Storm Technology CEO Karl Flannery. Image: John Ohle Photography
A new survey suggests most Irish businesses plan to increase their level of AI investment this year, but it appears some firms are lacking clear strategies.
The majority of Irish businesses plan to boost their level of spending on artificial intelligence (AI) this year, according to a new survey from digital transformation company Storm Technology.
This survey involved more than 100 IT leaders and decision-makers in larger organisations across Ireland. The results suggest 63pc of businesses plan to increase their AI budgets for 2024.
Of the businesses that plan to invest into AI, the average spending plan is more than €436,000, an increase of 45pc compared to the average spending budget for 2023, according to Storm Technology.
AI has become a key focus for many organisations and this appears to be reflected in the survey, as 59pc of IT leaders surveyed believe their company needs to adopt AI to be competitive in the next three years.
The top benefit for AI adoption was an increase to staff productivity – according to the respondents – followed by improved workflows, enhanced customer service and reduced operating costs.
But despite the focus on AI, the results also suggest a lack of clear planning or coherency when it comes to adopting AI. Almost half of the IT leaders said their senior management does not fully understand the potential of AI, while 24pc claimed their businesses were using AI in a limited manner currently.
“The modern workplace continues to evolve with AI coming ever more to the fore,” Storm Technology CEO Karl Flannery said. “While our research shows that investment in such technologies is rising and adopting same can unlock multiple benefits for businesses, management buy-in and strategic planning appear to be lacking.
“If Irish organisations truly want to capitalise on the potential that AI offers, they need to deploy not just the solutions that fit their business needs, but also build out the processes and protocols to effectively and ethically manage it – thus establishing trust with staff, customers and suppliers.”
In terms of overall IT spending, the survey suggests AI is ranked in the top five priorities, while cybersecurity ranked highest with 70pc of IT leaders planning to prioritise this area.
Last November, a Deloitte survey claimed that more than 300,000 Irish people had used AI in the workplace, though only a small portion said they used the technology frequently.
Find out how emerging tech trends are transforming tomorrow with our new podcast, Future Human: The Series. Listen now on Spotify, on Apple or wherever you get your podcasts.
