A new report reveals that businesses are significantly increasing their investments in artificial intelligence (AI), recognizing it as a key driver of growth and innovation.
The essential guide to understanding AI for small and mid-market leaders in Australia and New Zealand We explore the growth of AI and its potential to drive greater growth and innovation for small and medium-sized businesses.
The new report was commissioned by Schneider Electric and surveyed 500 small and medium-sized businesses (SMBs) in Australia and New Zealand.
Two-thirds of respondents will increase their IT budgets this year, and nearly half expect AI funding to increase even more significantly over the next five years.
43% of respondents said that addressing embedded AI will be their top focus this year.
Joe Craparotta, vice president of Secure Power at Schneider Electric, said the survey results highlight that AI is now being adopted by businesses of all sizes.
“These findings clearly demonstrate that AI is no longer just for large enterprises, but that organizations of all sizes and sectors are looking to leverage the technology to achieve their growth, efficiency and customer satisfaction goals,” Craparotta said.
“AI is already embedded in many of the platforms enterprises use, but now is the time to unlock its power to improve business outcomes.”
The study delves into potential use cases for AI across industries, taking into account key considerations for AI investments, including the role of infrastructure, data management, security, people, process, goal setting and partner services.
Other key insights include:
- AI investment is expected to increase significantly over the next five years, with 46% of respondents anticipating a significant increase in AI spending.
- More than 42% of respondents identified security and data as the biggest obstacles to AI adoption this year.
