Irish business leaders lacking confidence in how to manage new technologies – survey
A global survey of C-suite executives has found that while there is optimism about growth prospects, Irish business leaders are concerned about their ability to manage changing economic trends, increased competition and new technologies.
The annual Forvis Mazars C-suite Barometer surveyed 1,706 C-suite leaders across more than 35 countries. The Irish results were based of a sample of 55 respondents at CEO, chair or board level from organisations with annual turnover exceeding $100 million.
Almost half (47%) of C-suite leaders in Ireland said transforming IT/technology was a top strategic priority, however they are less likely to have a clear strategy to harness the opportunities presented by AI and technology than their global peers by a margin of some 10 percentage points (58% versus 67%).
Three quarters of Irish executives recognised the impact that AI and GenAI will have on business, however they are reported lower levels of adoption than elsewhere (60%, 10 percentage points below the global average).
More than half of Irish business leaders (56%) said AI would lead to changes in roles and to job displacement in their organisation. Four-fifths (80%) highlighted the ethical factors around the use of AI and GenAI as being a significant concern.
Tom O’Brien, managing partner for Forvis Mazars in Ireland, said: “These findings offer an interesting glimpse into the dynamic landscape of Irish business, reflecting both the optimism and the challenges that lie ahead for local leaders in a rapidly changing global environment. The macro environment has already shifted significantly since this survey was conducted with geopolitical tensions intensifying and the potential economic impacts still somewhat unclear. It will be important that business leaders build resilience and headroom into their business plans.”
Sustainable plans
Only 29% of Irish business leaders said adapting to climate change was a priority, a full 8% ahead of the global figure. However Irish executives ranked climate and carbon reporting as a lower priority compared to their global peers (39% versus 57%). Additionally, three in five Irish executives said environmental and social good reporting requirements were more as a cost than an opportunity.
Liam McKenna, sustainability partner in consulting, said: “Irish business leaders appear to face greater challenges in the early stages of sustainability reporting, requiring more support from external advisors to navigate regulatory requirements and identify key stakeholders. This contrasts with their global counterparts, who are more focused on ensuring high-quality data capture for reporting.
“This may indicate that Irish companies are earlier in their reporting journey. For companies and organisations not subject to mandatory reporting, it is essential to carefully assess and commit to the most suitable reporting standard. Rushing into a framework without fully understanding its implications could result in costly revisions in the future.”
Forvis Mazars employs more than 950 staff across offices in Dublin, Galway, Cork and Limerick.
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