Staff
Reporter
EAST
African Chief Executive Officers (CEOs) have expressed interests to invest in
Artificial Intelligence (AI) in an effort to maximise profits a new report
released shows.
The KPMG
East Africa CEO Outlook Survey of 2023 report shows that 50 CEOs surveyed or 72
per cent prefer investing in AI technology considering its benefits such as
fraud detection, cyber-attack response, personalised customer engagement and
faster analysis of data.
Despite
the eagerness, CEOs are fully aware of the risks that come with the
implementation and some of them see it as a double-edged sword since it helps
in cyber-attack response but also opens avenues for new attacks.
KPMG
Africa’s Partner and Head of Advisory Mr Gerald Kasimu said in the report that
new technologies could give businesses ways to deal with the stiff competition
in the market.
“When it
comes to digital transformation, a hesitant mindset could prove costly and not
just because competitors will continue to invest, new technologies can give
businesses ways to deal with the market difficulties,” stated Mr Kasimu.
Furthermore,
the report shows that East Africa’s CEOs are also optimistic about the growth
prospects of their companies over the next three years despite a challenging
macroeconomic landscape.
AI is
the ability of a digital computer-controlled robot to enhance the speed,
precision, and effectiveness of human efforts.
The KPMG
Outlook Survey leverages the global CEO Survey concerning the prospects of
their businesses and identifying significant risks that their businesses are
facing and also on the opportunities in today’s environment conducted from five
EAC counties of Kenya, Uganda, Tanzania, Uganda, Rwanda, and Ethiopia
It was
shown in the report that 72 per cent of CEOs are confident of the growth of the
global economy despite numerous factors including currency inflation, the
impact of climate change, and geopolitical pressures that continue to hit
households and businesses in the region.
KPMG
Tanzania’s Partner and Country Leader Mr Alexander Njombe said while navigating
the ever-shifting business landscape, leaders are confronted with a delicate
balance requiring decisions to be made in a volatile environment, particularly
under heightened Environmental, Social, and Governance (ESG) scrutiny.
“Woven
into business strategies, ESG principles emerge as potent catalysts for
building brand reputation and enhancing employee engagement as CEOs from across
the globe gear up for increased scrutiny, a prevailing majority has shown
readiness and confidence in addressing multiple challenges in the marketplace,”
said Mr Njombe.
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