Cyprus CEOs fear they are not moving fast enough on artificial intelligence

Cyprus business leaders are showing growing concern over whether their companies are moving quickly enough to keep pace with technological change, particularly in the age of artificial intelligence, according to the 15th annual PwC Cyprus CEO Survey.

The survey, which gathered responses from 77 business leaders in Cyprus, points to mounting unease over the speed of business transformation, while also outlining the opportunities and pressures shaping companies in an increasingly volatile environment.

According to the findings, 43 per cent of CEOs in Cyprus say they are concerned about whether they are transforming their business “fast enough” to keep up with the scope and pace of technological change, including artificial intelligence.

Similar concerns are being expressed in the Eurozone and globally, where CEOs are likewise questioning whether their organisations are adapting quickly enough to match emerging technological realities.

At the same time, this year’s Global PwC CEO Survey shows that most companies are still at an early stage when it comes to achieving tangible financial returns from AI.

Globally, 29 per cent of CEOs reported increased revenue from artificial intelligence initiatives, while 26 per cent said they had seen reduced costs.

However, more than half of business leaders said they had yet to record a measurable financial impact.

In the Eurozone, the figures were lower still, with only 13 per cent of CEOs saying AI had contributed to revenue growth, while 21 per cent reported cost reductions.

The picture in Cyprus was somewhat mixed. According to the survey, 22 per cent of CEOs in Cyprus said they had seen increased revenue growth from artificial intelligence initiatives over the past year, while an equal 22 per cent reported reduced costs.

Nevertheless, the majority have yet to see a meaningful financial effect. More specifically, 69 per cent reported little or no change in company revenues, while 60 per cent said AI had brought minimal or no impact on costs.

The findings also suggest that many organisations in Cyprus are still building the foundations needed to integrate AI more effectively.

Over half of CEOs in Cyprus, or 55 per cent, said they were confident that their organisational culture is ready to embrace artificial intelligence.

However, that remains below both the Eurozone average of 64 per cent and the global average of 69 per cent.

In addition, 55 per cent of business leaders said their technology environment is enabling the integration of AI.

At the same time, key challenges remain clear. The survey showed that 42 per cent of CEOs believe their current investment in AI “isn’t enough” to meet their ambitious goals, while another 45 per cent said they do not believe their organisation is able to attract high-quality technical AI talent.

On employment, the survey points to a more cautious outlook in Cyprus than elsewhere.

When asked how AI adoption is expected to affect employment levels over the next three years, 32 per cent of CEOs in Cyprus said junior-level employees will be impacted.

By contrast, senior-level roles appear more protected, with 62 per cent of CEOs in Cyprus expecting little or no change, reflecting the continued importance of leadership, judgement and strategic decision-making.

In the same context, 55 per cent said they believe mid-level roles will not be affected.

That compares with 49 per cent of CEOs in the Eurozone and 56 per cent globally who expect a reduction in junior-level roles, indicating a greater anticipated impact at that level than in Cyprus.

According to the survey, the integration of Artificial Intelligence into business operations requires clear strategic direction, careful planning and investment in workforce skills.

It is not only about adopting a new technology, but about aligning it with broader business objectives and developing the right capabilities within organisations.