Nicosia, Cyprus. Business leaders in Cyprus are increasingly concerned about whether their companies are transforming quickly enough to keep pace with technological change, particularly artificial intelligence, according to the 15th annual PwC Cyprus CEO Survey. The survey includes responses from 77 business leaders.
Concerns over the speed of transformation
The survey found that 43 per cent of CEOs in Cyprus are concerned about whether they are transforming their business “fast enough” to match the scope and pace of technological change, including artificial intelligence. Similar concerns were reported in the Eurozone and globally.
Global and Eurozone results on AI financial returns
PwC’s Global CEO Survey indicates most companies remain at an early stage in achieving tangible financial returns from AI. Globally, 29 per cent of CEOs reported increased revenue from AI initiatives, while 26 per cent reported reduced costs, and more than half said they had yet to record a measurable financial impact.
In the Eurozone, 13 per cent of CEOs said AI had contributed to revenue growth, while 21 per cent reported cost reductions.
Mixed outcomes reported in Cyprus
In Cyprus, 22 per cent of CEOs said they had seen increased revenue growth from AI initiatives over the past year, while 22 per cent reported reduced costs. However, 69 per cent reported little or no change in company revenues, and 60 per cent said AI had minimal or no impact on costs.
How is your organisation measuring whether AI is delivering revenue growth or cost reductions?
