The AI revolution is transforming industries globally, and the Middle East is no exception. As the world moves towards more advanced AI applications, Generative AI, or GenAI, is taking center stage with the expected market size to reach $120 billion by 2027. To capitalise on the potential of GenAI in the region, business leaders must understand the opportunities and challenges it presents. A comprehensive guide for CEOs in the region is therefore essential, focusing on two key areas: Potential and People. By delving into the potential of GenAI and the importance of nurturing a skilled workforce, CEOs can effectively navigate the evolving landscape and drive their businesses forward.
Potential: Unlocking the transformative power of GenAI
GenAI has vast potential to reshape industries, enhance productivity, and drive innovation in the Middle East. By transcending the limitations of narrow AI, it can tackle a wide array of tasks and adapt to new situations, making it an invaluable asset for businesses and governments alike.
One notable use case of GenAI is enhancing government services through digital channels. By leveraging GenAI, governments can scale access to services by providing 24/7 immediate AI-powered human-like interactions, reducing citizens’ frustration with automated phone services and long waiting times. In fact, nearly 90 percent of people prefer speaking to a live customer service agent on the phone.
Additionally, GenAI can enrich services by offering new engaging experiences, such as personalised employment advice based on individual education and work records, as well as job market dynamics. Further, GenAI can boost government efficiency by smartly automating repetitive work that cannot be served by traditional RPA, such as generating reports, reviewing contracts, and summarising documents. These benefits can also extend to other sectors, including HR engagements and marketing creative work, demonstrating the versatility of GenAI in enhancing various aspects of an organisation.
In healthcare, GenAI has the potential to revolutionise various aspects of patient care, such as diagnostics, treatment planning, and remote patient monitoring. By analysing vast amounts of medical data, GenAI can facilitate better patient outcomes and reduced healthcare costs. One practical application of GenAI in this sector is medical advice chatbots, which can provide personalised guidance and support to patients, addressing their concerns and answering their questions in real-time.
Another example is the use of GenAI in appointment scheduling, streamlining the process for both patients and healthcare providers by optimising available time slots and resources. This not only enhances the patient experience but also improves operational efficiency for healthcare facilities. From providing medical advice through chatbots to simplifying appointment scheduling, GenAI can play a crucial role in enhancing the quality and accessibility of healthcare services in the region.
To unlock GenAI’s full potential, businesses must stay up to date with the latest AI advancements, such as cutting-edge tools like OpenAI’s Codex or Hugging Face’s Transformers library, which can significantly improve natural language processing capabilities and enable advanced automation in various business processes. By embracing these innovations, companies can gain a competitive edge and drive growth in the rapidly evolving global landscape.
People: Building a skilled workforce for the GenAI era
Developing a skilled workforce is crucial for the successful implementation of GenAI in the Middle East. Business leaders should invest in talent, upskill existing employees, and collaborate with academia to ensure that their organisations are well-equipped to harness the power of GenAI.
Attracting and retaining top AI talent is a vital component of this strategy. Upskilling existing employees is equally important in preparing for the GenAI revolution. By providing training and development programs, companies can help their workforce stay current with AI advancements and integrate GenAI into their roles. This not only enhances employee capabilities but also ensures that businesses can fully leverage GenAI’s potential across various functions and departments.
The latest explosion of low-code and no-code tools and platforms has made GenAI more accessible than ever before. This democratisation of AI allows everyone in the organisation to experiment with GenAI, even without AI coding knowledge. This has two significant implications: firstly, people can utilise GenAI with minimal technical expertise, and secondly, the discovery and experimentation with AI become much faster and less costly compared to traditional approaches. By embracing this unprecedented accessibility, businesses can ensure they are at the forefront of the GenAI revolution and fully capitalise on its potential.
Policy: Creating a conducive environment for GenAI adoption
To create a conducive environment for GenAI adoption, business leaders in the Middle East should collaborate with policymakers to develop a clear AI strategy, promote data sharing, and advocate for regulations that ensure the ethical and responsible use of AI. A well-defined AI strategy can not only guide investment decisions but also foster collaboration between various stakeholders, including the private sector, academia, and international partners.
By actively engaging with government initiatives and national strategies, CEOs can position their organisations to benefit from the broader AI ecosystem and contribute to the region’s technological advancements. This collaborative approach ensures that businesses are well-aligned with national goals and can effectively utilise GenAI to drive innovation and growth.
Promoting data sharing is another essential aspect of creating a favorable environment for GenAI adoption. Encouraging data sharing between public and private sectors, policymakers can help facilitate GenAI development and implementation. Open data initiatives can support businesses access valuable information that can be used to train AI models, while data sharing agreements can enable collaboration and innovation across industries.
Regulating AI is crucial to ensure its ethical and responsible use. Policymakers should implement regulations that address concerns such as privacy, security, and bias in AI applications. By establishing clear guidelines and standards, governments can promote transparency and accountability in the development and deployment of GenAI, ensuring that its benefits are realised without compromising ethical considerations.
Focusing on these three areas – Potential, People, and Policy – CEOs in the Middle East can harness the power of GenAI to drive growth, innovation, and competitiveness in their industries. The evolving three pronged approach can provide a clear way forward, allowing businesses and governments to collaborate effectively in realising the full potential of GenAI in the region.
