The transformative potential of AI is immense
Oliver Wyman, a global management consulting firm and a business of Marsh McLennan, recently released insights into the rapidly evolving landscape of artificial intelligence (AI), revealing significant opportunities that AI presents, while also highlighting growing concerns surrounding its adoption, from the pace of development to existential threats from the technology.
The findings, drawn from the Oliver Wyman Forum report ‘How Generative AI is transforming business and society’ and related surveys, paint a picture of a world both excited and cautious about the future of AI.
Transformative potential
“While the transformative potential of AI is immense, it is also clear that societies around the world are looking to their governments for leadership in areas including education and workforce development to fully harness these opportunities in a safe and ethical manner,” commented Nick Studer, President and CEO, Oliver Wyman Group, ahead of the Global AI Summit hosted by the Saudi Data & AI Authority (SDAIA) in Riyadh on 10-12 September.
However, alongside this optimism there are some doubts among industry leaders about the pace of AI adoption. The recent Oliver Wyman Forum survey ‘The New Growth Agenda: How CEOs are Navigating Emerging Shifts in Geopolitics, Trade, Technology, and People’ reveals that 41% of CEOs from NYSE-listed companies are concerned about moving too slowly on AI, underscoring the critical importance of timely innovation in this space.
The same report reveals that 50% of AI researchers believe there’s a greater than 10% chance that AI could lead to human extinction – a sobering statistic that highlights the need for cautious and responsible AI development.
AI in the GCC
This is certainly not deterring workers in the Kingdom of Saudi Arabia from embracing generative AI. Indeed, according to the Oliver Wyman Forum AI report, some 68% of workers in the Kingdom use generative AI weekly compared to only 55% globally. And 93% of Saudis said generative AI is an essential tool at work, compared to 95% in the Middle East and 79% globally.
The enthusiasm of individuals for AI in Saudi Arabia is matched by the government, which along with other authorities in GCC countries including the UAE, is taking a leadership role in AI, placing the region in a prime position to leverage the technology for economic and societal gain.
AI development
According to The New York Times, the Government of Saudi Arabia plans to invest US$ 40bn in AI, reflecting the country’s commitment to becoming a global AI leader.
The New York Times report added that representatives of Saudi Arabia’s Public Investment Fund (PIF) discussed a potential partnership with one of Silicon Valley’s leading venture capital firms, and other financiers.
“The Middle East, and particularly the GCC, appears to be taking a confident stance in its embrace of AI, with governments committed to investing in, and deploying the technology,” remarked Jad Haddad, Global Head, Oliver Wyman Quotient, the firm’s AI offering.
