No doubt, you’ve caught on by now: artificial intelligence (AI) is everywhere.

News organisations, social media users, business owners, and consumers alike are becoming attuned to the wave of intelligent technology that is already beginning to revolutionise our world. From chat bots providing customer service support to technology that helps doctors diagnose rare forms of cancer, there’s no denying that AI’s capabilities are vast and ever-growing.

As with all new technologies, AI is polarising for business leaders. Not everybody loves the way our relationship with tech is heading, and you could be in either camp. In short, you might be someone who believes AI can change the world for the better, or you could be anti-AI, believing it will do more harm than good.

What’s more, as a business owner, you’re also going to be under pressure to integrate this technology into your firm or risk being “left behind”. Even the Revenue Commissioners are adopting AI systems in 2025, Global Government Forum reports, showing just how widespread its use is becoming.

So, how far should your business lean into AI, and are there some functions that technology simply can’t perform?

Keep reading to learn more.

The unignorable benefits of AI for businesses

Cost-effectiveness

The global AI market grew by nearly $50 billion to more than $184 billion between 2023 and 2024, Statista reports, and is on track to be worth more than $826 billion by 2030.

One of the key reasons for the popularity of this technology is, of course, that it’s (mostly) cheap.

For instance, if you are a business owner who is trying to scale up your business while remaining financially viable, you might consider using a chat bot function on your website rather than employing a customer services representative. These bots are able to give customers or prospects an immediate response 24/7, and can point them in the direction of a human who can help them further.

Or, if you’re wondering how to create interesting blog or social media content to build your company brand, AI programmes like ChatGPT can provide quick-fire ideas or lengthy copy at the touch of a button. There are downsides to this, of course, which we’ll explore later – but a real upside to the use of AI is that it’s readily available for businesses to use cheaply and easily.

Efficiency

Efficiency is key in today’s rapid-fire world, and as a business owner, you’ll likely have experienced just how damaging inefficiencies can be.

For example, all businesses are required to produce some form of financial report at least once a year. This task is simply unavoidable and could take up a huge amount of time and energy when done manually. What’s more, you’d usually have to employ someone to do it.

Fortunately, AI-assisted programmes can synthesise large amounts of data and turn them into accurate, easy-to-read breakdowns. For instance, a piece of advanced financial software may be able to produce a monthly or quarterly financial report for your business in minutes. It would probably take a skilled employee several hours to do the same.

The AI risks business owners should be aware of

Down-skilling

There’s nothing wrong with using AI to help run your business. But crucially, remember that AI should be utilised as your assistant, not as your manager.

Indeed, there is the risk of down-skilling yourself and your employees if you develop an over-reliance on AI systems to essentially do the work for you. None of us wants to be “replaced” by technology in future, so ensuring that your hard-earned skills remain sharp is important, even if AI might be able to do the same task faster and more accurately.

Take data synthesisation, for example. Asking AI software to collate and present your company’s quarterly financial information is a great example of AI efficiency at its best.

However, reading, analysing, and acting upon the information contained within this report is where your skillset lies. Entering the report into ChatGPT or another similar processor, and asking it for a lengthy analysis of the information, means you’re putting your strengths as a business leader in the hands of technology.

This is but one example of where over-using AI could actually downgrade your skillset, and that of your employees.

Scams and security breaches

Of course, as genuinely useful AI tools rise, so too do the opportunities for financial criminals to defraud unsuspecting consumers and business owners.

UK banking group, NatWest, says that AI voice cloning scams – in which technology clones a person’s voice and repurposes the sound to defraud them and others – is one of the fastest-growing scam trends in recent years. This is just one of many ways AI can be used to scam consumers, as it’s becoming easier to impersonate trusted institutions and even loved ones using this tech.

So, as your business reaps the benefits of using AI, remember to also scale up your cybersecurity and ensure you’re wary of scam activity.

Read more: How to protect your personal wealth from scammers

Losing your company’s human touch

Finally, there are some functions within a business that may still be best kept in the hands of human beings.

For example, while you might use a chatbot for initial customer interactions, soon enough your customers or clients will become fed up with robotic interactions and they may look elsewhere for a human touch. This is where balancing AI’s positives with irreplaceable human employees really comes into play.

Similarly, using ChatGPT or a similar programme to produce blogs and social media posts might be better than nothing, but it’s likely that readers will be able to tell it didn’t come from you. They could even feel put off by generic text that doesn’t speak directly to their needs.

With all this in mind, if you’re excited about AI and want to implement it into your business, remember that this should be a balancing act rather than a deep dive.

Need help managing your personal wealth? Our experienced financial planners can support you

Here at iQ, we know all about harnessing the power of technology while remaining, at the core, a human-centred business.

We utilise the financial planning technology at our fingertips while always prioritising the genuine relationship we develop with our clients. That relationship can never be replaced, nor do we ever intend for it to be.

To learn more about the work we do with business owners, email us at clients@iqf.ie, or call 353 71 915 5560.

Please note

This article is for information only. It does not constitute advice.

It describes financial planning services that iQ Financial can offer to you. Financial planning services are not regulated by the Central Bank of Ireland.