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Saudi executives see resource availability and resistance to change as the primary obstacles to pushing ahead with business transformation, according to a PwC report (pdf). More than two thirds (70%) of those polled also identified data availability as a constraint, while 55% said resource capability is an obstacle, and 50% pointed to digital limitations. Meanwhile, financial constraints were cited as a concern by 30% of respondents.
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This more or less squares up with concerns among global and regional executives, PwC says: “In a PwC global survey, within Europe and North America transformation executives, across diverse sectors, decision-making emerged as one of the primary hurdles in executing organizational transformations, spanning from employees to the C-suite level,” the global accounting firm said. On a global and regional level, executives primarily cited developing a clear strategy, data availability and quality, resistance to change, governance, and efficiency across resources and operations as their main issues.
The way forward? It’s all about a “holistic approach” that relies on digitization and digital solutions to navigate a dynamic and quickly growing business environment in the Kingdom, PwC says.
The report also suggests that generative AI — which uses neural networks to learn data and generate it as well — could also be an important emerging technology to help drive transformation and “excellence in business strategy.” Businesses could use genAI to leverage a deep analysis of market data in “solidifying their industry leadership.” It could also be used to grant businesses agility and proactivity, through utilizing “industry-specific knowledge and insights.”
GenAI is also a useful tool for automating routine tasks, which allows for higher productivity and enables companies to look further ahead during their day-to-day operations towards strategic growth and client relationships.
