Irish businesses lagging behind global average in AI spend

Forvis Mazars C-suite Barometer reveals concern over AI as job creator or job killer

Pro

Image: Christina Morillo via Pexels

More than two thirds (68%) of Irish businesses are putting AI to the forefront in their technology transformation priorities but spending on them lags behind the global average, according to the latest Forvis Mazars C-suite Barometer report.

According to the report 15% of global organisations are allocating either a fifth or more of their technology budgets to AI, compared with 10% of Irish organisations.

Opinions on the role of AI as either a job creator or job killer are divided. While 44% of Irish resondents said AI is already creating new roles, 24% of leaders reported job displacement.

Three-quarters of Irish leaders expressed ethical and societal concerns about AI yet continue to adopt the technology. This suggests Irish businesses are grappling with responsible AI deployment, wanting to harness competitive advantage while managing social and governance risks.

Commenting on the findings, Liam McKenna, partner at Forvis Mazars in Ireland, said: “Irish business leaders are convinced of AI’s importance and are moving fast to implement it. What is concerning is the investment gap. While they express the highest confidence in AI return on investment among all technology investments, their budget allocation doesn’t live up to that. With Irish business investing at lower rates the global peers, they risk missing the opportunity AI brings and competitive vulnerability. Now is the time for boards to align their investment with their strategy.

“The organisations that win in the next three to five years will be those that move decisively on AI investment while managing risk and ethical and societal l concerns in parallel. Irish businesses must bridge the investment gap while building the infrastructure, skills and governance frameworks to support responsible AI adoption. This means stronger collaboration between business, education and government to unlock the full potential of AI as a competitive advantage.”

TechCentral Reporters

Read More: AI Artificial Intelligence Forvis Mazars