2024 is expected to see a marked uplift towards AI and GenAI adoption
Many are wary of its ability to build trust, says PwC’s latest GenAI Business Leaders Survey
PwC Ireland recently published the results of its latest GenAI Business Leaders Survey following its inaugural launch in November 2023. The survey, having nearly 100 participating Irish business leaders, aims to highlight how AI and GenerativeAI (GenAI) are impacting Irish businesses, the latest AI and GenAI trends and where the priorities lie. Key findings are set out below:
GenAI to have positive impact on Ireland’s economy and businesses
Irish business leaders continue to recognise GenAI’s potential to benefit the economy and their organisations. Over three-quarters (77%) of Irish business leaders expect GenAI to have a positive impact on Ireland’s economy in the years ahead.
Over eight out of ten (83%) expect GenAI to have a positive or transformative impact on their businesses in the next five years.
Expected positive impacts include: increased efficiencies in their employees time at work (88%); significantly change the way their organisation will create value (83%), and improve the quality of their organisation’s products and services (65%).
Survey respondents stated that GenAI will require most workforces to develop new skills (65%), up from 60% in PwC’s latest Irish CEO survey launched in January 2024.
Pace of full scale AI adoption remains low but a marked uplift towards AI and GenAI adoption is expected
Companies are realising the scale and complexity of AI implementation - just 7% reported to have widespread or full adoption of AI technologies right now in their business operations.
At the same time there is significant innovation and activity afoot: for example, 86% of survey respondents confirmed that they are either at the early stages of exploration, testing or partial implementation stages of AI adoption, up from 54% last year.
AI and GenAI technologies are a great opportunity to disrupt business models, accelerate innovation and improve productivity as well as streamlining non-value added activities.
Overwhelming majority believe that GenAI will increase cybersecurity risks
An overwhelming majority (91%) of Irish business leaders believe that GenAI will increase cybersecurity risks in the year ahead. The survey further reveals that GenAI is expected to increase other risks such as the spread of misinformation and bias towards specific groups of customers or employees.
More to do on realising value
Over a third (35%) reported not to have realised value from AI and GenAI initiatives in the last 12 months, similar to last year.
Many wary of GenAI’s ability to build trust
The survey highlights that trust is a critical focus for Irish business leaders. However, only 7% reported to currently have AI and/or GenAI governance structures in place, similar to last November (6%). At the same time, a significant majority (75%) are planning or developing a plan to have GenAI governance structures in place, up from 56% last year.
Nearly three-quarters (74%) of survey respondents are of the view that GenAI will not enhance their organisation’s ability to build trust with shareholders in the next 12 months.
Less than three out of ten (28%) stated that they are confident that the processes and controls over GenAI in their organisation lend themselves to safe and secure outcomes.
A large majority (84%) welcome the introduction of the EU AI Act and other similar regulations, saying regulation is necessary to prevent the potential negative impact of AI.
Good governance of AI systems will soon become a legal requirement under the EU AI Act and is welcomed by the majority of survey respondents. To realise AI’s value responsibly and securely, organisations must establish robust governance frameworks to be able to measure the benefits.
To learn more about PwC’s GenAI Business Leadership Survey, visit www.pwc.ie/genaisurvey
