A report by the National AI Centre (NAIC) reveals that Australian businesses are successfully using artificial intelligence (AI) to grow revenue and improve efficiency. The 'Australia's AI ecosystem momentum' report, commissioned by NAIC and prepared by Forrester Consulting, studied the experiences of 200 information technology and business decision-makers and AI service providers to understand the momentum of AI adoption across Australian businesses.
The report found that Australian businesses have a growing appetite for AI initiatives, but identified the barriers businesses big and small face in implementing AI technologies and solutions. However, businesses need to feel confident that they can access the right mix of skills if they are to take advantage of the opportunities offered by AI. The report also highlights the importance of taking a ‘Responsible AI’ approach and calls on business leaders to take accountability for building and deploying AI systems that create responsible outcomes.
Director of the National AI Centre, Stela Solar, said AI has evolved from a futuristic promise to a rapidly growing priority for business leaders across Australia. The report found that Australian businesses reported an average revenue growth of $361,315 for each AI-enabled solution that was implemented, regardless of which part of the business these efforts were targeted. Over 80% of businesses surveyed expected their year-on-year revenue to grow, with technology at the centre of their growth strategies. However, the report found that the delivery of AI projects is complex, reflecting a service provider ecosystem that is still fragmented and niche.