CIO OPINION
Source : The CEO Global Insights Study for 2024 by Arthur D Little
Skills
Importantly , CEOs understand that to get the best from AI , they need to focus on their people . Fifty-nine percent say they have either a strong or very strong need to reskill their workforces to meet changing requirements , up from 13 % in 2023 . This trend is particularly pressing in sectors such as manufacturing , with a 63 % increase in the need to reskill , and financial services , + 55 %.
While AI is not yet changing corporate structures , it is having an immediate and enormous impact on the skills required for success . To maximise results from AI , CEOs believe they need to transform their workforces , with 59 % seeing a strong or very strong requirement to reskill their employees , up from just 13 % in 2023 .
This demonstrates the speed and wideranging impact of AI ’ s rapid rise . For example , 68 % of manufacturing CEOs see a strong need to reskill in 2024 compared to 5 % in 2023 , attesting to the sector ’ s lack of AI maturity . Across sectors , less than 1 % report no need for reskilling , a fall from 11 % in 2023 .
the impact of AI and integrate it across the organisation . Fully benefiting from AI requires enormous structural and workforce change , which is achievable only with time . There are major challenges to moving from a strategic view to a strategy and then implementing it .
Use cases
How are CEOs turning their AI strategies into practice ? Analysis shows that they are focused on making core functions better by increasing efficiency and effectiveness , such as through automation .
Efficiency is the leading use case in four out of seven sectors , showing that companies are at a relatively early stage of their AI journey . The exceptions are telcos , travel and transportation , and manufacturing , which are focusing on using AI to create new business models .
However , manufacturing is clearly lagging other sectors on each performance vector , scoring an overall average of less than 50 for AI use . This can be linked to the sector ’ s pressing need to reskill employees .
In 2023 , CEOs reported relying on external sources , primarily head-hunters and cooperation with universities , to provide them with new capabilities and talent to drive growth . In 2024 , the focus has shifted , with the largest percentage , 30 % looking to internal academies to deliver talent and skills , up from 21 % in 2023 .
This trend is potentially driven by multiple factors , including the difficulty of finding AI talent due to global skills shortages and a realisation that technical knowledge needs to be married to business understanding to deliver effective results , tailored to the individual company and its objectives .
Reflects Kuruvilla , “ Our region is uniquely positioned with technological growth and abundant energy resources , which our CEOs are leveraging to redefine growth models . The emphasis on fintech is not just about financial transactions but about catalysing a tech-savvy economic ecosystem .”
The strongest performers by industry and size are those in the financial services , 79 % and $ 10 billion + organisations , 67 %. A clear divide also exists between organisations that feel that they are leading their markets , where 24 % have a company-wide strategy in place , and laggards , none of which have implemented such a compelling strategy .
Furthermore , the CEOs ' strategic lens is sharply focused on the rapidly growing fintech sector , signifying a shift towards embracing digital financial services as a cornerstone for future economic expansion in the region . p
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