For the past decade, we've seen artificial intelligence (AI) adoption evolve. From just a futuristic promise pursued by early adopters to a legitimate and fast growing priority. A priority shared by many C-suite and senior leaders across functions.
This report describes a rapidly transforming AI ecosystem in Australia. Where businesses are generating significant new revenue streams and efficiencies using AI technology. It shows that our businesses are growth-focused, using AI technologies across the organisation to gain competitive advantage and improve strategic decision-making.
Australian businesses are optimistic about growth in 2023. They plan to continue using technology at the heart of their growth strategies and find new AI opportunities.
Our AI ecosystem involves a large network of partners across the AI value chain. Partners who are engaged to help navigate AI adoption and maximise benefits. Many respondents report requiring 4 or more service providers to deliver AI projects.
The main challenges found to be faced by companies adopting AI were
- privacy
- security
- data quality.
Talent shortages are further exacerbating these challenges.
The report calls on business leaders to develop and deploy responsible AI solutions. This is to ensure accountability and to mitigate the risk of unintended consequences.
Read the report to learn more about Australia's gaining AI momentum.
NAIC prepared and released this report when still part of CSIRO.