ICAEW Urges Companies to Prioritize Data Governance and AI in Business Strategies
ICAEW has called on companies in the Middle East to reshape their business strategies around the evolving data governance and the transformative Artificial Intelligence.
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The Institute of Chartered Accountants in England and Wales (ICAEW) has called on companies in the Middle East to reshape their business strategies around the evolving landscape of data governance and the transformative potential of Artificial Intelligence (AI).
At a recent virtual event, a panel of experts delved into the intricate relationship between data governance, AI, and business innovation. The discussion aimed to equip industry professionals with essential knowledge and best practices to navigate this dynamic landscape. The panelists included:
- Ian Pay, Head of Data Analytics and Tech, ICAEW
- Sourav Dey, Senior Manager- Data Analytics, Deloitte
- Mursleen Iqbal, Financial Controller for Dedicated Networks, Ericsson
- Raffaele Tiberio, Partner Data & AI, EY
- Riyad Abbasakoor, Commercial Financial Director, M42 Health
The panel emphasized the increasing importance of robust data governance frameworks in maximizing the potential of AI technologies while mitigating associated risks. They highlighted the need for organizations to strike a balance between data accessibility and security, and the vital role of data stewards in ensuring ethical and compliant practices. Adapting to the evolving regulatory landscape was another focal point, urging businesses to proactively adjust their strategies to drive innovation responsibly.
Building data analytics capabilities within organizations emerged as another critical factor. Panelists stressed the importance of developing talent and expertise within audit and finance teams, encouraging a more collaborative approach between IT, audit, and finance departments to effectively harness the power of data analytics.
Real-world case studies were presented, showcasing best-in-class approaches to data governance and AI adoption. This provided actionable insights for businesses to practice data-driven decision-making.
Hanadi Khalife, Head of Middle East at ICAEW, said: “In today’s data-driven economy, organizations face a dual mandate: harnessing the power of AI to drive innovation while safeguarding data integrity and privacy. As stewards of data, accountants play a crucial role in ensuring the ethical and responsible use of AI technologies. Through collaborative efforts, both within and outside the organization, companies can build a culture that promotes AI responsibility, unlocking new growth opportunities.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Employment grew for the 16th consecutive month as companies expanded.
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According to a recent PMI report, Qatar experienced its fastest non-energy sector growth in almost two years in June, driven by surges in both existing and new business activities.
The Purchasing Managers’ Index (PMI) headline figure for Qatar reached 55.9 in June, up from 53.6 in May, with anything above 50.0 indicating growth in business activity. Employment also grew for the 16th month in a row, and the country’s 12-month outlook remained robust.
The inflationary pressures were muted, with input prices rising only slightly since May, while prices charged for goods and services fell, according to the Qatar Financial Centre (QFC) report.
This headline figure marked the strongest improvement in business conditions in the non-energy private sector since July 2022 and was above the long-term trend.
The report noted that new incoming work expanded at the fastest rate in 13 months, with significant growth in manufacturing and construction and sharp growth in other sectors. Despite the rising demand for goods and services, companies managed to further reduce the volume of outstanding work in June.
Companies attributed positive forecasts to new branch openings, acquiring new customers, and marketing campaigns. Prices for goods and services fell for the sixth time in the past eight months as firms offered discounts to boost competitiveness and attract new customers.
Qatari financial services companies also recorded further strengthening in growth, with the Financial Services Business Activity and New Business Indexes reaching 13- and nine-month highs of 61.1 and 59.2, respectively. These levels were above the long-term trend since 2017.
Yousuf Mohamed Al-Jaida, QFC CEO, said the June PMI index was higher than in all pre-pandemic months except for October 2017, which was 56.3. “Growth has now accelerated five times in the first half of 2024 as the non-energy economy has rebounded from a moderation in the second half of 2023,” he said.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
