Desire to boost productivity driving SME leaders to look into AI
Nearly six in 10 Australian SMEs have revealed that they have invested or plan to invest in artificial intelligence in the next five years, according to research from Commonwealth Bank of Australia (CBA).
CBA's survey among 510 owners and senior decision makers revealed that demand for AI is driven by the desire to improve efficiency and productivity (66%).
Others also cited its potential benefits in reducing time on manual or routine activities (46%) and improving profitability (38%).
Rebecca Warren, CBA's Executive General Manager Small Business Banking, also attributed the growing investment towards AI on the "real-time benefits" employers are seeing.
According to the report, 87% of SMEs that have already introduced AI reported cost and time savings. The most popular uses for AI include:
"In response to market challenges, Australian SMEs are innovating and investing in new technologies with many already seeing the real-time benefits of integrating AI into their operations to help improve productivity and profitability, as well as enhance their competitive edge," Warren said in a statement.
Despite this, 80% of employers said there are still barriers before they can invest on AI. The most-cited concern is data security, such as data breaches (33%).
Respondents are also worried about the lack of comprehension and knowledge about AI (28%), and their limited financial resources (26%).
"We know that AI itself is rapidly advancing, with its capabilities growing and expanding exponentially. There is also a need to provide more education and insights to help small business owners and workers understand how AI applies to them and how it can get their business working smarter and faster," Warren said.
