A new global study by the IBM Institute for Business Value, which surveyed 120 CEOs from the Middle East, reveals that leaders across the region identify productivity and customer experience as their top priorities over the next three years.
Providing detailed insights into the attitudes and perspectives of CEOs from around the world, the annual CEO study, CEO decision-making in the age of AI, Act with intention, found that 50% of CEO respondents in the region believe that regulatory factors will continue to significantly impact organisations in the Middle East, with 48% pinpointing technology factors as crucial to shaping the future of their respective entities.
At a time when digital acceleration continues to transform the regional and global economic landscape, Middle East CEOs expect to realise significant value from advanced AI. Sixty-one percent of respondents believe AI, including generative AI, Deep Learning and Machine Learning, will help deliver results in the coming years. Fifty-five percent of CEOs are looking to cloud computing as an all-important tool to attain positive outcomes, and 51% believe automation will help drive success.
Moreover, the newly published report also maps out the range of challenges concerning Middle East CEOs. According to the study, 47% of executives in the region assert that environmental sustainability will be the most pressing challenge of the next few years, with 28% of respondents underlining that diversity and inclusion will present the most pressing issues to contend with. As per the survey, 28% of respondents say market share growth will also be a top challenge for the next three years.
Notably, there is a growing awareness among Middle East-based CEOs of the influence of technology on their prospects, with more executives becoming increasingly reliant on technology and data leaders as strategic decision-makers. In addition, just shy of three-quarters (73%) of the CEOs surveyed believe Chief Operations Officers will be crucial to their strategic decision-making. Forty-eight percent say Chief Financial Officers will be essential to guiding strategy, while 32% suggest Chief Information Officers will steer the strategic direction of their businesses and organisations.
“Generative AI can be a game-changer in driving a new wave of productivity, efficiency and service quality across industries, reducing barriers to AI adoption,” said Saad Toma, General Manager, IBM Middle East and Africa. “To deploy emerging generative AI use cases at scale, CEOs need to assess company requirements in areas such as CRM, HR, modernisation, data privacy, security and sustainability.
“The emergence of generative AI as a business and decision-making tool is a defining moment – one where CEOs need to define a clear plan, have the right capabilities in place and handle disruptions of all shapes and sizes. And they need to do this without slowing down or losing focus of their strategic vision in order to accomplish their objectives and safeguard their futures.”