Dawgen Global

Wednesday, February 8, 2023

Jamaica on Course to Generate Over US$4B in Record Tourism Earnings

Jamaica’s tourism sector continues to rebound strongly from the COVID-19 pandemic-induced economic fallout, generating earnings of US$3.64 billion in 2022.

Tourism Minister, Hon. Edmund Bartlett, made this disclosure during Tuesday’s (January 10) sitting of the House of Representatives.

“We ended the year equalling the record-breaking earnings of tourism of US$3.64 billion, and the [2022/23] fiscal year, which I will report on when we make our [2023/24] budget presentation, is going to show US$4.2 billion earnings in tourism, which would be US$500 million more than 2019, which is the best year in our history,” Mr. Bartlett said.

He added that the 2022/23 winter season has, so far, “started with a bang”, with January’s figures, to date, showing a 463 per cent increase over last year and 29 percentage points growth over 2019.

Regarding the tourism pension scheme, Mr. Bartlett said nearly 8,000 workers are now contributing to the plan, generating savings of $350 million.

Booking.com

He indicated that the scheme is on track to reach 10,000 members during the current winter season.

“The potential for this pension programme is to have over 350,000 members, and that savings will bring billions of dollars, which will now become a pool of affordable funds for capital development and on-lending for various other investment projects,” Mr. Bartlett said.

“And we know in economics that one of the bases on which solid growth is predicated is when the domestic savings of a country [are] converted into investment,” he added.

The pension scheme is designed to cover all tourism workers, aged 18 to 59, whether permanent, contract or self-employed.

They include hotel workers as well as persons employed in related industries, such as craft vendors, tour operators, red cap porters, contract carriage operators and workers at attractions. The benefits will be payable at age 65 years or older.

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Monday, August 24, 2020

Accounting firm in Jamaica

Tuesday, May 26, 2020

Blue Ocean vs. Red Ocean. What's the meaning behind the name?

Blue Ocean Strategy is a Growth Strategy framework focused on the idea of creating an uncontested market space—i.e. a "blue ocean." This framework is very innovative, as its principles challenge the conventional business strategy principles of fighting competitors head-on. The Blue Ocean Strategy framework evolved from a framework called Value Innovation developed by Kim and Mauborgne in the late 90s.

Source: Harvard Business Review, C. Kim, R. Mauborgne (1997)

If you are interested in elevating your organization to Excellence in both Strategy and Innovation, Contact Dawgen Global :

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For more information on Dawgen Global Growth Consulting Services , take a look at our Growth Strategy Service Video .

Blue Ocean vs. Red Ocean. What's the meaning behind the name?

In red oceans, our efforts are focused on the conventional logic that we must outpace the competition with a better solution to a given problem. Blue ocean strategy invites us to redefine the problem itself. It does so by breaking the value-cost trade-off in view of creating new uncontested market places. Places where no one has been and where we would be the one defining the rules!

The Analytical Tools & Frameworks

The strategy canvas is both the start and the end point of a Blue Ocean Strategy formulation. An initial value curve depicts where the industry competes on and invests in. It is then transformed via the eliminate-reduce-raise-create actions framework. The resulting value curve shows a focused effort that diverges from existing market offerings and can be easily translated into a compelling tagline.

Core Underlying Principles

Venturing beyond an existing industry space implies a series of risks. The blue ocean strategy approach to strategy is based on six principles that cater for the major risks of a new market creation project: search risk, planning risk, scale risk, business model risk, organizational risk and management risk. Together, they define the underlying philosophy of blue oceans.

Value Innovation

At the heart of Blue Ocean Strategy, we have concept of Value Innovation. Value without innovation tends to focus on value creation on an incremental scale, i.e. something that improves value but is not sufficient to make us really stand out in the marketplace. Innovation without value tends to be technology-driven, market pioneering, or futuristic, often shooting beyond what buyers are ready to accept and pay for.

Value innovation occurs only if we align innovation with utility, price, and cost positions. The focus here is not time-to-market, bleeding-edge technology or best practices. It is the ambition to break one of the most commonly accepted dogmas of competition-based strategy: the value-cost trade-off.

It is conventionally believed that companies can either create greater value to customers at a higher cost, or create reasonable value at a lower cost. Here, strategy is seen as making a choice between differentiation and cost. In contrast, to create blue oceans, we need to pursue differentiation and low cost simultaneously, by looking within and beyond our industry boundaries and redefining a market altogether.

Instead of focusing on beating the competition, value innovation focuses on making the competition irrelevant by creating a leap in value for buyers and our company, thereby opening up new and uncontested market space. The objective here is not to increase our competitiveness in the market as we know it. Rather, it is to create a whole new market where the rules of the games are yet to be created, by us!

Organizational Behavioral Issues

Most organizations are unhealthy. Only organizations that are recognized to be Resilient, Just-in-Time, and Military can be described and relatively free from dysfunction. Yet, only 27% of the responses gathered from an organizational behavior and culture study showed a healthy profile.

In an organizational behavior study of 4,007 completed assessments collected, there were 6 organizational behavioral issues that emerged. These issues can still be turned around by undertaking the appropriate steps. Organizations need a good understanding of the 6 organizational behavioral issues:

1. Most organizations are unhealthy.
2. Organizational DNA changes as companies grow.
3. Attitude determines attitude.
4. Non-executives feel micromanaged.
5. Decision rights are unclear.
6. Execution is the exception, not the rule.

Nothing is preordained. If organizations are clearly aware of these issues, they are better prepared to anticipate and break them.

The 6 organizational behavioral issues can be addressed using a 4-step evolutionary process. Each stage is categorized by the size of the organization, based on annual revenue. Different types of organizations tend to be more prevalent in specific stages of growth and maturity.

Strategy Development: Responding to COVID-19

The world is changing. Forced isolation and social distancing restrictions have been put into place with the advent of the COVID-19 health crisis. This is not expected to end soon, but is expected to have a lasting effect on the world. In fact, a new generation of consumer behaviors is already being shaped.

The new world will not be better off or worse. It will be different. During this period of influx, some businesses will thrive in this change and reach accelerated success, while others will struggle to find their footing in all of the chaos. The Low Touch Economy is here.

Businesses require rapid learnings on how to effectively respond to COVID-19 that is marked with plenty of ups and downs and economic uncertainty. There is a 3-phase approach that can guide businesses when taking on strategic options to be able to surpass and survive in this current global crisis:

1. Protect
2. Recover
3. Grow

There will be fundamental shifts that are here to stay and there will be industries and verticals that will be turned upside down. Taking the correct strategic approach is up to organizations to take.

Post-merger Integration (PMI)

Post-merger Integration (PMI) is a highly complex process. It requires swift action as well as running the core business activities simultaneously. There is no one-size fits all approach to a successful PMI Process. However, careful planning focusing on the strategic objectives of the deal and the identification and capturing of synergies will help maximize deal value.

Due to the complexity of the PMI process, it is of utmost importance that organizations--both the Buyer and the Target, the integration team, and integration manager--have a guide that will provide them the detailed requirements of the process. The Post-merger integration framework has a structured approach that can direct attention on important integration areas to maximize deal value. Inability to focus on priority areas can be a waste of resources, time, and investments.

Business Process Maturity Model (BPMM)

The Business Process Maturity Model (BPMM) captures a 5-level evolutionary improvement path that guides organizations as they move from immature, inconsistent business activities (level 1) to mature, disciplined processes (level 5). BPMM orders these stages so that improvements at each stage provide a foundation on which to build improvements undertaken at the following stage.

Therefore, we can leverage BPMM to provide a roadmap for Continuous Process Improvement. BPMM also helps identify process deficiencies and guides the improvements in logical, incremental steps.

BPMM originally was developed to ensure organizational readiness prior to initiating technology deployment. BPMM helps achieve uniform standards, identify weaknesses in workflows, and create standardized tailored processes that simplify the requirements for enterprise applications. BPMM achieves organizational agility, reduces the complexity of enterprise applications, and provides means to specify contractual requirements correctly and lower operating costs.

BPMM assimilates important guidelines, improvements and lessons learned from its predecessor models--Process Maturity Framework (PMF),
Capability Maturity Model (CMM) for Software, and Capability Maturity Model Integration (CMMI).