As artificial intelligence accelerates across global markets, Cypriot companies are entering a turning point in their transformation journey. Digitalization is no longer the headline; most organizations already operate with mature systems, automated processes, and data-driven workflows. The real test now, argues George Tziortzis, Partner and Head of Consulting Services at EY Cyprus, is whether businesses can evolve their operating models fast enough to harness AI meaningfully and at scale.

Speaking to FastForward, he discusses the sectors most exposed to disruption, the central role of leadership and culture, the lessons drawn from major national initiatives, and why the first step toward adopting AI doesn’t require leaps—only clarity, consistency, and trust in the process.

The time when digital transformation was viewed as something new has long passed. Many companies have already made substantial progress and now operate with, or leverage established digital infrastructures or services. The real challenge for organizations that seek to stay ahead and remain competitive is no longer digitalization itself, but the continuous evolution and optimization of their business model through the use of new enablers such as artificial intelligence and the ability to integrate it meaningfully and at scale into their core operations.

Companies are facing several critical challenges in aligning Artificial Intelligence (AI) solutions with their business models, while also addressing issues of ethics, security, and regulatory compliance, all of which demand responsible and transparent practices.

Other decisive factors of success, going forward is people and culture. In every major shift, success ultimately depends on leadership and its ability to inspire, empower, and cultivate a mindset open to change.

AI and digital technologies have become key drivers of business transformation worldwide, and Cyprus is no exception. According to the EY Entrepreneurship Barometer Cyprus 2025 , Cypriot businesses are showing growing interest in further investing in information systems (53%), process automation (53%), AI/data analytics (71%), and digital marketing. These findings clearly indicate that companies are continuing to invest in technology and automation.

All sectors are expected to be affected by AI; however, the most significant impact is anticipated in the financial services sector, which has traditionally been the first to adopt new technologies. Other sectors can also benefit; for example, the Cypriot tourism industry can leverage AI to develop personalized services and targeted promotional strategies, while the logistics and transportation sectors can optimize operations and reduce costs. Additionally, banks and insurance organizations can utilize AI for big data analysis, risk prevention, and enhancing customer experience.

Our goal at EY Cyprus is to guide businesses in a structured, responsible, and measurable way, turning technology enabled innovation into a competitive advantage and a driver of sustainable growth. We approach each organization individually, aiming to create long-term value by focusing at the intersection of technology-process-people, ensuring the right balance between innovation, efficiency, and compliance.

Our team leverages the power of technology, data, and artificial intelligence, to provide practical business value. Through the integrated EY.ai platform, we embed AI into every aspect of our advisory approach from business transformation to risk management and regulatory compliance.

EY invests more than 1 billion dollars annually in the development of “AI-first” platforms and products, with 1,000 AI agents and over 100 internal applications that provide operational efficiency, cost optimization, regulatory compliance, and customer experience improvements to clients. 

Human creativity, insight and adaptability have always been the driving forces behind the progress of societies and organizations, from the industrial revolution to the digital age. Today, as we stand before significant disruptions, the message is more relevant than ever - technology should not define who we are but act as a catalyst that enhances and evolves human potential. The harmonious coexistence of humans and artificial intelligence can lead to meaningful progress, as long as we do not see it as a replacement for human thought but as an ally that strengthens creativity, moral judgment and critical analysis.

To achieve this balance, it is essential to invest in education and initiatives that cultivate autonomy of thought, empathy and collaboration, skills that define the new era of leadership. At EY Cyprus, through our People Consulting Services, we support organizations in redefining their relationship with talent, culture and leadership. We focus on aligning leadership with the organization’s purpose, fostering a learning environment and developing programs that use technology as a catalyst for human growth rather than as an end in itself. In this way, we strengthen adaptability through continuous learning and change, supporting organizations at every stage, from strategic planning and risk management to the creation of new models of work and talent development. Because ultimately, people remain the greatest asset and the most important opportunity of every organization.

True transformation is achieved when innovation is organically integrated into strategy and processes, creating tangible results and sustainable value. From our experience, the most successful transformations share three common characteristics: a clear strategic direction, trust in data driven decisions, and leadership that focuses on people.

At EY Cyprus, our Business Consulting services help organizations transform their business and operating models sustainably. Many organizations recognize the need to evolve but lack clarity on their future direction. Our Business Transformation Architecture service assists clients in rethinking their goals and designing effective models grounded in digital and long-term value. We collaborate closely with clients to create transformative business models, challenging assumptions and leveraging technology and data to shape their vision. Successful transformation requires a clear roadmap, defining necessary capabilities and changes across processes, governance, technology, and people, while aligning stakeholders to ensure everyone feels part of the journey.

Execution is of course key; our Transformation Delivery services provide the structure and support needed for sustainable change. We adopt a purposeful, agile approach, placing people at the centre and guiding complex programs with experienced managers. Our Agile Delivery establishes Agile PMOs and deploys Scrum Masters for efficient program management, while Portfolio Management links strategy to execution and prioritizes initiatives, ensuring organizations realize value.

We emphasize understanding real user needs in customer-facing transformations. Through our EY Studio+ practice, we help clients enhance customer experiences, innovate products, and improve commercial operations. Our Customer Experience work identifies what customers value, leading to effective Product and Service Innovation. Additionally, we modernize marketing, sales, and customer service to drive true value, transforming these functions from cost centres into key drivers of growth.

The percentage of businesses in Cyprus that utilize Artificial Intelligence technologies increased from about 2.5% in 2021 to 8% in 2024, while significant progress was recorded in gigabit connectivity infrastructure (77.1% compared to 64.0% in the EU). These developments show that the country’s digital ecosystem is maturing and creating a solid foundation for the next phase of growth and innovation.

As expressed before, the success of a transformation does not depend solely on technology, but on the ability of organizations to turn change into an opportunity for sustainable growth. The latest global EY Work Reimagined Survey finds that while most company employees now use AI, very few are doing so effectively. Nearly 90% of employees use AI at work, but mostly for simple tasks like searching or summarizing documents. Only 5% use AI in advanced ways that truly change how they work. Only 28% of organizations are on track to get the most value by combining talent and technology. The survey also finds that overall employee satisfaction is rising, with fewer people planning to quit their jobs compared to recent years.

Our advice to Cypriot businesses that approach the future with hesitation is that innovation does not require leaps, but vision, a plan with consistency and trust in the process even if it includes some failures before success is achieved. The first step, no matter how small it may seem, is what sets in motion the transition toward a smarter, more resilient and more competitive future. The key lies in targeted applications of technology capabilities such as artificial intelligence that solve real problems, deliver immediate results and build the necessary trust for the steps that follow, based on a consistent plan.