Only one in five business leaders predict the use of AI would result in a lower headcount
Nearly nine in 10 Australian companies are looking to invest in artificial intelligence to help expand their business, according to a new study from enterprise tech firm IFS.
The global company surveyed 600 business leaders from several countries, including Australia, Canada and the UK, to understand how they view AI as part of their business strategy.
Close to 90% of all respondents say they plan to incorporate some form of AI technology into their business. The three types of technology they are reportedly keen on investing in are:
- Inventory planning and logistics
- Customer relationship management (CRM)
- Industrial automation
More than half of companies in Australia (54%) hope to invest in inventory planning and logistics, compared to 39% of organisations elsewhere in the world. Meanwhile, 46% of Australian firms plan to expand their CRM, compared to 39% of companies in other countries.
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While 45% of global business leaders want to invest in industrial automation, only 28% of those in Australia plan to do the same.
Of the Australian companies that hope to leverage AI:
- 57% say they plan to use AI to help workers become more productive
- 39% say they plan to use it to add value to existing products and services
- 29% say they plan to use it to replace existing workers
Overall, international respondents claim AI would boost their company’s productivity. However, only 21% of leaders in Australia predict it would result in a lower headcount in their industry.
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Managers in Australia (57%) also believe that enhancing current educational programs is necessary to train workers for – and boost their productivity through – the use of AI.
Moreover, respondents (29%) anticipate the Australian economy to create jobs for workers displaced by the tech. On the other hand, 11% claim it might also lead to a 30-hour work week.