 65 43 236 1 1 1 1 1 0 0 0 409 74 3212 1 340943034958349043750 65 79 897 80 09 1 4 10104 5768 312 14 253647587 654 10 23 5

5 60 Cloud 9705 8 1 0 1Cloud 5 79

Mobile technology and smart devices allow

Computing – Computing is a type of Internet-

based computing that provides shared

347587 65 43 236 1 1 1 1 1 0 0 0 409 5 computer processing resources and data to 9 7 74 3212 1 09 8 0 9 0 8 8 7 8 2 5 464645 76 676 67653 765 6 5 5 7 6 8 8 1 0 1computers and other devices on demand.

87 654 10 23 5 5 79 0 3 6 4

347587 65 43 236 9 7 74 3212 1

WWW.BCSI.ORG.BB

This

1 1 1 1 1 0

0

0

409 5

allows

accountants

to

perform

accounting tasks from any location as well

accountants greater access to technical information. Industry experts can be linked into meetings via conferencing apps such as Skype. Answers to complex accounting questions can now be researched in real time and accessed anywhere by anyone.

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Social Media Social media platforms have become an essential tool for firms wanting to engage with their current and potential clients while expanding their brand reach. Gary Boomer, CPA/CITP, CEO of Boomer Consulting Inc. and Jim Bourke, CPA/CITP/ CFF, partner in charge of internal technology at accounting firm WithumSmith+Brown, see social media as a tool that will continue to evolve and provide accountants with a valuable sales and marketing platform that can instantly connect firms to current and potential clients. Most accounting firms understand the importance of implementing traditional marketing into their overall business development plans, but many firms may not realize the power of integrating social media marketing into their long-term marketing strategies. Social media should be a part of a firm’s overall business development strategy and if done consistently, will help amplify the effectiveness of all other marketing and business development efforts.

All this means clients now expect more from auditors and accountants. The audit and accounting services are viewed as a commodity and clients are expecting value beyond these services. Firms are now looking at data accumulation and analysis as a means to offer clients insights into how their businesses work that add value beyond just an audit opinion or compilation of management accounts.

WWW.BCSI.ORG.BB

4.

How do you suggest accountants make themselves as competitive as possible when facing the advancement of Artificial Intelligence?

Continuing Professional Development (CPD) and education in this area will be essential. Accountants will need to embrace the fast developments in technology to remain relevant. This will include staying up to date with technological trends, becoming familiar with current accounting software and being open to accepting and learning the new and evolving technologies.

Since technology will continue to automate routine business transactions and reporting, in the process producing vast amounts of data. Accountants will need to make sense of this data.

Significant opportunities for data and analytical roles will be created.

Accountants will need to digitally up-skill. Skills in data science, analysis and visualization will become more relevant. This does not mean that they need to become IT specialists, but they will need to keep aware of all the tools and new technologies and think innovatively about how these tools can be used.

Beyond automation, data analysis and visualization, accountants will need to develop an understanding of how block chain, artificial intelligence and drones can be used in the profession and by clients to improve their businesses.

In addition, accountants would need to understand and be prepared to advise on the inherent risks of technology such as cybercrime.

In summary, today’s accountant must be a problem solver – one who is able to provide solutions and strategic advice to their clients.

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Artificial Intelligence:

Productivity, Transformation & Social Risk

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Artificial Intelligence: Productivity, Transformation & Social Risk

One of the major pre-occupations about our personal futures and present economic life relates to the potential impact of robots and other digital and electronic tools on work and society. People all over the world are genuinely concerned about whether their jobs will be taken over by machines and about how they will need to personally re-tool in order to survive the anticipated changes.

Many occupations that involve repetitive

These

tasks, scheduling, programming or

consistent patterns or irregularities

basic mechanical services, such as

in the data in order to automate tasks

some secretarial work, travel agencies

for a variety of domestic, civic, military

and

have

and business applications that can

already been subject to partial takeover

make work more productive. But with

by simple computer-based applications.

facial recognition and other biometric

But increasingly, professionals with

capabilities, surveillance and tracking

more complex jobs, such as lawyers,

attributes as well as catastrophic military

musicians and architects are finding that

applications, artificial intelligence is not

substantial parts of their career training

without its adverse social implications

can be performed by a programmed

and risks.

transportation

bookings

devices

can

quickly

learn

machine. And some human services, such as elderly assistance, household

“The value of AI is its ability to quickly

Professor Hopeton S. Dunn

cleaning, security and professional task

wring insights from data. Machine

Technology Analyst and Educator

scheduling can also be performed by in-

learning, an AI technology, brings

home or office-based robots with tactile,

the ability to automatically identify

vocal and domesticated attributes.

patterns

contributor profile Professor Hopeton Dunn is a leading communications scholar, technology policy analyst and UWI researcher now based at University of Botswana. He is Senior Research Associate in the School of Communication at University of Johannesburg, and Director of the Mona ICT Policy Centre at the UWI Mona Campus. He served for several years as Director of the Caribbean School of Media and Communication (CARIMAC) and Divisional Director at the Mona School of Business, UWI. Professor Dunn, who is the author of several books and other scholarly publications, is a former Secretary General of the International Association for Media and Communication Research (IAMCR) and immediate past Chairman of the Broadcasting Commission of Jamaica. hopetondunn@gmail.com Mobile: 1 876 430 1000

and

detect

anomalies

in

the data that smart sensors and These

robots

(and

even

more

devices

generate—information

such

sophisticated ‘cobots’) work side by

as temperature, pressure, humidity, air

side with humans in mega-factories,

quality, vibration, and sound. Compared

retail

to

operations,

in

e-commerce

traditional

business usually

intelligence

providers and technical departments of

tools—which

government. They help control national

numeric thresholds to be crossed—

electricity grids and traffic management

machine

systems. Robotics have become much

make operational predictions up to 20

more pervasive as artificial intelligence,

times earlier and with greater accuracy.”

machine learning, algorithms and big

SAS - AI Providers. https://www.sas.com/en_us/insights/ analytics/what-is-artificial-intelligence.html

learning

monitor

approaches

for can

data becomes more widely available.

Many By

definition,

artificial

of

these

applications

are

intelligence

disseminated and powered by the

involves the programming of machines

internet, leading to an integrated set of

to harness large volumes of information.

technologies described as the ‘Internet

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global GDP may increase by up to

of Things’ (IoT). AI applications for IoT enable companies to avoid unplanned downtime, increase operating efficiency, spawn new

14%

products and services, and enhance risk management. A 2018 study

by 2030

(See PwC Report 2018) https://www.pwc.co.uk/economic-services/assets/macroeconomic-impact-of-aitechnical-report-feb-18.pdf

the equivalent of US$15.7 trillion

by PricewaterhouseCoopers (PwC) estimates that global GDP may increase by up to 14 % (the equivalent of US$15.7 trillion) by 2030 as a result of the accelerating development and take-up of AI. The report anticipates the next wave of digital revolution to be unleashed will be with the help of data generated from the Internet of Things (IoT), which is likely to be many times greater than the data generated by the current ‘Internet of People’.

BY DEFINITION, ARTIFICIAL INTELLIGENCE INVOLVES THE PROGRAMMING OF MACHINES TO HARNESS LARGE VOLUMES OF INFORMATION. A recent report commissioned by the European Parliament confirmed that AI is an engine of productivity and economic growth. “It can increase the efficiency with which things are done and vastly improve the decision-making process by analysing large amounts of data. It can also spawn the creation of new products and services, markets and industries, thereby boosting consumer demand and generating new revenue streams.”

(EU 2019 Report) http://www.europarl.europa.eu/RegData/etudes/BRIE/2019/637967/EPRSBRI(2019)637967_ EN.pdf

However, the adverse impacts have also been recognized, warranting close study of the potential human and policy consequences of AI innovations. While noting the economic value-creation of AI, the EU Report also warned that AI may have a highly disruptive effect on the economy and society. “It could lead to the creation of super firms – hubs of wealth and knowledge – that could have detrimental effects on the wider economy. It may also widen the gap between developed and developing countries, and boost the need for workers with certain skills while rendering others redundant. This latter trend could have far-reaching consequences for the labour market.” EU experts also warn of AI’s potential to increase inequality, push down wages and shrink the tax base.

WWW.BCSI.ORG.BB

While these concerns remain valid, there is no consensus yet on the extent of related risks or job losses that will materialise.

Many analysts argue that carefully designed policies could mitigate these risks by fostering the developmental benefits of AI while keeping the negative potential effects in check. What is clear, however, is that AI is here to stay. As I pointed out in a recent article, the present era demands culturally appropriate and innovative ways of coping with these technologies while managing their ethical and social impacts. One way is by delivering new vistas of education and training that anticipate both the global and local affordances of AI. The process of preparing Caribbean people for this new robotic environment must begin at the basic, primary and secondary stages of schooling, buttressed by structural and curricular reforms in universities and teacher training colleges to better prepare our nationals in both cultural and scientific terms.

(Dunn 2018) https://www.tandfonline.com/doi/full/10.1080/23808985.2018.1547121

ARTIFICIAL INTELLIGENCE IS ALREADY HAVING AN IMPACT ON OUR REGION IN MANY DIFFERENT WAYS. THE CARIBBEAN MUST POSITION ITSELF TO UNDERSTAND THE PRODUCTIVE CAPABILITIES OF AI TECHNOLOGIES AND TO SEEK TO BE BOTH COMPETITIVE AND RELEVANT IN THIS RAPIDLY EMERGING ERA. References Dunn, Hopeton (2018) - Creative resilience and globalization from within: evolving constructs for analysing culture, innovation, and enterprise in the global south. https://www.tandfonline.com/doi/ full/10.1080/23808985.2018.1547121 European Parliament - Economic impacts of artificial intelligence (AI) PE 637.967 – July 2019: http:// www.europarl.europa.eu/RegData/etudes/BRIE/2019/637967/EPRS_BRI(2019)637967_EN.pdf SAS Data Portal 2019 Artificial Intelligence – What it is and Why it Matters - at https://www.sas.com/ en_us/insights/analytics/what-is-artificial-intelligence.html PricewaterhouseCoopers, The macroeconomic impacts of artificial intelligence, February 2018 https://www.pwc.co.uk/economic-services/assets/macroeconomic-impact-of-ai-technical-reportfeb-18.pdf

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FacebooK Developers Club

Mr. Shannon Clarke

contributor profile

Software Developer

Shannon Clarke is an experienced software engineer passionate about the use of innovative technologies to create solutions relevant to the challenges faced by society. Shannon has several years of experience working in the technology, energy and construction industries and has been recognized as an entrepreneur and innovator regionally and internationally with awards such as the Prime Minister’s Innovation Award and the IDB Young Innovator 2015.

1) Tell us a bit about who you are and your work with the Facebook Developer Circle.

I am an electrical engineer passionate about utilizing technology to empower people and improve the livelihood of others especially in developing countries. While formally trained as an electrical engineer, I was able to transition to a career in software development thanks to my personal and professional connections. Since I’ve noticed that others have difficulty preparing themselves to enter this rapidly changing and demanding industry, I’ve sought methods to build a supportive community of developers through which we can help each other with our career goals. Thankfully, I was chosen as the Developer Circle Lead for the Facebook Developer Circle Bridgetown chapter which is an excellent vehicle through which to pursue this vision.

WWW.BCSI.ORG.BB

2) Give us a bit of background info about the Facebook Developer Circle and what you do.

The Facebook Developer Circles (https://developers.facebook.com/ developercircles/) is a global initiative through which Facebook provides tools and training to developer communities around the world to help its members advance their career goals as well as launch their own commercial ventures. Specially, the Developer Circles focuses on contributing to the existing entrepreneur ecosystems by investing in education, innovation and community.

As the Facebook Developer Circle Lead, I am responsible for organizing and coordinating member activities including workshops, meetups and hackathons. This role is completely voluntary but Facebook does provide support in terms of branding assets and educational resources. To further the local effort, I have also curated a regional community of software developers titled ‘The Barcode Network’. Barcode is a community of developers and tech entrepreneurs focused on learning, sharing and collaborating in order to advance our career goals and build meaningful products. During the past 4 months, Barcode has collaborated and partnered with the University of West Indies, Cave Hill School of Business and the National Library Service of the Government of Barbados.

3) What are the main aims of the Circle?

Each Facebook Developer Circle aims to be a healthy part of the tech ecosystem by providing community leaders with tools and resources to support their communities through training, educational content, meetups and hackathons, as well as access coaching from Facebook developer networks around the world

4) What work do you do in the field of Artificial Intelligence within the club?

During our workshops, we dive into a mix of modern technologies including Artificial Intelligence. Most recently we have leveraged opensource technologies like TensorFlow to create applications which leverage facial detection and hand-tracking. These applications can be practically implemented as part of a security monitoring system and Augmented Reality systems.

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5) How important would you say it is for a person who is not a developer to be familiar with the workings of it in their everyday/ professional life?

It is important for non-technical persons to become familiar with artificial intelligence because it can be a tool to empower them to be more productive in their regular and professional lives in much the same way as modern software applications do. For instance, cameras equipped with artificial intelligence can detect potential dangers faster than the human eye and can also translate signs in foreign language when we are visiting a distant country. While artificial intelligence may eventually displace some repetitive tasks in jobs, it is equally likely to create new career opportunities for which we must prepare.

6) What is up next for the Developer’s Circle?

We have quite a bit planned during the upcoming months which provide opportunities for both aspiring and experienced developers alike including, but not limited to, an Introduction to Coding workshops, a workshop series in collaboration with the University of West Indies, and a hackathon focused on Virtual Reality and Artificial Intelligence. To find out more, please follow our website www.devcbridgetown.com.

Thank You.

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BARCODE IS A COMMUNITY OF DEVELOPERS AND TECH ENTREPRENEURS FOCUSED ON LEARNING, SHARING AND COLLABORATING IN ORDER TO ADVANCE OUR CAREER GOALS AND BUILD MEANINGFUL PRODUCTS.

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Photos By: Dikembe Wilson

The story of rum

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Overlooking the spectacular view of the Caribbean Sea at Brighton Beach in Barbados is the West Indies Rum Distillery. The Caribbean is known as the home of rum, and rum is as synonymous with our culture as our crystal-clear water is with our white sandy beaches.

West Indies Rum Limited (WIRL) is home to Plantation Rum, an award-winning premium spirit enjoyed by thousands globally. The Plantation Rum brand was introduced to the island by Alexandre Gabriel, a French Master Blender who is described by his colleagues as a dedicated and passionate entrepreneur, eager to share his knowledge, networks and expertise in elevating the production of Caribbean rum on the global supply and value chains. In short, he is helping to build our local rum into world class global brands. Long gone are the days when rum was a cheap spirit that was to be used only with a ‘chaser’ like Coke. Caribbean rum producers have created the demand for premium rum products worldwide and have gained respect in an exclusive spirits community.

The Plantation Rum brand is currently within 75 markets internationally and is growing at a rate of 25% per year.

The EXPORTER team recently got the opportunity to speak candidly with Alexandre as well as Managing Director of the West Indies Rum Distillery, Andrew Hassel.

Cherise Catwell Communications Officer Barbados Coalition of Service Industries (BCSI)

Caribbean rum has a rich history, it goes far deeper than the beverage. Within the Distillery is a vault which possesses written recipes, techniques and blueprints dating back as far as 1875, all carefully preserved and protected.

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We were given an exclusive tour of the historic distillery which has been in operation for over 100 years.

Now the owner of the oldest distillery on the island, Alexandre shared a bit about his background as a Cognac Blender and how he came to invest in our rich Caribbean heritage. “I am trained as a Master Blender… and I fell in love with rum about 25 years ago. At the time I was trying to learn about another spirit and [wanted] to sell some of our second-hand [cognac] barrels. What happens is [that] when you age rum in a cognac barrel it makes it extra smooth. So, I found people who were interested, but more importantly, I found rum.”

CARIBBEAN RUM HAS A RICH HISTORY, IT GOES FAR DEEPER THAN THE BEVERAGE. Coming from the world of cognac, Alexandre’s interest in rum might have been seen as unusual but he has found his place within the industry effortlessly and now produces a premium product that rivals the best in the world. While many enjoy the taste or even the comradery that inevitably comes with sharing each bottle, there is still much left untapped as it relates to the heritage of rum and the value that can be added by sharing its story. Caribbean rum has a rich history, it goes far deeper than the beverage. Within the Distillery there is a vault which possesses written recipes, techniques and blueprints dating as far back as 1875, all carefully preserved and protected. Many of the documents describe in detail the old-world techniques of rum production as well as architectural designs of the machinery used during that time.

Photos By: Dikembe Wilson

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ANOTHER VISION OF MANAGING DIRECTOR, ANDREW, IS THE DEVELOPMENT OF A ‘RUM TRAIL’ ...

They tell the story of the origins of rum. The distillery is also home to the ‘Vulcan’, one of the only remaining originally built 19th century Chamber Stills in the world. For decades, the Vulcan was used for distilling rum, however, it saw less and less usage due to the high cost of operation and the fact that it is very technical to run. Quite unlike the modern techniques, the entire process must be done manually and does not use computing.

To get this historic piece of machinery up and running again, the company relied on the knowledge and experience of one of the Distillery’s oldest employees affectionately known as ‘Digger’.

Digger has been with the Distillery for over 40 years. With his knowhow and experience he is now able to train younger personnel on how to operate this truly unique Chamber Still, ensuring that it remains an integral part of the distilling process.

So the STORY of rum in Barbados is as important as the PRODUCTION of rum itself. According to Andrew, “the Spirits Industry and Tourism have had a long and close link.” Realizing this, Andrew and his team conceptualized an effort to target a key segment of the travel industry by inviting about 300 journalists, mixologists and key stakeholders from within the spirits community worldwide to Barbados in 2019.

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While here, they were able to exclusively tour the West Indies Rum Distillery and a number of sugar plantations to learn about the rich history of Barbados when sugar was King. Though 300 individuals may not seem like a significant dent in the tourism industry, the company believes that this targeted effort will ensure that the key stakeholders who were exposed to this exciting story and experience would return to their home nations as virtual brand ambassadors for Barbados and Barbadian Rum. Another vision of Managing Director, Andrew, is the development of a ‘rum trail’ quite like the very popular Kentucky Bourbon Trail in the USA. “When you look at the global spirits industry, like in Kentucky, there is something called the Bourbon Trail and it is estimated that 1.2 million visitors go to Kentucky [every year] just to go along this Bourbon trail which is visiting different distilleries.

In Barbados we are lucky, we have four distilleries and all four are unique, diverse and interesting in their own way. So, one of the dreams that we have [regarding] tourism is to have a Barbados Rum Trail [where] visitors will come to Barbados [to participate in the rum trail] or add to their experience when they visit Barbados.

We [can] get people to hopefully stay for maybe two [additional] days and invest a bit [more]. We would love to put it together with the Barbadian Government and with the other stakeholders to make it cohesive for the benefit of Barbados.”

...one of the dreams that we have [regarding] tourism is to have a Barbados Rum Trail, where visitors will come to Barbados to participate in the rum trail, or add to their experience when they visit Barbados.

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modernizing the rum industry in Barbados.

Though there remains much to be developed within the Industry, rum producers like Alexandre are certainly on the right track to modernizing the rum industry in Barbados. The BCSI salutes WIRL in its efforts and focus on branding and diversification of its product offerings through the development of the Barbados Rum trail. Through our partnership with WIRL the BCSI hopes to change perspectives and shape understanding on how services’ value-added can contribute to economic diversification and upgrading, trade competitiveness and increased exports especially within the manufacturing sector in Barbados which continues to struggle with increasing costs related to inputs and lack of investment.

In 2019 the BCSI signed an MOU with the Barbados Manufacturers’ Association (BMA) as a first step towards the identification, measurement and ultimately the promotion of Services ValueAdded in Exports within the Manufacturing Sector.

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General Data Protection Regulation (GDPR)

The EU General Data Protection Regulation: The caribbean context.

In an ever-modernizing world and the age of information, the protection of one’s personal data is paramount. The General Data Protection Regulation (GDPR) seeks to establish “rules relating to the protection of natural persons with regard to the processing of personal data and rules relating to the free movement of personal data.” (www.gdpr-info.eu) The Technical Assistance and Information Exchange Instrument (TAIEX), in collaboration with The Barbados Coalition of Service Industries (BCSI), The Caribbean Export Development Agency (CEDA), The CARIFOURM Secretariat, Gesellschaft fur Internationale Zusammenarbeit (GIZ) and The Ministry of Foreign Trade held a two day workshop earlier this year aimed at both public and private enterprises. The main objective of the workshop was to focus on requirements and conditions of compliance with the European Union’s General Data Protection Regulation.

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What is the GDPR and why is it Relevant to us here in the Caribbean?

The General Data Protection Regulation (GDPR) came into effect on 25th May 2018. It is the new regulation replacing the Data Protection Directive. The GDPR seeks to protect the data of consumers within the European Union (EU) from mishandling and/or misprocessing of personal data in a world where persons entrust their information to Companies. Though this regulation is a European one, compliance of the GDPR is required for anyone who processes the personal data of any individual who resides within the EU. It will apply even if your company operates outside of the EU. As long as you target European consumers, you are required to comply with the guidelines stipulated within the GDPR.

What are its objectives?

• Free movement of goods, services and people in the EU • Free flow of data • Uniform high level of data protection • To clarify rules for companies • No fragmentation in different national systems • Reduce company cost

What is considered personal data?

Personal data as defined by the European Commission, is “any information that relates to an identified or identifiable living individual. Different pieces of information, which collected together can lead to the identification of a particular person, also constitute personal data.”

Some examples of personal data are as follows: • A name • An identification card number • IP addresses • E-mail addresses It is important to note that persons who are deceased are not protected under the GDPR.

What are the rights of the consumers?

Consumers who have given their personal data to companies should be afforded certain rights under the GDPR. These are as follows: • A right to access your information.

• A right to have their information removed at their request • A right to have their information updated • A right to be informed on why their information is being collected • A right to be notified in the event of a data breach

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GDPR

How can you as a Caribbean Business owner ensure that you are following the GDPR? As Caribbean nationals, we should all be aware of how heavily reliant we are on cross-shore business. Under the Economic Partnership Agreement (EPA), it has become much easier for us to reach European Markets and therefore it is essential that we are GDPR compliant.

• Perform an initial assessment. As a business owner you need to ensure that you completely understand where your data is stored and what type of information your company collects, specifically as it relates to customers from the EU. • Create a task force. Ensure that you have persons in your work force who are specifically concerned with the correct processing of data. In smaller organizations, this may be difficult due to financial constraints, however, once you are processing the personal data of European consumers, there must be someone within your Business who oversees this data.

• Create a data protection plan. Create and implement a data protection plan. If your company already has one, ensure that it aligns with the GDPR. • Create a plan to track and assess measures taken. Ensure that you are constantly assessing your current plan and updating where necessary.

Lawfully Processing Data.

The lawful basis for correctly processing data is stipulated within Article 6 of the GDPR. A brief overview is listed below: • Gain Consent. When gathering data, the company is required to obtain the consent of the consumer before they acquire the data for ‘one or more specific reason’ • Legal Obligation. Processing data is lawful if the Company is obligated to do so in order to comply with the law.

• Public Interest. If the data is being processed for the betterment of public interest it is considered lawful.

• Performance of a contract. The processing is necessary in order to enter or perform a contract.

• Legitimate interests of the company. If the processing is necessary for the legitimate interest of the data controller or third party. This interest must be weighed against the interests and fundamental rights of the data subject, ‘in particular where the data subject is a child” (www.gdpr-info.eu) • To protect the vital interests of a person. Protection of the vital interest of a person is another ground for lawful processing. In this instance the person does not have to be the data subject themselves but can be another natural person. This is only applicable in cases of life or death.

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Penalties for non-compliance.

In instances of non-compliance or breach of the GDPR, administrative action can be taken the company.

All penalties however are not in the form of fines. The following can also be actioned to discipline the offending party; • Issuance of warnings and reprimands.

• Imposition of a temporary or permanent ban on data processing.

• Ordering the rectification, restriction or erasure of data • Suspending data transfers to third countries.

In terms of financial penalties, they are separated into two tiers.

Tier 1: Up to £10 million or 2% of the company’s annual turnover- or whichever is higher.

Tier 2: Up to £20 million or 4% of the company’s annual turnover- or whichever is higher.

Before deciding whether to impose a fine the following considerations are made: • What was the nature of the infringement?

• Was the act intentional or as a result of negligence?

• Were any actions taken by the organization to mitigate the damage suffered by individuals?

• What is the company’s standard data protection measure?

• Does the company have any previous infringements?

• What type of data was misprocessed?

• Was the supervisory authority informed about the infringement?

• Did the organization inform the data subject about the infringement?

• How cooperative was the company with the regulatory body?

• Read more on the GDPR at :

WWW.GDPR-INFO.EU

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IN HOUSE NEWS

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BIMTECH

7 of the Top 10 most valuable companies in the world are tech companies. This suggests a high value proposition for the integration of technological services in business.

At the last Bimtech digital forum, presenters provided a roadmap as to how businesses in all sectors can increase their value and efficiency through technology. Panelists discussed two very topical issues our island is facing; Modernization of Business in Barbados and Digital Compliance.

Before the commencement of discussions, we welcomed Minister of International Business, Ronald Toppin who delivered brief opening remarks.

He spoke on a tendency to overlook the services industries. Modernization in Barbados and more specifically, within the government is a key area of focus

BCSI

as it relates to the ease of doing business The first panel discussion welcomed Andre Griffith, Dr Curtis Gittens, Natalia Paris and Xavier Caddle. This discussion explored the following areas: • Artificial Intelligence + Cyber Security • Ethics in a Digital Era • Consumer Behavior + Data Analysis • Indigenous digital solutions to Barbados’ Isolation • Overview of a data analysis and considerations for business professionals

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Each panelist spoke openly and candidly on how these issues affect entrepreneurs here in Barbados. While artificial intelligence is a tool used to enhance the how things are done, careful monitoring must also be apart of the process to ensure the protection of consumer information and while there is no shortage of information, business owners need to know how to use this information to predict the behavior of their consumers. Consumer data in its raw form is of little use to a business, they must learn how to leverage this data and adjust their product or service to match their primary target market.

Modernization of Business has been discussed quite a bit in recent years with Barbados’ low rating in the ease of doing business index.

We welcomed Roger Hennis of Deloitte Digital, George Thomas of First Caribbean International Bank and Damany Reid, Co-Founder of Transend Technology.

• Using virtual reality/ artificial intelligence as a market tool for tourism • The 2029 Workforce/ The Future of Work • IOT: A pathway to increased Productivity • Predicting consumer behavior using data analysis/ IOT psychoanalysis

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Firefly 1

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COVID-19 – AN OPPORTUNITY FOR THE SERVICES SECTOR IN BARBADOS: A Perspective from the Barbados Coalition of Service Industries

Malcolm Gladwell’s novel The Tipping Point tackles the issue of social epidemics, or what he describes as “that magic moment when an idea, trend or social behaviour crosses a threshold, tips or spreads like wildfire.”

Gladwell identifies three prerequisites for this to happen: • The Law of the Few; • The Stickiness Factor; and • The Power of Context.

This article focuses on the third prerequisite and how the Barbados Coalition of Service Industries (BCSI) views it as very important in managing the services sector through the COVID-19 crisis. COVID-19 presents an opportunity for a tipping point of sorts in Barbados. This tipping point relates to the digitization of the Barbadian services sector.

During November 2017, at the Digital Strategy Forum which the Barbados Coalition of Service Industries (BCSI) hosted as a part of their Services Weekend Barbados (SWB) 2017, Roger Hennis of Deloitte Barbados delivered the keynote presentation on digital disruption.

During this

presentation Roger focused on the point that the problems surrounding

BCSI

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declining productivity in Barbados did not stem from under investment in technology but from the underutilization of existing investments in technology in Barbadian businesses. It was also noted that Barbadian enterprises still applied paperbased processes to digital technology. What was needed and still is needed at this time is a shift in mindset and application of technology.

AGlobalPARADIGM SHIFT IS NECESSARY. trade will be dominated by those economies which are able to emerge from the crisis as quickly as possible.

This is where the ‘Power of Context’ according to Malcolm Gladwell becomes very important. In 2017 when Roger Hennis made his presentation to just over 100 stakeholders within the services sector, the intention of the seminar was to highlight ways in which micro, small and medium-sized enterprises (MSMEs) in the services sector could grow their businesses utilizing the digital economy. However, amid the COVID-19 crisis, this conversation has transformed into what is necessary for MSMEs to remain viable. Enterprises and consumers alike felt that the utilization of digital technology in business was a luxury whereas in today’s context the utilization of digital technology is viewed as both critical and essential.

A paradigm shift is necessary. Global trade will be dominated by those economies which are able to emerge from the crisis as quickly as possible. Commerce in economies dominated by digital payment platforms will not decline to the same degree as those dominated by cash. The food and beverage enterprises which already had their own home delivery or third-party delivery options are expected to fare better than those without.

So this crisis presents the perfect opportunity for MSMEs to tackle these areas. One advantage MSMEs will have over larger

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enterprises at this time is their ability to

• The marketing of the service

remain agile. Agility will translate into

offerings

more responsive enterprises which

situational context, that is an

are better positioned to implement

adaptation or customization to

new processes and procedures to

the tone, content, timing and

increase productivity during and post

service sector to use the downtime of this curfew period to revamp their procedures and processes to make

the

given

delivery of marketing messages.

COVID-19.

The BCSI urges MSMEs within the

within

AGILITY WILL TRANSLATE INTO MORE RESPONSIVE ENTERPRISES

them as digitally efficient as possible.

A few possible ways in which this can be done include: • The

utilization

of

web-based

The

basic

premise

of

these

interventions is for MSMEs to provide as wide a range of services and as

appointment systems and new

much information as possible to

customer sign up forms, for example

relevant

Google Forms, Setmore app or

employees and customers) via digital

Appointment Fix app;

platforms. This will result in as little

stakeholders

(including

digital

disruption as possible due to work

payment platforms for deposits,

stoppages which may occur from

consultation

full

time to time. However aside from

payment, for example Paypal or

these benefits the movement towards

• The

utilization

of

fees

or

Transferwise; • Consultations and client meetings via video conference, for example Zoom, Skype or Slack; • The acceptance of digital copies of documents where possible; • The facilitation and acceptance of

a more efficient usage of existing technological investments will result in a leaner organization with reduced administrative costs. For Barbados as a small open and vulnerable economy, the challenges created by the COVID-19 crisis therefore, present an opportunity to create a lasting and

e-signatures as a means of validating

positive legacy that will define a new

contractual agreements, for example

agile, efficient and more productive

through Adobe Fill and Sign;

service sector in Barbados.

• The

establishment

telecommuting

or

of

work-from-

home policies within service-based organizations.

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Business Continuity Q&A

Can you imagine a hurricane in the midst of the COVID-19? Hurricane season is just around the corner, are you prepared?

Mrs. Cheryl Griffith BSc, MSc, CBCP, ARMP, MBCI

contributor profile Business Continuity Management Consultant with 20 years’ experience.

Core proficiency in Business Continuity Planning (BCP), Risk Management, Operations Management, Leadership and Strategy; and Process Optimization.

Cheryl was responsible for assessing organizational risks, determining business continuity requirements and recommending recovery and continuity strategies. She is also a certified BCP instructor with the Disaster Recovery International Institute.

Expand on what Business Continuity is and why Business Owners should be concerned.

Business continuity management is a critical process that ensures your company maintains normal business operations

during

a

disaster

with

minimal disruption. It works on the principle that good response systems mitigate events.

damages In

other

from words,

theoretical business

continuity is about having a plan to deal with difficult situations, so your organization can continue to function with as little disruption as possible.

Whether it’s a private business, public sector organization, church or charity,

you need to know how you can keep going under any circumstances. With the number of cases in Barbados likely to increase over the coming weeks and possibly months, it’s critical that all organizations plan for the worst.

While some business owners like to believe that they can quickly come up with a “Plan B” to work through a crisis, the world’s best business leaders spend time making plans for events they hope will never happen.

Can you imagine a hurricane in the midst of the COVID-19? Hurricane season is just around the corner, are you prepared?

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In the wake of COVID-19, businesses are forced to reshape their strategy and usual ways of operation, What are some tips that you would suggest in order to encourage Entrepreneurs to efficiently adapt their Business in order to not only survive, but to thrive in the current climate?

to pay for it. Do not slack on

word and follow through on

quality. Word gets around fast.

commitments,

• This is the time to operate lean and retain that start-up/ founder mentality. achieve a great return.

• Turn to consultants and ondemand remote help as needed. the

best-laid

plan

the fire when the bullets start

some entrepreneurs in the next few

flying. Adjust, Confront and

weeks. The inclination and ability of

Conquer.

consumers to spend may be one of

• Use the internet, it is incredibly

the biggest. People are out of work,

powerful and very cost efficient. is

all

about

creating

a

community, using social media YouTube, Twitter and blogging

Here are a few tips in managing what you can control to get you through this period: consumer

It

networking such as Facebook,

earning less.

times

things personally and keep your

organization.

and become even more severe for

• In

• This is not about you- it is

• You need an agile and fluid

sometimes has to be thrown in

disaster preparations while

difficult and challenging.

emotions in check.

Significant problems could emerge

spending more on healthcare and

like

these

and

when

business

spending can be tighter, your service/product

need

to

be

a must-have (something the market needs).

• You also must also make sure your consumers have the ability

to

build

rapport

with

your

market. You need to get on board and use it because your competitors surely are.

• Advisors are crucial. You need people to bounce ideas off, review what you are doing and push yourself to greater accomplishments while holding yourself accountable.

• Always

when

about the business. Do not take

• Every dollar you spend needs to

• Even

layoffs may be imminent, they are

even

be

good

to

your

EVEN THE BEST-LAID PLAN SOMETIMES HAS TO BE THROWN IN THE FIRE WHEN THE BULLETS START FLYING.

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Currently, as a result of social distancing, we are seeing a shift towards virtual methods of conducting business and even a spike in delivery services, what do you foresee the impact of this shift to be for service sector firms during and post COVID-19?

Though we are uncertain of when this will all be over, give us three key learning lessons for SMSEs to take away from this global pandemic when the time comes to begin rebuilding.

1. Analyze and assess weekly as your business strategy prior to COVID-19 CANNOT be the same in this new

Services are being highlighted that do not require any in person meetings and for which you can continue performing and still get paid. Services such as book-keeping, accounting,

architectural,

marketing,

graphic designing and most types of consulting are just a few examples. For any of these professions it is fairly easy to find ready online services. You can start leveraging the same technology these companies are using to run your business remotely.

In addition, you might have gone to your client’s office to report on progress or

environment.

2. Know

your

financial

limitations.

Monitor your cash flow (rent, supplies, HR resources, insurance, procurement, future expenses etc.)

3. Do not just have a plan, get one customized to your organization and exercise it annually.

4. Be prepared.

What are the critical business issues service sector firms should seek to address during downtime and post-COVID?

discuss strategy, but these are meetings that can now be very easily moved online.

• Smart

production:

review

your

processes, resources used, waste created and make small improvements.

• Look for threats in your suppliers/ vendors and proactively research and diversify your procurement.

• Search other markets for your services and seek out new opportunities.

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Outline a strategic and operational framework that will improve corporate resilience, that is, to prevent the suspension of operations.

Operational Resilience should be driven from the top, embedding a culture of resilience practices

and

shaping

strategic

agenda

from

the

company’s

a

resilience

perspective for both future investments and day-to-day operations.

Business operations should be assessed, managed and overseen from a front to back business services/ customer perspective and not in the traditional function and capability silos.

Set and monitor clear operational resilience tolerance levels for the company’s critical services while strengthening existing and complementary risk appetite measures.

SUMMARY OBSERVATIONS We need to stop focusing so much on hurricanes as the only

Create a mindset that failure is inevitable.

disaster that we must prepare for. What local companies are

The company’s current approaches to

calling Business Continuity Plans focus too much on disaster

risk mitigation and avoidance will need to

recovery and too little on the weaknesses emerging from

be augmented to include the assumption

within an organization. For example, many companies are

that business disruption or failures will

using cloud computing resources to safeguard data in the

occur. Furthermore, rigorous testing of

event of a disaster.

critical areas of potential vulnerabilities and

A comprehensive business continuity plan should consider a

scenario planning including, business-led

company’s actions if there is a cyber-attack, a corporate officer

incident responses while maintaining key

or manager leaks sensitive data, or a production defect causes

services will be required.

customer harm. Crafting a Business Continuity Plan involves assessing leadership, employees, resources and corporate strategies. The process itself can highlight weaknesses/ vulnerabilities a company can correct long before facing an urgent crisis.

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The New BCSI BOARD

At the BCSI’s last Annual General Meeting a new Board of Directors was elected. The EXPORTER takes this opportunity to welcome the newly installed Board led by President Mr. Paul Clarke whom we will feature in the next edition of the magazine. We also wish to thank the outgoing board members and particularly Mr. Wendell Cumberbatch who has served the organization with distinction over the last six years. We look forward to the new initiatives that will help to propel the organization forward in the years ahead.

MR. PAUL CLARKE

MR. Colin Daniel

MR. Jamal Slocombe

Mr. Rueben Blenman

PRESIDENT

VICE PRESIDENT

SECRETARY

DIRECTOR

MR. Wendell Cumberbatch Ms. Jennifer Small

MR. Antone Nixon

MR. GRAHAM CLARKE

DIRECTOR

DIRECTOR

EXECUTIVE DIRECTOR

DIRECTOR

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UNCTAD: International Meeting on Services Value Added in Exports.

According to the United Nations, globally Trade-in-Services reached $5.8 trillion in 2018.

OBJECTIVE

This statistic alone demonstrates the

capacity in measuring services value

dynamism of the services industry

added in exports and in understanding

and how valuable its contribution to

the effects of services- and trade-related

macro-economic factors like GDP and

policies in this value added.

This UNCTAD-EU joint project addresses this knowledge gap and aims to enhance

employment is within the global economy.

Within the developing economies like Barbados, the services sector is also on a trajectory of growth.

ACTIVITIES • Assist:

Measure

services

value-

added in Brazilian exports. Based on this measurement, develop a

At the last International Meeting on Services Value Added in Exports, held in Brasilia, Brazil, our Executive Director, Mr. Graham Clarke had the pleasure of attending and delivering a presentation at the forum. The following provides a brief background to the forum.

guidebook on the methodology to measure services’ value-added in developing countries. • Analyse: Examine the effects of services

and

trade

policies

on

services value-added in Brazilian exports of all economic sectors.

Includes

assessment

of

cross-

cutting services policies and deep dive analysis on the enabling role of professional services and of information

and

technology services.

communication

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Pictured: Mr. Bruno Antunes Economic Affairs Officer, Division on International Trade and Commodities, United Nations Conference on Trade and Development (UNCTAD) Mr. Graham Clarke Executive Director, Barbados Coalition of Services Industries, Barbados Ms. Pamela Coke-Hamilton Director, Division on International Trade and Commodities, United Nations Conference on Trade and Development (UNCTAD) Mr. Herlon BrandĂŁo Undersecretary of Foreign Trade Intelligence and Statistics, Secretariat of Foreign Trade, Special Secretariat of Foreign Trade and International Affairs, Ministry of Economy, Brazil.

• Build consensus: Discuss and share at the international meeting on services value-added

in

exports.

Disseminate

lessons learned and experiences; raise awareness on the role of services valueadded for development and for policy action; share lessons learned on applying the methodology for measuring services value added in exports; and discuss effects that services and trade policies can have on services value added in exports.

Link to SDGs Source (https://unctad.org/)

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BUILDING BUSINESSES. SUPPORTING SERVICES. EXPORTING EXCELLENCE.

Barbados coalition of service industries (bCSI) Building #3 Unit 2B Harbour industrial estate Tel: 1 (246) 429-5357 Fax: 1 (246) 429-5352 Email: info@bcsi.org.bb www.bcsi.org.bb