As artificial intelligence (AI) tools continue to proliferate, new statistics reveal that 60% of Australian businesses are already using AI or plan to incorporate it into their operations within the next two years.
These figures were revealed in an independent study commissioned by business loan comparison platform Small Business Loans Australia, which surveyed 205 directors and decision makers from micro (1-10 employees), small (11-50 employees) and medium-sized businesses (51-200 employees) about AI adoption rates and the tools they rely on.
The survey revealed that one in four Australian businesses (25%) have already embraced the fast-growing technology trend, implementing AI tools across their day-to-day operations.
A staggering 90% of mid-sized companies (51-200 employees) plan to use AI by 2026. Specifically, the data shows that more than a third (37%) have adopted AI, and an additional 53% plan to integrate AI into their business by 2026.
Microbusinesses (those with fewer than 10 employees) are the most likely to resist the evolving digital landscape, with just 18% saying they are already using AI, and a further 23% saying they plan to use AI by 2026.
AI is
According to the survey, the most accepted AI tools among SMBs are AI-powered reporting and chat boxes with email replies. More than a quarter (27%) of all SMBs use or plan to use AI-powered customer or data analytics tools. AI-powered reporting is the second most preferred tool, with a quarter (25%) using it or planning to use it within the next two years. Chat boxes and customer email replies rank third at 24% of all SMBs.
AI productivity tools are also popular with SMEs, with 23% having implemented or preparing to implement them into their daily work.When it comes to true customer engagement, and even copy editing, Australian businesses are less likely to use AI, with just 15% saying they use or plan to use AI-powered copy generators, and just one in ten (11%) admitting they use or plan to use customer relationship management bots.
Trends in AI tools vary by company size, with half (50%) of midsize businesses adopting AI productivity tools, 53% of small businesses using AI chat boxes and email replies, and half (49%) of small businesses relying on or planning to rely on AI-powered reports.
The larger a company is, the more likely they are to outsource creative tasks to bots, with 20 percent of mid-sized businesses admitting to using or planning to use AI copy generators and editors, and image generation, and almost a third (27 percent) admitting to using AI for customer relationship management.
The Importance of AI
Aron Rajic, founder and managing director of Small Business Loans Australia, said the figures showed AI was being actively adopted in areas where human error is costly and time-consuming.
“Australian businesses are increasingly realising the value of using AI to perform difficult, mundane and laborious tasks that don't require the human touch, creativity or dexterity,” he said.
“This is a trend we've seen internationally as well, with the number of companies using financial reporting AI increasing sharply over the past year.”
Rajic says the rapid growth in AI use in Australia is all the more remarkable considering ChatGPT only launched in 2022, but he's surprised more small businesses haven't embraced the trend given the financial strain it places on many businesses, especially small operators.
“This shows that customer relationships and thoughtful, human touch are paramount to Australian small businesses, but this is expected to change as AI offerings continue to expand and knowledge of the cost and time-saving benefits grows. A staggering 90% of mid-sized businesses plan to leverage AI by 2026, so it's no surprise that smaller SMEs will follow suit.”
The full survey results, including a breakdown by major state and company size, can be found here.
