Countries in the Middle East are working extremely hard to diversify their economies, especially in the areas of new technologies and digital transformation, but still being largely dependent on the production and sale of oil and gas. In fact, the Gulf Cooperation Council (GCC) nations are making significant investments in digital technology in both the public and private sectors. This program was already well underway due to climate change, the growth of renewable energies, and more global competitiveness, but falling oil prices in the wake of the COVID-19 outbreak are driving digitalization efforts into overdrive in the area. Let's examine the most recent technological developments in the GCC, their effects on sectors other than the oil industry, and steps you can take to prepare your staff for the digital economy.
What do the member nations of the GCC invest in?
Organizational change consulting in GCC nations has shown the path to spending more on technology as part of the digital transformation taking place in the region to fulfill the demands of the digital era. In this attempt, several technologies are essential.
Network of Things (IoT)
The use of IoT technologies in the retail industry is one of the key technological developments in the GCC. Large retailers are using sensors and beacons to customize the shopping experience for customers using smartphones, offer cross-selling recommendations and notifications on product availability based on customers' purchase histories and product preferences, and much more.
Utilizing the Cloud
Many businesses were initially reluctant to move their infrastructure and apps to the cloud due to security concerns, but those issues have largely been resolved. Now, businesses of all kinds in the area are quickly embracing cloud technology and services.
The GCC countries' rapid push toward digital transformation increases the demand for protective solutions against related cyber threats. Additionally, all GCC nations have established cybersecurity agencies to be ready for any intrusions. A big portion of female students are utilizing the educational programs that nations are investing heavily in.
Virtual Reality (VR) and Augmented Reality (AR)
The COVID-19 pandemic is encouraging even more investment in these technologies, particularly in the healthcare and real estate sectors, despite the fact that AR and VR have numerous applications across all industries. During lockdowns, virtual doctor visits, chatbots, and diagnostics offer a secure substitute for in-person medical consultations. These technologies are being applied to real estate to create virtual tours of available properties. Organizational change consulting encourages implementation of these programs.
Once more, there is a strong push in the retail and e-commerce industries to use big data analytics. Large businesses in the GCC use analytics to measure customer behavior, keep track of website traffic, estimate demand, modify prices, and do a lot more. Companies may improve product positioning, the customer experience, and ultimately the bottom line by collecting data from IoT-connected devices, payment systems, augmented reality applications, and more.
Machine Learning and AI
The adoption of AI and machine learning is one of the largest technological developments in GCC nations, especially in the UAE and Saudi Arabia. This is particularly true for the public sector, where AI can automate routine operations like tax filing, license and registration applications, and more.
FinTech, retail, and eLearning Sector Impacts
All industries in the GCC are undergoing digital transformation, including the oil and gas sector, but substantial investments are being made in the fintech, retail, and eLearning sectors.
To Wrap up:
An obstacle to the region's digital transition may be the difficulty in finding qualified personnel. Upskilling and reskilling through organizational change consulting boot camps like ProClipse Consulting is a part of the solution to this problem. ProClipse facilitates the growth of a technological workforce in the GCC and around the world by providing a thorough organizational change consulting program. Get in touch with us right now to find out how to make sure that your company is prepared to adopt GCC technology trends and prosper in the current digital economy.