Not yet looking into AI for your business? This is why & how you should

Artificial Intelligence

Not yet looking into AI for your business? This is why & how you should

Priya Wadhwa
Artificial Intelligence
Published:
Not yet looking into AI for your business? This is why & how you should
AI could contribute 11% of Middle East’s GDP by 2030.

There is no doubt in the fact that Artificial Intelligence (AI) will transform business operations. It’s the next step after robots disrupted the manufacturing industry.

Currently, the main reason businesses are adopting AI is to combat fraud, increase security and automate tasks. New analysis by Visa showed how AI helped financial institutions prevent an estimated $25 billion in annual fraud.

PwC estimates that AI could contribute $320 billion to the Middle East economy in 2030, which is equivalent to 11% of the GDP. It also suggests that the UAE could see the greatest gains from AI, which could contribute up to 13.6% GDP by 2030.

Compare this to the estimated $15.7 trillion AI will contribute to the global economy in the same period of time. PwC expects $6.6 trillion of this to come from increased productivity, and $9.1 trillion from benefits to consumers.

Organisations such as Sharaf DG are already using AI to track employee satisfaction and personalising shopping experiences. So are many of the big corporates in the region.

AI undoubtedly has the potential to ease our lives, transform our businesses, and help deliver better products and customer service. However, one key element that is crucial for AI to be able to deliver on these promises, yet is often forgotten is the incorporation is

Without transparently getting the consumers whose data is needed to improve AI on board, and giving them the choice to halt privacy invasion, the current companies could fail to retain their customer in an age where they are increasingly becoming disloyal to brands.