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CEOs across the UK are currently prioritising artificial intelligence investments to gain a competitive advantage, according to EY’s latest CEO Pulse Survey.
The survey found that 61% of these CEOs said they felt more optimistic about their company’s profitability compared with 12 months ago.
When considering their strategic priorities for the next 12 months, exactly 50% of all respondents said they are prioritising investment in technology, including AI, to improve growth and productivity.
Meanwhile, some 49% are also enhancing data management and cybersecurity in the next 12 months.
While 56% of respondents still say that sustainability is a higher priority for them than compared with 12 months ago, CEOs are facing challenges in implementing robust ESG strategies.
Some 47% of respondents agreed that their management teams are struggling to present a strong business case for sustainability investment that clearly outlines their financial benefits.
Almost three quarters (71%) also agreed that activist shareholders are more concerned with their company’s ability to meet quarterly earnings targets than long-term performance against sustainability metrics.
According to respondents, there is an opportunity for AI to support their sustainability performance, with 70% agreeing that technology and AI hold the answers to many of the key sustainability challenges society is facing.
Silvia Rindone, UK&I managing partner for strategy and transactions at EY, said: “For UK CEOs, by far the most compelling immediate priorities involve enhancing existing technology to improve growth and productivity, as well as boosting data management and cybersecurity.
“However, this has come at the expense of achieving sustainability targets which are now considered more long-term priorities. This divergence between short-term financial returns and decarbonisation is shortsighted, so business leaders must ensure they remain committed to delivering these targets to move towards a more sustainable future.”
