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How to get ahead in today’s world

Trinidad and Tobago rank 92 out of 148 countries in the World Economic Forum’s 2013-1014 Global Competitiveness Report.  Most countries are stagnating in their competitiveness performance.  There is a need to investigate the ways in which we can break this stagnation. How to get ahead?  The IDB’s Country Representative Michele Cross Fenty, says the answer is effective use of business intelligence and analytics, coupled with improved strategic planning, decision making and business processes.  Today’s firms need appropriate decision support infrastructures in order to maintain and improve their competitive edge. Cross Fenty’s comments came during a session at the Arthur Lok Jack Graduate School of Business where Phase One of a report, “Increasing Competitiveness through Business Analytics”, was released. In today’s world every decision can be optimized by supporting it with a decision-support infrastructure that enables enhancements in decision velocity and information quality.   Velocity – in that a system’s infrastructure in place allows multiple questions to be posed and quickly analyzed.  Information quality – in that a system would enable access to consolidated relevant information either physically or through logical analytic databases. The Forum’s Report also points out there is the issue of sustainable competitiveness – the need to better understand the relationships between economic competitiveness and social and environmental sustainability that increasingly influence economic policy and can have an impact on economic performance.  No longer can governments take just a narrow view on how to achieve economic growth.  Relationships between multiple challenges need to be better understood and measured in order to inform good policies to sustainable prosperity. For all these reasons, Ms. Cross Fenty is right, Trinidad and Tobago, and all LAC countries need appropriate decision support infrastructures in place in order to understand increasingly complex factors to improve competitiveness performance. Let’s stop taking baby steps…….

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