A recent TechBeat survey, in partnership with Storm Technology, reveals that 63% of businesses in Ireland plan to increase their spending on AI in 2024. Companies expect to invest an average of €436,500, a 45% rise from 2023's average spend of €301,700. Despite this growth in investment, 49% of IT leaders say their senior management lacks a full understanding of AI's potential. However, despite this, 75% of organisations are exploring or using AI in some capacity, with 68% applying it in customer service.
Key benefits of AI include improved staff productivity (59%), better workflows (56%), enhanced customer service (52%), and reduced costs (44%). AI is among the top five IT priorities for 2024, but cybersecurity leads with 70% of IT leaders focusing on it. Top challenges to workplace productivity include reliance on manual processes and security concerns.
Karl Flannery, CEO of Storm Technology, emphasised the need for strategic planning and management buy-in to fully leverage AI's potential. He suggests that AI can help businesses improve productivity, foster innovation, and enhance customer experiences. Without proper investment in AI, 46% of respondents believe their companies risk losing competitive advantage over the next three years.
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Survey carried out in association with Storm Technology.
