At a recent Middle East tech conference hosted by London Business School students, findings from the Strategy& global consulting firm found that even though Middle Eastern companies found it imperative to invest in technology, there was much to be desired.
The Strategy& study found that around 77 percent of 1,500 CEOs of Middle Eastern companies agreed that investing in technology had become a top priority. However, “only 10% of those companies reported having a chief digital officer.”
Joe Saddi, Partner of Strategy&’s Middle East business, told those in attendance, “Hiring people with coding skills is not only a necessity for businesses, but also a way to deal with unemployment by hiring people from deprived areas. Companies need to make sure they have access to people who understand both business and technology.”
The risks, in its current state, are fairly obvious. If companies (Middle Eastern or not) failed to address and properly invest in technology, then there’s an inherent and rapid risk of falling behind any competition. In an increasingly global market, failing to do so could be a terminal consequence for many companies.
Saddi added, “Today’s young men and women are creative, tech savvy and business-minded – not the kind of people who have traditionally been recruited. They have a different profile and attitude. There’s a challenge for business leaders and HR to recognize that kind of talent and be comfortable hiring them.”
“In 10 to 15 years, companies in the Middle East will operate differently to today because of digitization. Investing in technology now will help them gain a competitive advantage.”
The emphasis on technological investment coming from LBS isn’t terribly surprisingly. The school recently installed its Managing The Company Of The Future program to its Online MBA—a free course put together by the University of London International Academy and Coursera. Click here to learn more about the program and Digital Learning at LBS.