Guest Opinion: Artificial intelligence (AI), and specifically generative AI (genAI), continues to be a game-changer as businesses continue to accelerate their AI adoption, with Australian AI spend predicted to reach $6.4 billion by 2026.
But while the rise of genAI has dramatically increased awareness and adoption, companies are struggling to develop data, analytics, and AI business applications fast enough to translate AI’s potential into measurable business impact.
The study says Australia is poised to unlock tens of billions of dollars in economic value by 2030 if it accelerates the responsible adoption of genAI.
Yet amid this positive picture, government and business leaders continue to voice concerns that highlight a deeper issue: trust, and specifically the lack of it. Low trust continues to impact AI adoption rates. Earlier this year, Science and Industry Minister Ed Fusick acknowledged that while AI is predicted to support economic growth, low trust is a “brake” that needs to be addressed.
But while this is undoubtedly a big problem, the positive benefits associated with AI adoption are still so numerous that the value it brings cannot be ignored. For example, a recent PWC survey found that 60% of Australian CEOs believe genAI will significantly transform how their companies create, deliver and capture value within the next three years.
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Many generative AI tools, such as ChatGPT, have rules to prevent abuse, but many users are finding ways to defeat these safeguards. Cybercriminals are also creating their own Generative Pre-Trained Transformers (GPTs) to code malware and create highly convincing phishing emails at scale.
While greater public-private collaboration is needed to better regulate AI and reduce the risk of its misuse, it is encouraging to see many public and private organizations working together to promote ethical AI. For example, Australia recently invested $17 million to create an AI adoption program to help small and medium-sized enterprises make informed decisions about whether to leverage AI to enhance their business.
To build AI systems that people can trust to consistently produce fair and unbiased results, they need to be ethically designed and have a foundation of trusted sources: accurate, consistent, clean, unbiased and reliable data.
Leveraging a data platform that supports modern data architectures can greatly improve an organization's ability to manage and analyze data across the entire data and AI lifecycle. The platform must have built-in security and governance controls to enable organizations to maintain transparency into AI-driven decisions, even as they adopt data analytics and AI at scale.
United Overseas Bank (UOB) leverages trusted data and AI to improve its customers' banking experience while reducing costs. By creating a single source of truth with a modern data platform solution, UOB eliminated data silos and achieved increased revenue and a 20% improvement in productivity.
As technology leaders, we must continually consider how to balance the benefits of AI with managing possible ethical conflicts, which are essential to protecting ourselves, our customers, and the broader community.
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