More than 80% of Irish business leaders expect generative AI to have a positive or transformative impact on their business over the next five years, according to PwC’s latest GenAI Business Survey.
Up from just 74% last year, Gen AI’s expected positive impacts include increased efficiency in their employees’ working time, significant changes in how organizations will create and deliver value, increased efficiency in the working time of business leaders and improvements in the quality of an organization’s products and services.
However, PwC said only about one in four organizations can report operational efficiencies achieved through AI and GenAI initiatives.
By surveying 100 Irish businesses, PwC found a shift in views on the macroeconomic impact of GenAI on employment. While 55% of respondents thought there would be an increase or no net impact on employment from GenAI, that figure is down from the 83% reported last November.
The survey further reveals that nearly half of business leaders do not plan to use GenAI to address labor shortages or increase workplace automation, up from 70% reported last year last.
PwC’s latest data also indicates that businesses are waking up to the scale and complexity of implementing AI, with only 7% currently reporting widespread or full adoption of AI technologies. AI in their business operations.
At the same time, significant innovation and activity is underway to enable high adoption of AI in the coming years, with PwC noting that 86% of respondents said they were either in the early stages of exploration, testing or partial implementation of AI adoption. .
“The survey confirms the positive potential of AI and GenAI for the Irish economy and businesses,” said David Lee, Chief Technology Officer at PwC Ireland.
“2024 is undoubtedly a ‘moving year’ for Irish AI organisations. Although the number of fully deployed solutions remains low, over the past six months there has been a marked increase in the number of organizations testing or piloting AI tools.
“This increase in activity levels also highlights the importance of having appropriate governance in place to safely deploy AI-related technologies. While there is evidence that more and more organizations have plans in place to address this issue, there is still work to be done to give effect to these technologies. these projects. This will become increasingly important in the context of the new EU AI law.
The survey also found that an overwhelming majority of respondents believe GenAI will increase cybersecurity risks in the coming year. The study also found that GenAI is expected to increase other risks such as legal liabilities and reputational risks (79%), the spread of misinformation (74%), and bias towards specific groups of customers or customers. employees (59%).
Additionally, PwC also found that many remain wary of GenAI’s ability to build trust, and few have fully established AI governance structures in place.
“While the majority of Irish business leaders are not convinced that GenAI will improve their organization’s ability to build trust, a greater focus on implementing governance structures will be essential,” said Martin Duffy , Head of Gen AI at PwC Ireland.
“Good governance of AI systems will soon become a legal requirement under EU AI law and is welcomed by the majority of respondents. To realize the value of AI responsibly and securely, organizations must establish strong governance frameworks to be able to measure its benefits.
