How AI and BI are shaping the digital future
In the wake of the fourth industrial revolution that has swept the globe, and most certainly in the Middle East, significant technology advancement has completely upended how businesses operate. Accelerating innovation and growing automation technologies have become widespread and our region is making a concerted effort to embrace and adopt these technologies and consolidate its position at the forefront of digitisation.
Key assets of the fourth industrial revolution, also commonly referred to as Industry 4.0, include artificial intelligence (AI), blockchain, financial technology (fintech), robotics, and analytics. Experts say that this revolution will touch almost every facet of our day-to-day lives, from the manufacturing of goods to the provision of everyday services.
Both, AI and business intelligence (BI) are industry game changers for the region as it ambitiously changes its traditional and siloed work landscape. Analytics lies at the very core of this transformation, as the data fed to and produced by our everyday devices such as laptops, smartphones, and tablets are already in massive circulation. This forms the basis of business intelligence, a crucial ingredient for a solid foundation of deep business insight and intelligent enterprise operations as businesses strive to be consistent with the regional digital agenda.
Today’s regional news agenda is overflowing with stories of many business entities adopting AI and implementing BI, both of which are leading and key drivers in strategic government plans. In line with this, a number of AI-enabled projects have been announced across a number of industries which will aid in digitally transforming the Middle East.
There has clearly been a paradigm shift as governments and businesses across the Middle East adjust to the global movement towards AI and advanced technologies. In a nutshell, they are faced with either being part of this technological disruption or being left behind.
Recent PwC research revealed that the UAE will benefit the most from the ongoing digital transformation revolution in the Middle East, where AI is expected to contribute almost 14 per cent of GDP in 2030, which is equivalent to $96 billion (Dh353 billion). Saudi Arabia closely follows at (12.4 per cent).
The UAE is spearheading the AI movement, having announced a dedicated Ministry of Artificial Intelligence late last year.
