REPORT OF THE MSBM - University of the West Indies · McBean, Executive Director of the Mona School of Business brought together 120 CEOs, CIOs, business and industry leaders, entrepreneurs,

REPORT OF THE MSBM ROUNDTABLE | JUNE 21, 2018| MONA VISITORS’ LODGE

STRATEGIC DIGITAL LEADERSHIP 1

STRATEGIC DIGITAL LEADERSHIP

We are currently evolving through the fourth industrial revolution and there is an even

greater need for leaders to be more digital ready, and be prepared to challenge not only

those whom they are leading, but themselves. We must be able to keep our people

connected and engaged, ensure that they are driven to learn and continuously improve, and

be assured that their ideas are valued, and more importantly, they must see the value of

collaboration as the key to success. As the drivers of our industries, it is important that our

businesses remain on the cutting edge and that we can articulate the value of digital

technology to the future of our organization. Our businesses should also embrace analytics

and the use of data in decision making and management processes, and we should not only

welcome technology but target new innovations to transform the culture of how our

businesses work.

At the UWI, our vision is captured in the language and concepts of the current Triple ‘A”

Strategic Plan, so named because it is designed upon three pillars: [1]Access to more

affordable education; [2]Alignment of academia and industry; and [3]Agility in all operations.

As we prepare the next generation of leaders, it is our responsibility to position them so that

they can be the drivers of transformation, capable of accessing new and creative measures

and flexible enough to adapt to any situation. Let us work together in the best interest of our

region as we strive to position our people to be the creative geniuses of the future.

Professor Sir Hilary Beckles

Vice-Chancellor

The University of the West Indies


MONA SCHOOL OF BUSINESS & MANAGEMENT IN COLLABORATION WITH JAMAICA STOCK EXCHANGE 2

IN COLLABORATION WITH JAMAICA STOCK EXCHANGE

ON

STRATEGIC DIGITAL LEADERSHIP

June 21, 2018

Mona Visitors’ Lodge and Conference Centre The University of The West Indies, Mona

THANKS TO OUR SPONSORS

REPORT OF THE NINTH ANNUAL MSBM ROUNDTABLE



PROGRAMME MSBM ROUNDTABLE Thursday, June 21, 2018 | 7:00 a.m. - 10:30 a.m. Mona Visitors’ lodge & Conference Centre



EXECUTIVE SUMMARY

Mona School of Business and Management, UWI (MSBM) partnered with Jamaica Stock Exchange on

Thursday, June 21 to host the ninth annual MSBM Roundtable CEO Breakfast forum at the Mona

Visitors’ Lodge and Conference Centre at the University of the West Indies, Mona Campus.

Recognized as one of the most important calendar events in the business community, the annual

MSBM Roundtable aims to explore the latest trends and most advanced research, strategies and tools

to help business leaders and policy makers in the Caribbean meet emerging business challenges and

opportunities in a rapidly changing global economy. As the premier regional business school, Mona

School of Business & Management facilitates innovative engagements with public and private sector

entities seeking to re-engineer their operations to improve growth, profits and competitiveness. MSBM

has taken the leading role in regional and global business research that creates a platform for

interacting with influential government and private sector stakeholders as well as regulators and global

organizations in key debates affecting Caribbean companies and economies.

The 2018 MSBM Roundtable on “Strategic Digital Leadership” explored with key decision makers the

pivotal role of digital transformation and leadership and offered insights on leveraging digital

technologies for business and economic growth. The invitation-only forum, chaired by Dr. David

McBean, Executive Director of the Mona School of Business brought together 120 CEOs, CIOs, business

and industry leaders, entrepreneurs, consultants, technology professionals, policy makers, government

administrators and academia.

The presentations highlighted local and global trends in disruptive technologies given the impact of the

growing influence of the fourth industrial revolution for government and the private sector; the

dynamics of digital leadership and the shifting landscape for employment, education, finance and

investment; the importance of digital education; the evolution of digital communication; and

opportunities for growth.


MONA SCHOOL OF BUSINESS & MANAGEMENT IN COLLABORATION WITH JAMAICA STOCK EXCHANGE 6

Dr. William Lawrence, Director, Professional Services Unit, Mona School of Business & Management

and the Roundtable Convenor provided an overview of the MSBM Roundtable and the objectives of

this year’s focus on strategic digital leadership.

Dr. David McBean welcomed participants and reaffirmed Mona School of Business & Management’s

commitment to utilise applied research to provide solutions to the problems facing businesses in

Jamaica and the wider Caribbean.

The MSBM Research on “Strategic Digital Leadership: Attitudes and Imperatives presented by Dr

Maurice McNaughton (MSBM) and Professor Evan Duggan (University of Alabama) for Jamaican

Businesses“ was conducted with 60 business executives in multiple local sectors over the past 12

months to understand the organisations’ challenges, opportunities, perceptions and attitudes to going

digital.

In delivering the keynote address the Most Honourable Andrew Holiness, Prime Minister of Jamaica

spoke about Government’s commitment to embracing new technologies and strategically ensure that

Jamaica has a better place in the future; and the steps that the Government of Jamaica is taking to

transform the Jamaican economy into a digital economy. This includes creating the environment to

enable every Jamaican citizen to participate in the digital world - legislation to create a national

identification system; digitizing and protection of existing health and education records among others.

The Roundtable also featured internationally accredited speaker, Larry Quinlan, Global Chief

Information Officer of Deloitte, who has proven expertise in the crucial area of digitalization including

technology strategy, business model innovation, and leadership best practices. Deloitte is one of the

world's largest professional services organisations. Mr. Quinlan shared insights gleaned from his

interaction with Deloitte's clients globally in government and the private sector, as well as, Deloitte's

digital perspective, key challenges and opportunities in the digital landscape, and actionable ways for

business leaders in the Caribbean to continue to evolve their technological profile. Additionally, he

discussed how critical investments in cyber security and infrastructure, as well as a strong vision and

inspired leadership, can help an organization digitize for the future.



In his presentation Mr. Peter Bunting, Spokesperson on Industry, Investment and Competitiveness

(representing Peter Philips, Leader of the Opposition) focused on the imperative to grow the Jamaican

economy. Mr. Bunting argued that many of the processes that are being currently used in the public

sector, date back to colonial times and suggests that there are huge opportunities in health care

security and agriculture among others that would create enormous cost savings and efficiencies. He

noted that there are 1.1 M active social media users among Jamaicans and this should be leveraged to

create opportunities for growth and profit.

Mrs. Marlene Street Forrest, Managing Director, Jamaica Stock Exchange (JSE) addressed the

imperative for listed companies and those looking to list on the Stock Exchange to make a concerted

effort to embrace digital technology in order to create sustainable value creation. Mrs. Street Forrest

also discussed how the next wave in the fintech revolution was impacting exchanges globally, with the

technology not only facilitating trades but, in some cases, making the trading decisions - moving the

process from electronic trading to electronic investing. Bloomberg has placed the Jamaican stock

market as “the world’s biggest over the last five years”.1

Professor Sir Hilary Beckles, UWI Vice-Chancellor emphasized how the University of the West Indies is

contributing to the economic transformation of the Caribbean through partnerships between

governments, private sectors and academic institutions. By partnering with academic institutions in

Africa, China and the United States and establishing a UWI foothold on every continent, the UWI is

preparing the youth for the digital revolution with the expectation that in the next five years a new

generation of entrepreneurs will emerge from the Caribbean as students become specialists in

software engineering, software technology and mobile applications. Coupled with this is the call for

Caribbean governments and the private sector to take advantage of its diverse research output; and to

invest in the creation of digital innovation technology parks on each campus in the Caribbean.

1 Bloomberg.com Jamaica's World-Beating 233% Stock Rally Continues Full Steam, October 3, 2018

Documents

REPORT OF THE MSBM - University of the West Indies · McBean, Executive Director of the Mona School of Business brought together 120 CEOs, CIOs, business and industry leaders, entrepreneurs,