Monday, 11 December 2023

Strategic Gears examines the adoption of AI globally and in Saudi Arabia


The new report titled “Artificial Intelligence in Oil & Gas, Government Services and Financial Services” by Saudi management consultants, Strategic Gears, explores the support for AI, and focuses on the potential impact of AI adoption, globally and in Saudi Arabia, in the above three sectors which contribute over 50% to Saudi GDP. T

he report explores impact, future opportunities, and challenges including case studies by Strategic Gears’ AI solutions partner, Nexus FrontierTech.

The report recommends, that for the oil and gas sector, industry-wide disruption is unavoidable as oil and gas firms globally continue to look for innovative and integrated solutions. Companies have a huge chance to thrive by utilising AI in novel ways. For Saudi Arabia, future trends that will drive AI adoption in the oil and gas industry according to the report include: the energy transition and the need to accomplish climate goals, the growing need to counter cybersecurity threats in oil & gas with AI, the use of partnerships to foster greater adoption and innovation and the adoption of best practices from other industries and the replication of successful industry examples on a local, regional, and global scale.

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For government services, the report highlights a focus on how AI helps governments enhance efficiency, improves the speed and quality of services, and enhances communication and engagement with the public. For Saudi Arabia, the report recommends that enhancing and benefiting from AI adoption in government services will be driven by several key factors including: new government policies, initiatives and financing aimed at improving government performance, the replication of successful AI implementation in other areas of government and the adoption of best practices from other nations, as well as the launch of programs and initiatives, such as Saudi Arabia’s Future Skills Program and others, that can assist in the development of an AI-ready workforce.

The Strategic Gears report also sheds light on the role AI plays in the financial services industry, and the key factors that will promote improved AI development and adoption in Saudi financial services including: the growing demand for AI solutions to be utilized for lowering costs, enhancing efficiency, meeting customers’ growing expectations, and promoting financial inclusion, high priority placed by authorities and regulators such as the Saudi Capital Markets Authority on AI adoption and its contribution in growing the sector, and the commitment to growing ESG investments and the need to adopt AI solutions to help make ESG investment decisions.

Artificial Intelligence in Oil & Gas, Government Services and Financial Services report is now available to view and download here.

About Strategic Gears

Strategic Gears is currently one of the largest local management consultancies in Saudi Arabia. The company offers consulting services in the areas of Strategy, Marketing, Operations & Organizational Excellence and Digital, to a range of clients in both the public and private sectors. The company is heavily involved in the transformation era of Saudi Arabia, driven by the Vision 2030 initiative, in engagement with various government organizations and the Vision Realization Programs.