EY CFO Summit 2024 audience survey reveals Irish CFO’s believe AI will require business model rethink

• Nearly four in ten (38%) say AI will require them to rethink their business model
• 57% believe that sustainability is a source of competitive advantage
• More than half (54%) say global geopolitical uncertainty is a concern - but not business critical
  

Dublin, 20 March 2024: A snap poll of 375 CFOs and finance leaders conducted today at EY Ireland's CFO Summit, found that AI, Sustainability and Geopolitics are some of the top of mind issues for Irish CFOs.

When asked about the impact of AI - 

38% said that they expect AI will require them to rethink their business model, while 48% said that its primary benefit will be to help them drive productivity and efficiency.

When asked if sustainability was a source of competitive advantage for their business, 57% agreed it was, 39% said to some extent, while only 4% disagreed or were unsure.

Finally, when asked about the impact of ongoing global geopolitical uncertainty on their business, three in ten (29%) said they are building geopolitical considerations into their business model and strategy, however 54% said that while it is a concern, it is not business critical.

Frank O’Keeffe, EY UK & Ireland Managing Partner, Markets, and EY Ireland Managing Partner said: “CFOs play a central role in helping to steer change as they strategically position their organisations for success in an increasingly dynamic and uncertain world. Our poll today shows that for CFOs, the potential impact of AI is far more than just hope or hype. Almost four in ten CFOs expect AI will require them to reshape or rethink their business model, while almost half (48%) say AI will help drive productivity and efficiency in their businesses. CFOs are also telling us that they see sustainability as a source of real competitive advantage for their business. These valuable insights help us to better understand how CFOs and finance leaders are thinking about how they can “master change and shape tomorrow” – the theme of our CFO Summit event today.”

About the survey

During EY Ireland’s CFO summit, an audience of 375 were asked to take part in an online survey featuring questions on AI, sustainability and geopolitics and the impact each has on their business. The audience was made up of Irish CFOs and finance leaders from a variety of Irish and global organisations and the survey was conducted via Mentimeter.

For more key insights about CFO summit, visit ey.com/ie/CFOSummit

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