As the world continues to embrace the transformative power of Artificial Intelligence (AI), Malta looks to stand at the forefront of this technological revolution. PwC’s AI Business Survey reveals that a considerable number of businesses in Malta have begun their AI enablement journey, with several already integrating this technology into business operations.
Intelligent Digital 2024
A glimpse into the future
Steered by the Malta Digital Innovation Authority (MDIA), Malta's National AI Strategy sets an ambitious vision to transform the country into a leading European economy in the field of AI by 2030. The integration of AI has already begun, with use cases and initiatives that may be observed intended to improve efficiencies, enhance user experiences, and strengthen security measures.
Our recently concluded annual digital conference, Intelligent Digital 2024, served as a platform to discuss the transformative power of AI and its impact across various industries from financial services to the public sector. A key takeaway from the conference was the need for an adaptive AI governance framework; one that emphasises responsible AI adoption in a manner that is trusted, safe, and compliant with relevant regulations such as the EU AI Act. Among other aspects, it is evident that AI is not a one-size-fits-all solution, and the successful realisation of its opportunities requires business leaders to invest in AI training and education.
Preliminary insights of our survey also asked participants about the business outcomes they most desired from AI adoption. The responses who that:
32% expressed a desire to improve customer experience
30% sought to increase business efficiency and agility
28% aimed to improve decision-making processes
8% mentioned other benefits
Overcoming challenges
Ethical considerations, privacy and skills
While the potential of AI is immense, challenges must be addressed to ensure its responsible and effective adoption. The initial insights from our ongoing survey show the main key challenges organisations anticipate encountering in the adoption of AI technologies are ethical considerations, data privacy, security concerns, and the lack of internal expertise or skills. To navigate these hurdles successfully, organisations must establish robust AI governance frameworks, prioritise ethics, privacy, and security, and invest in training and education.
According to the preliminary findings from the ongoing survey, organisations anticipate the following challenges in the adoption of AI technologies:
41% highlighted the lack of internal expertise or skills as a hurdle.
24% mentioned integration with existing systems as a challenge.
20% expressed concerns about data privacy and security.
15% of respondents identified ethical considerations.
Businesses face significant challenges when implementing AI, but how does your company fare? What is the status of AI within your organisation?
Participate in our ongoing survey to share your insights, receive best practices based on your AI maturity profile and help us shape Malta’s AI landscape.
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