mSenator Lisa Cummins, a force in energy and business development, is urging small businesses to embrace artificial intelligence (AI) and digital trade as key tools for growth and global competitiveness.
She spoke to participants on a media launch for the Small Business Association (SBA) annual activities on Friday evening at Flo's Customer Service Experience Center, Windsor Lodge.
Talk about the subject Navigating business in the age of AI and digital tradeSenator Lisa Cummins said both are rapidly changing the way businesses are running.
She highlighted the longstanding challenges faced by the SME sector, including high operating costs, limited access to finance, limited market scope, and vulnerability to external shocks.
The Minister believes that the SBA conceptualized the theme as a roadmap for the future, and has announced new collaborations with the National Cultural Foundation, Fundaxes, Trust Loans and other stakeholders to create a digital trade model.
Emphasizing global possibilities, she noted that having the right systems in place allows small and medium-sized businesses to enter the global economy bypassing traditional barriers.
“We need to build a digital guardrail. We need to create rules for Barbados digital trading, including defending the chapter on digital signatures, e-invading, consumer protection, and data flows that can harmonize.”
Cummins encouraged SMEs to use AI as a support tool rather than an alternative, and focused on regional growth, as a stepping stone to global expansion.
“In the Caribbean with the right digital rails, modern trade rules and skills, small and medium-sized Caribbean businesses can expand exports, stimulate creative industries, tell stories, promote regional integration, build businesses, and create generational wealth that we pass on to those who come behind us.”
She also said, “Without action, small businesses continue to face compliance costs that they cannot meet, connectivity gaps they cannot fill, and pay for friction that they cannot overcome.”
Cummins said, “If we work together, Barbados and the Caribbean are not simply involved in the space I described, they have the ability to guide it.”
Senior Manager B2B, Flo Barbados, Romer Sargent.
B2B, senior manager at Flow Barbados at Romel Sargeant, said this year's theme resonates. This is because it highlights the immediate opportunities available, noting that AI and digital trading are no longer concepts of the future, but real.
“Connectivity is no longer an option. It's the lifeline for modern business. And we are determined to help entrepreneurs not only survive but thrive.”
The person who made the statement was a representative of Platinum Sponsors Curtis Knight, CEO of Capita Financial Services. Lora Toppin, underwriting manager for Guardian General Insurance. Mark Harding, corporate and commercial credit manager for Republic Bank's small and medium-sized enterprises.
The week of activity takes place between September 21st and 27th and includes church services and webinars. Both the Xi Leo Leacock Memorial Lecture and the awards ceremony will be held at the Lloyd Erskine Sandyford Centre.
Additionally, the Youth Forum is also participating in the program, with the event leading to participation in We Gatherin' Road Show-St James. (stt)
