Around 96 percent of global CEOs have already implemented an artificial intelligence (AI) strategy within at least one department of their business, according to a new report.
Arthur D. Little’s 2024 CEO Insights report has revealed the widespread adoption of AI among the world’s largest companies, highlighting the significant role AI is playing in driving business growth and transformation.
The study, which surveyed close to 300 global CEOs, also shed light on the ambitious plans and diverse strategies of these leaders, with the Middle East region emerging as a key player in shaping a technology-infused economic future. It found that 54 percent of CEOs in the Middle East have expressed a strategic vision towards a holistic, company-wide AI deployment as many have begun to rapidly integrate the technology across business operations, echoing the global trend.
“In the current times of business and geopolitical shifts, it is inspiring to witness the optimism among the Middle East’s CEOs for what lies ahead,” said Thomas Kuruvilla, Managing Partner at Arthur D. Little Middle East.
“The ADL 2024 CEO Insights Study reveals that despite acknowledging the continuing unpredictability, these leaders are confident that with resilient business models, strategic clarity, the embrace of AI, and a focus on upskilling their teams, their companies and markets are poised for enduring growth and will actively contribute to the region’s prosperous future.”
The study found that while 31 percent of Middle Eastern CEOs have already implemented AI strategies across several departments, an ambitious 13 percent have realised a compelling, enterprise-wide AI strategy.
However, CEOs understand that to truly harness the potential of AI, they need to focus on their workforce. The report indicates a strong push from CEOs to prioritise reskilling to meet the needs of the future. In the Middle East, 59 percent of CEOs say they have either a strong or very strong need to reskill their workforces to meet changing requirements, a significant increase from 13 percent in 2023. This trend is particularly pronounced in sectors such as manufacturing, with a 63 percent increase in the need to reskill, and financial services, with a 55 percent increase.
“Given today’s business and geopolitical turmoil, it is extremely heartening to see that the CEOs of the world’s biggest companies are positive for the future. The ADL 2024 CEO Insights Study shows that while they accept that conditions will remain volatile and turbulent, they believe a combination of resilient operating structures, clear strategies, AI innovation, and reskilling their people will enable their businesses to thrive in a sustainable future,” Francesco Marsella, Managing Partner and Global Leader of the Growth and Transformation Practices at Arthur D. Little.
In the Middle East, another significant trend is the strategic focus on the rapidly growing fintech sector, signifying a shift towards embracing digital financial services as a cornerstone for future economic expansion in the region.
“Our region is uniquely positioned with technological growth and abundant energy resources, which our CEOs are leveraging to redefine growth models. The emphasis on fintech is not just about financial transactions but about catalysing a tech-savvy economic ecosystem,” Kuruvilla added.
The study also revealed a notable increase in optimism among Middle Eastern CEOs, with 61 percent expecting market improvement ahead, a more than four-fold increase from the previous year. Additionally, the region’s leaders expressed confidence in the Middle East’s economic strength, with only 2 percent expecting a decline.
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