KPMG’s annual CEO Outlook Survey of business leaders shows CEO's confidence is high in both Northern Irish and global economies. Such optimism is reflected in future plans, with 90 per cent of business leaders here expecting to add jobs over the next three years.
Northern Ireland CEOs also have a clearer view of how Gen AI will give their organisation a competitive edge and have put it at the top of their organisational priority list.
Confidence in the three-year growth prospects for the Northern Irish economy stands at 93 per cent, up from 67 per cent in 2023 with CEOs in Northern Ireland prioritising the adoption and investment of Gen AI. A total of 63 percent reported that understanding and implementing Gen AI is a top investment priority for their organisations. However, there are worries that with the technology comes ethical challenges, a concern shared by 77 per cent of Northern Ireland CEOs.
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Against this backdrop a majority of CEOs at 87 per cent in Northern Ireland are clear on how Gen AI will benefit their organisation and create a competitive advantage, a stronger position than their global counterparts where just three quarters have clarity.
Economic confidence inspires hiring plans
Confidence in the three year prospects for the Northern Irish economy is strong, with 93 percent of respondents anticipating economic growth over the period, according to the 2024 KPMG CEO Outlook Survey. A hugely positive 87 percent of CEOs in Northern Ireland (up from 80 per cent last year) are also optimistic about the future prospects of the companies they run in terms of predicted growth over the next three years, despite risks of labour shortages, cost pressures and geopolitical insecurities.
Johnny Hanna, Partner-in-Charge of KPMG in Northern Ireland, said: “This year’s KPMG CEO Outlook Survey reveals a relatively buoyant mood amongst Northern Ireland’s leaders, with prospects for growth in the coming years strong. With an appetite and understanding of emerging technologies such as Gen AI also apparent, CEOs have proved they are able to adapt to the changing environment they face with ease.
“These attributes, when combined with the unique offering of dual market to both EU and GB markets under the Windsor Framework and the potential to reduce corporation tax on a par with the Republic, build a compelling case. They set the scene for a future of prosperity and provide the conditions for the Northern Ireland economy to make good on our CEOs positive forecasts.
CEOs in Northern Ireland driving AI Adoption
Northern Ireland’s CEOs have a clearer grasp on how Gen AI will create a competitive advantage in their organisation than their global counterparts, and are implementing the technology at pace, the KPMG CEO Outlook 2024 has found.
The report reveals a leadership fully cognisant with the benefits Gen AI can bring to their business. Nearly all CEOs (87 per cent) said they were clear on the opportunities Gen AI will offer their organisation, higher than the global score of 76 per cent. With that understanding comes prioritisation, with two thirds (63 per cent) reporting that understanding and implementing Gen AI is a top investment priority for their organisations.
Commenting on the survey findings, KPMG in Northern Ireland AI Director Alan Lavery, said: “Northern Ireland CEOs have been quick to grasp the benefits of Gen AI and are making it a key business priority. That bodes well for the future of the Northern Ireland economy as the benefits which the technology can bring are significant. However, the report also uncovered a number of concerns around the adoption of the technology which will need guidance to navigate in the coming years.
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“When it comes to adapting the workforce, it’s pleasing to see that 50 per cent of CEOs in Northern Ireland are investing in upskilling, a higher figure than the 41 percent reported globally. This shows the importance with which leaders here place on Gen AI as a an embedded part of their business in the future.”
However enthusiasm for AI is curbed somewhat by concerns around ethical challenges which accompany Gen AI, a worry 77 per cent of leaders expressed. A lack of regulation is also a concern for a similar number (77 per cent) while 47 per cent said the technical capability and skill required to implement Gen AI is also an issue.
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