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Storm Technology survey reveals nearly 70% of IT leaders say failure to successfully implement AI is costing their company money
Storm Technology, a Littlefish company, has announced the findings of a survey which shows that 69% of IT leaders say a failure to successfully implement AI is costing their company money.
The research for Storm Technology involved 200 IT decision-makers and leaders across Ireland and the UK (100 respondents per market) - also found that a similar proportion (71%) think their organisation will lose market share or competitive advantage within the next 3 years if they do not invest effectively in AI. Echoing this, 82% agree their company needs to invest in updating technologies and tools to be competitive.
Furthermore, two thirds (66%) of respondents agree their organisation is taking too long to leverage the potential of AI. This rose to more than three quarters (77%) of respondents in Ireland.
Meanwhile, some 63% of IT leaders say their company has become disillusioned by AI. Again, a higher proportion of respondents from Ireland (70%) expressed this view, with 77% of the opinion that their organisation should spend more on AI in 2025.
In terms of the anticipated investment in AI for 2025 among businesses in Ireland, that came in at approximately €491,250 on average - marking a 42% increase from the estimated AI spend for 2024.
Among all respondents, AI (35%) is one of the top five priority areas for IT spend over the next year. The others are cybersecurity (37%), cloud infrastructure (30%), data analytics (25%), and technology training (26%).
Where businesses are currently leveraging AI, 36% are deploying it in Operations, followed closely by Marketing (35%), and then Finance (31%).
The survey also revealed the main benefits of AI usage as driving business growth (29%), enhanced customer service (28%), and improved data analysis, reporting or insights (28%). However, just a fifth (20%) of respondents in Ireland cited business growth as a main benefit of AI, compared to 38% of UK counterparts.
As for actual results being driven by AI among all respondents, faster data analytics came to the fore (35%), followed by rising productivity levels (25%). Shorter customer response times (24%), increased profitability (24%) and automated processes (23%) finished off the top five.
Karl Flannery, CEO, Storm Technology, said: "While most companies believe that investing in AI is critical to growth, many are not clear where the most benefits can be derived. Additionally, they believe their company is taking too long to invest and have become disillusioned with AI.
"Failing to embrace AI and get leadership buy-in will only exacerbate this issue, impacting future innovation and competitiveness. There is no alternative, but to just get started and build that organisational understanding across all levels of this fast-developing capability to unlock new levels of growth and efficiency."
See more stories here.
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By Irish Tech News
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Storm Technology, a Littlefish company, has announced the findings of a survey which shows that 69% of IT leaders say a failure to successfully implement AI is costing their company money.
The research for Storm Technology involved 200 IT decision-makers and leaders across Ireland and the UK (100 respondents per market) - also found that a similar proportion (71%) think their organisation will lose market share or competitive advantage within the next 3 years if they do not invest effectively in AI. Echoing this, 82% agree their company needs to invest in updating technologies and tools to be competitive.
Furthermore, two thirds (66%) of respondents agree their organisation is taking too long to leverage the potential of AI. This rose to more than three quarters (77%) of respondents in Ireland.
Meanwhile, some 63% of IT leaders say their company has become disillusioned by AI. Again, a higher proportion of respondents from Ireland (70%) expressed this view, with 77% of the opinion that their organisation should spend more on AI in 2025.
In terms of the anticipated investment in AI for 2025 among businesses in Ireland, that came in at approximately €491,250 on average - marking a 42% increase from the estimated AI spend for 2024.
Among all respondents, AI (35%) is one of the top five priority areas for IT spend over the next year. The others are cybersecurity (37%), cloud infrastructure (30%), data analytics (25%), and technology training (26%).
Where businesses are currently leveraging AI, 36% are deploying it in Operations, followed closely by Marketing (35%), and then Finance (31%).
The survey also revealed the main benefits of AI usage as driving business growth (29%), enhanced customer service (28%), and improved data analysis, reporting or insights (28%). However, just a fifth (20%) of respondents in Ireland cited business growth as a main benefit of AI, compared to 38% of UK counterparts.
As for actual results being driven by AI among all respondents, faster data analytics came to the fore (35%), followed by rising productivity levels (25%). Shorter customer response times (24%), increased profitability (24%) and automated processes (23%) finished off the top five.
Karl Flannery, CEO, Storm Technology, said: "While most companies believe that investing in AI is critical to growth, many are not clear where the most benefits can be derived. Additionally, they believe their company is taking too long to invest and have become disillusioned with AI.
"Failing to embrace AI and get leadership buy-in will only exacerbate this issue, impacting future innovation and competitiveness. There is no alternative, but to just get started and build that organisational understanding across all levels of this fast-developing capability to unlock new levels of growth and efficiency."
See more stories here.