The latest Digicel Transformation Report notes a significant surge in the perceived importance of digital technologies within the public sector in Bermuda and the Caribbean.

Adoption rates of digital technology are projected to escalate from 35 per cent in 2021 to 75 per cent next year.

This shift was particularly evident in the financial services sector, where 82 per cent of business leaders surveyed anticipated that digital transformation will profoundly reshape business processes by 2025, up from 45 per cent in 2021.

However, only 37 per cent felt confident about their firm’s readiness to seize opportunities presented by digital transformation.

The report delved into the progress and challenges faced by businesses across the region.

It evolved from the need for digital transformation highlighted by the Covid-19 pandemic and provides an understanding of the current regional state of readiness and actionable insights to navigate this journey.

More than 2,500 businesses across the Caribbean were surveyed and while there has been an increase in the number of organisations that have a strategy in place (77 per cent in 2024 compared with 61 per cent in 2022), 60 per cent of those surveyed reported being delayed in the roll out of their digital transformation plan.

The top three barriers to success mentioned were systems not being properly integrated (35 per cent), key resources being consumed with operational issues (34 per cent) and inadequate priority setting and lack of focus from the senior level of the organisation (31 per cent).

Marcelo Cataldo, Digicel Group’s chief executive said: “Understanding how important digital transformation is to the business life cycle, this report helps by providing data that can be used to drive transformation journeys.”