Most UAE businesses prepared to convert to technology to offset Covid-19 impact

Image: Collected
Nearly 97 % of the UAE business leaders come to mind about the impact of the Covid-19 pandemic on their organisation, but most are ready to turn to technology for help, according to a most current report by Oracle.

Respondents from the Emirates are worried about a slow economic recovery (61 %), budget cuts (54 %) and potential bankruptcies (21 %), but the majority are willing to count on technology for guidance on overhauling their budget.

Seven in 10 organization leaders said they might trust a robot greater than a human to control their finances, almost complementing the global average. Eighty-one % said they might trust robots over their personal finance teams and 64 % said they thought robots would substitute corporate finance professionals within the next five years.

“Digital may be the new regular and technology such as artificial cleverness and chatbots play a good vital role in managing financing,” Juergen Lindner, Oracle’s senior vice president for global advertising, said.

Almost 94 % of the UAE businesses think that robots can enhance their work by detecting fraud (41 %), creating invoices (33 %) and conducting analysis (20 per cent).

Oracle polled a lot more than 9,000 responses from organization leaders and consumers found in 14 countries - like the US, the UK, Germany, Netherlands, France, China, India, Australia, Brazil, Japan, the UAE, Singapore, Mexico and Saudi Arabia - between November and December.

Some 60 % of consumers would trust a robot above themselves to control their finances, and 65 per cent would trust technology above personal financial advisers.

To adapt to the growing affect and part of technology, corporate finance professionals and personal finance advisers must embrace transformation and develop new abilities, Oracle said.

“Organisations that don’t embrace these adjustments risk dropping behind their peers and rivals … hurting employee productivity, morale and well-appearing … struggling to attract another generation of AI-empowered financing skill,” Mr Lindner said.

The UAE, a hub for start-ups and capital raising in the Arab world, is projected to benefit the virtually all in your community from AI adoption. The technology is expected to contribute up to 14 per cent to the country’s gross domestic merchandise - equal to Dh352.5 billion - by 2030, relating to a written report by consultancy PwC.

Some 92 per cent of UAE respondents to the Oracle survey want help from robots for finance tasks. This consists of approvals (53 %), budgeting and forecasting (41 %) and risk management (34 %).

The Covid-19 pandemic in addition has propelled the rapid adoption of digital payments worldwide to meet up increasing demand for contactless transactions, and the UAE is adapting to the shift faster than experts expected.

Technologies such as for example biometric identification and Quick Response (QR) codes are actually evolving as another modes of payments.

The events of 2020 have changed just how consumers think about money and also have increased the need for organisations to rethink how they use AI and additional new technologies to control financial processes, Oracle said in the report.

Nearly all respondents expressed a preference to use technology to manage cash, with 83 per cent of UAE businesses stating they possess invested in digital payment capabilities, higher than the 69 % global average.

Ninety-six % of UAE business leaders, compared to 87 per cent globally, mention organisations that don’t rethink financial processes face risks. These include falling behind opponents (55 per cent), stressed employees (47 %) and lower employee efficiency (42 %). 
Source: https://www.thenationalnews.com

Tags :

Share this news on:

Previous Story

Trending Topics

Archive