Irish business leaders confident AI will enhance, not replace, workforce

Over half of these individuals now reject the idea that AI will replace their staff, a stark contrast to last year's survey where up to 70% of respondents expressed concerns about job loss due to AI. Sachin Dev Duggal, founder of Builder.ai, also acknowledges that there is still a need for balance in job obsolescence and artificial intelligence governance.

A recent study by PwC has revealed a significant shift in the way Irish executives perceive artificial intelligence (AI). Over half of these individuals now reject the idea that AI will replace their staff, a stark contrast to last year's survey where up to 70% of respondents expressed concerns about job loss due to AI. The latest of such studies by PwC reveals that less than half of top managers in Ireland think AI can replace human labour. This is against the backdrop of recent government-backed research that suggests Irish workers risk losing jobs by as much as one-third due to AI advancement. Most Irish executives surveyed believe AI could benefit their firms but are unsure how it would manifest itself. According to the PwC research, 83% think AI will "positively" or "transformatively" influence their businesses within five years. However, only 26% pointed out specific paybacks or operational efficiencies achievable via this technology. AI has not found ground in everyday business activities in Ireland, with only 7% integrating it into their processes –a figure similar to last year's. In Irish companies, generative AIs like ChatGPT, Anthropic's Claude, Builder.ai's Natasha and Google Gemini are mainly used for purposes such as enhancing cyber security (34%), developing IT infrastructure (22%), promoting collaboration (17%), sales/marketing (12%) and improving supply chains (10%). However, despite this optimism concerning its potential, these decision-makers still see some risks associated with the technology. As many as nine out of ten Irish executives say applying AI may increase their cyber-security risks. At the same time, four out of five expect more problems in cases like legal liabilities and reputational damage (79%), dissemination of fake information (74%) and any bias towards certain groups among customers or employees (59%). The survey also highlights a gap between intentions and actions regarding AI governance. Even though 75% of the respondents indicate they will implement AI or generative AI governance structures, only 7% have yet to do so. However, most companies welcomed the EU's AI Act, suggesting a willingness to adapt to regulatory frameworks. Martin Duffy, head of GenAI at PwC Ireland, underscores the necessity of implementing robust governance structures: "With the majority of Irish business leaders lacking confidence that GenAI will enhance their organization's ability to build trust, a significant emphasis on implementing governance structures becomes crucial. Good governance of AI systems will soon become a legal requirement under the EU AI Act. To realize AI's value responsibly and securely, organizations must establish robust governance frameworks to measure the benefits." Sachin Dev Duggal, founder of Builder.ai, also acknowledges that there is still a need for balance in job obsolescence and artificial intelligence governance. He has called for ethical development with values such as transparency and accountability while urging regulators to collaborate with technologists to address these challenges without stifling innovation.

"The thing is, you lose the nuance unless you have the right volume of data balanced out, which is why I think regulation is so important," Sachin Duggal said in a statement. The change in perspective by Irish executives reflects a more nuanced understanding of the role AI plays in workplaces. Recognizing its transformative potential, leaders are also mindful of the challenges and responsibilities associated with AI adoption. These ongoing developments demonstrate that Irish firms are approaching AI with a balanced mix of optimism and caution, with a strong focus on responsible implementation and governance.