"Adapt or Die" - Using Technology to Engage the World

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Is Barbados ready for the rapid changes occurring globally during this new digital era and are the mind-sets of Barbadians prepared for these changes?

These were questions posed to members of the Small Business Association (SBA) and the general public at a recently held information session presented by Cave Shepherd Card Services. The session, held at the SBA secretariat was geared towards encouraging small business owners to engage the world through technology. 

The answer to these questions came from Operations Manager at Cave Shepherd Card Services, Ms. Keri Mapp, who stated that in an era where technology and society are both evolving faster than businesses can naturally adapt, a new generation of leadership and business models must arise with a mantra of “adapt or die”. This rapid evolution of digital technologies and the mind-set and culture of society is called digital transformation which has heavily impacted and altered the way business is conducted. However, according to Mapp, these changes must be embraced and a number of factors must be taken into consideration if small business owners wish for their businesses to survive. 

These considerations for the new digital era include:

1. Agility & Innovation -
Business owners must now ensure that their firm’s strategic priorities are refocused to include digital transformation in order to remain relevant and profitable. In a rapidly changing business environment, entrepreneurs must also have the ability to act quickly and efficiently as new trends emerge.

2. Security & Privacy –
Data protection is now a major concern among consumers and as a result, business owners must be careful when capturing, storing and sharing information gained from customers.

3. Fraud & Risk Management –
The rapid rise of e-commerce and m-commerce is bringing with it, new challenges involving fraud and phishing.

4. Access & Convenience – With the new digital era comes a new digital customer who no longer desires to enter a brick and mortar store but prefers easier online access to products and demands convenience when shopping, purchasing and having an item delivered.

5. Increased Competition – As it relates to the future of payments, consumers now have countless options available including visa credit cards, visa debit cards, ApplePay and the CashApp. Payments that were once location-focused are now device-enabled.

Business Development Officer of Cave Shepherd Card Services, Ms. Gail Welch outlined how Cave Shepherd & Co. has played a pivotal role in addressing these new access and payment considerations for small business owners through the granting of credit. Since the launch of the Cave Shepherd Visa Credit Card in 2016 and the launch of the Cave Shepherd Card Mobile App in 2018, Cave Shepherd has collaborated with the SBA to allow small business owners to adapt and thrive in the new digital business arena.

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(Business Development Officer at Cave Shepherd  Card Services, Ms. Gail Welch making her presentation)

The credit card which is internationally recognised offers entrepreneurs access to purchasing power that could not be easily achieved if sought within the banking industry. In addition to this, the Cave Shepherd Card Mobile app creates business efficiency by allowing small business owners to provide the convenience of quick and easy online transactions to their customers. Ms. Welch went on to encourage members to sign up for the Cave Shepherd Visa Credit Card by stating the importance of credit in the digital age including inter alia, convenience, trackability, emergency usage and the building of sound credit history.

To sign up for the Cave Shepherd Visa Credit Card, visit www.caveshepherd.com or call 629-4444 for more information.