Artificial Intelligence (AI) is reshaping the future of business and finance by revolutionizing industrial practices. It helps companies offer more efficient, innovative solutions, and make smarter and faster decisions, significantly enhancing productivity.
This article walks you through a wide range of AI-driven applications in business and finance, its benefits and challenges, and new future trends and focuses on how businesses in the GCC region and global market utilize AI to stay competitive in the current market and adapt to the new technology.
AI In the business environment
AI business automation is the use of Artificial intelligence to streamline business work with minimal human intervention. It uses integrated tools such as machine learning, robotics, natural language processing and coding, and computer vision to enhance complex tasks and make faster decisions.
Tools such as ChatGpt, Jasper AI, and ClickUp help businesses reduce operational costs, with zero human error and the ability to scale operations easily.
Key benefits of AI business automation
Let us learn about the benefits of AI automation.
- Enhanced productivity and efficiency: AI tools such as ChatGpt, Jasperai, Grammarly, and Quillbot help to automate tasks, and make faster decisions than humans.
- Improved accuracy and reduced error: AI tools such as Collibra, Trifacta, and Wrangler help to reduce human errors in calculations.
- No operational cost: Zaiper for automation tasks, Quickbooks simplifying accounting tasks, Hubspot for CRM, and Cognify,
- Enhance data-driven insights: Google Analytics, H2O.ai, Power-BI, and SAS Viya help to analyze huge data from structured or unstructured data.
- Customer support service: AI tools such as Intercom, Drift, LivePerson, and Ada help to handle multiple customer queries and answer them with a click
- Ensure compliance: Darktrace(cyber threat compliance), AuditBoard, ThetaRay(money laundering compliance risk), and AxiomSL in monitoring business processes and identifying compliance risks.
AI in The GCC
GCC countries have emerged as global leaders in leveraging AI. The GCC market is increasingly adopting AI technology and reaping the benefits of better automation, machine-learning capabilities, and more.
The Future of AI in the GCC Market
- Growing customer Interest: With the adoption of AI in the GCC market trends, there is a growing demand for virtual assistants, chatbots, and smart home devices which save customers time and energy.
- Market trends: GCC markets put a surge for AI across industries such as healthcare, retail, auditing, and finance driven by personalized service and cutting-edge technology. The AI market is expected to reach $320 million by 2026.
- AI growth in GCC: The GCC AI market is boosted by robust government support, private investment, digitalization, and a technology-friendly environment.
Strategic AI investment by GCC Countries
Qatar: Qatar has invested $2.4 billion in the global workforce. The investment support for AI initiatives such as the Fanar AI project focuses on language processing and digital transformation. The country aims to create a digital economy with a targeted investment of $5.7 billion by 2026.
Saudi Arabia: Saudi Arabia plays a key part in the national strategy for data and AI to invest $20 billion by 2030. The main focus is on training 20000 specialists and generating 30 AI-related jobs.
UAE AI Initiatives: The UAE has launched its first AI university, Mohamed bin Zayed University of Artificial Intelligence, to initiate talent and research development.
Bahrain: Bahrain launched AI procurement guidelines to ensure privacy, data security, and openness in AI implementation.
Oman AI initiatives: AI initiatives in Oman help in developing smarter cities, efficient transportation, and improved commuter services.
Kuwait: Kuwait partnered with Microsoft to upskill government sectors with AI. This initiative focuses on public service and focuses on the transformational goals of the economy.
GCC countries are increasingly alert to technological advancements in AI and machine-learning capabilities of modern business tools. Business owners should take full advantage of all possible smart business tools for greater automation, data capture and warehousing, client engagement, and other applicable resources for optimum operational performance.
Contact BMS Auditing today for our expert insights on how to adopt available AI tools for optimum operational performance.
