Africa’s family businesses have long been pillars of economic stability, known for their resilience and adaptability. However, with the dawn of the Fourth Industrial Revolution, these enterprises face a new challenge—integrating Artificial Intelligence (AI) into their operations. PwC’s Africa NextGen Survey 2024 highlights that the next generation of business leaders sees AI, specifically Generative AI (GenAI), as a transformative force that can propel their businesses forward.
Esiri Agbeyi, PwC Africa Family Business Leader, emphasizes, “For those that get it right, GenAI will shape future success.” The survey reveals that while 77% of NextGen leaders believe in AI’s transformative power, many are unsure whether their family businesses are ready to harness this potential. Agbeyi notes, “Family businesses in Africa are more cautious compared to their global counterparts, with 53% either prohibiting or not yet exploring AI.”
Duncan Adriaans, PwC Africa Private Leader, highlights the importance of AI adoption, stating, “Embracing AI will elevate Africa’s NextGen leaders into a competitive role.” However, only 15% of African family businesses have a dedicated AI team, which increases the risk of falling behind in the global market.
As the future of Africa’s family businesses hangs in the balance, the next generation must lead the charge in AI integration. This shift is not just about adopting new technologies but ensuring that these businesses remain globally competitive and resilient for generations to come. The journey will require strategic vision, investment, and a willingness to embrace innovation.