AI is here, and it's not just a buzzword. It transforms industry and redefines the way we do business. But this power requires wise and ethical governance. My team recently joined Australian directors and business leaders at the AICD Governance Summit and discussed it precisely. It's an opportunity for Australian companies to take responsibility and considerate AI. He also notes the approvals from Treasurer Jim Chalmers after the recent election, and talks about the key role of technologies like AI to drive the growth of Australian businesses. Spoiler: It's not just technology. Excellent AI governance is seen by leaders who responsibly build AI-powered businesses, and is foresighted in employee transformation and digital resilience planning.
The growing trend in Australia's AI is not only transforming industry, but also positioning Australia as an important player in the world's AI landscape. Large and small businesses are evaluating and deploying technology to drive innovation and productivity. As CB Insights' billion-dollar market map also shows, nearly one in two unicorns is an AI company, with Australia having 1,249 unicorns from eight worlds, and these teams have created AI-powered robotics, coding agents, and generative creative engines. We are home to a community of strong AI capabilities and reliability on the global stage.
However, more broadly Australian business leaders and their businesses have room for greater trust and flow in AI. Recent news reports show that only 30% of Australians are 30%, and they believe the benefits of using artificial intelligence outweigh the risks. This is the lowest ranking of any country in a global survey of 47 countries.
Globally, there are lessons you can learn from AI applications. Japan has pioneered the use of humanoid robots and AI in manufacturing driven by an aging population and powerful industrial bases. China is leading the generation AI patents, with major high-tech companies such as Alibaba, Tencent and Baidu developing advanced AI models. In Singapore, AI is applied to enhance career support for job seekers by accessing advice based on career goals, interests and existing skills, leading to relevant roles, skill development programs and career plans. AI initiatives like these demonstrate the potential for economic, industrial and social benefits of AI in an incredibly impactful way.
The adoption of AI should be driven by a culture of responsible ambition. At the AI Action Summit in Paris in February, Australia is one of 60 countries and pledged to regulate the rapid world of AI and to “regulate AI that is open, inclusive, transparent, ethical, safe, safe and reliable.”
Boards and executives need to encourage innovation, focus on governance, and promote a culture in which ethical AI practice is the norm. This is a digital core that organizations can trust. Responsible ambition means pushing the boundaries of what AI can achieve, but preventing potential risks.
It is important to align AI initiatives with the core objectives and missions of the organization. And the most important first step is to ask important questions about how AI can enhance its ability to deliver value. A fragmented approach to AI can cause fragmented efforts and poor outcomes, but a comprehensive strategy ensures consistency and enhances digital resilience.
AI also inevitably transforms the workforce. Companies must be actively needed to manage this change, raise employees, and promote a culture of ongoing learning. It guarantees that it complements AI rather than replacing human abilities. Ethical considerations such as data privacy, bias mitigation, and accountability should be at the forefront of AI initiatives and training, ensuring employees' ability to considerately and ethically optimize the value of AI.
The AI revolution presents both opportunities and challenges for Australian businesses. Become a part of me, as I stand on the brink of this transformational era, and let me join you in so that AI's thoughtful and ethical governance becomes the norm. Let's unlock the opportunities that AI presents to boards, business leaders, and society as a whole, and ensure that we do so ethically, safely, and safely.
