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Survey shows 24% increase in IT investment with AI and cloud top of the priority list

HRHQ investment

by HRHQ Editorial Team

A survey from Irish IT service provider Auxilion has revealed that business leaders in Ireland expect to invest an average of nearly €1 million on IT in 2023, with the average IT budget for 2023 expected to come in at €988,726.

This marks a 24% increase in IT investment compared to previous research by Auxilion which showed that C-suite executives were planning to invest an average of €747,071 by the end of 2022.*

 The company’s latest survey of 100 C-suite executives in larger companies or enterprises (more than 250 employees) across Ireland, carried out by Censuswide, found that while the average IT investment looks set to rise this year, almost half (49%) of respondents are more hesitant due to economic uncertainty.

However, investment appears to be much needed given that 31% don’t think their organisation is equipped with the necessary processes and tools to support the modern workplace. The leading aims of workplace transformation were revealed as increasing productivity (36%), driving business growth (32%), and improving sustainability (31%).

 In terms of the main investment areas for 2023, these will be Artificial Intelligence (AI), cloud infrastructure, and IT service desk – each 28% respectively. Twenty-two per cent of business leaders are also prioritising spending across hybrid working technologies, green technology, Robotic Process Automation, and collaboration platforms.

While companies are continuing to develop the modern workplace, hybrid working models are also being reviewed. In fact, 45% said they are planning to reassess their company’s hybrid working model in 2023 and 35% are considering moving to a four-day working week in 2023.

Perhaps this is unsurprising with 45% of business leaders also admitting that the new world of work brings a new level of pressure to their role. Moreover, some 40% do not believe that employees are coping well with the blurred boundary between work and home life which comes with hybrid working.

*The 2023 average investment was compared to research conducted by Censuswide in August 2022 where C-Suite executives were asked to estimate their IT investment by the end of 2022