Australian small businesses benefit from AI investments
New research from the Commonwealth Bank has found that more than half of small businesses are investing or planning to invest in artificial intelligence.
Australian SMEs are bullish on AI, with 59% of SMEs saying they have already invested in AI or plan to do so within the next five years.
The figures come from new research published this week by the Commonwealth Bank of Australia in partnership with YouGov, which interviewed owners and decision makers of 510 businesses with fewer than 200 employees.
For small businesses that invested early in AI technology, the payoff is clear: 87% of those surveyed said AI has already delivered cost and time savings, and 56% reported that their AI investments have accelerated business growth.
Not surprisingly, younger business leaders are even more likely to jump on the AI bandwagon: 75% of Gen Z and Millennial leaders have already adopted AI, compared to 55% of Gen Xers and just 45% of Baby Boomer and older business leaders.
Surprisingly, business leaders in the professional services sector are less likely to understand AI technology than their counterparts in the construction industry: 35% of professional services firms feel they don't properly understand the technology, compared to just 17% in the construction industry.
According to the survey, the most common use of AI is content creation, with 48% of businesses using AI to create and edit content, 39% said they use AI to generate new ideas, and 33% use AI to automate routine activities.
CBA's executive general manager of small business banking, Rebecca Warren, said the data underscores the importance of AI across all business sectors.
“In response to market challenges, Australian small and medium-sized enterprises are innovating and investing in new technologies, and many are already realizing the real-time benefits of incorporating AI into their operations to improve productivity, profitability and strengthen their competitive position,” Warren said in a statement.
“We know that AI itself is advancing rapidly and its capabilities are growing and expanding exponentially. We also need to provide more education and insights to small business owners and employees so they can understand how AI applies to them and how it can help their businesses run smarter and faster.”
With 57% of respondents saying they would apply for an AI training program, Commonwealth Bank has announced that it is launching just such a program.
David Hollingworth
David Hollingworth has been writing about technology for over 20 years and has worked for a variety of print and online titles during his career. He enjoys deepening his understanding of cyber security, especially when he can talk about LEGO.
