Australian Businesses to Further Boost Spending on AI
Tue, April 20, 2021

Australian Businesses to Further Boost Spending on AI

More and more Australian businesses are using AI due to its promising benefits / Photo Credit: metamorworks via Shutterstock

 

Australian businesses have also entered the world of artificial intelligence. With the increasing popularity of AI and its promising benefits, it’s not surprising to see more and more companies riding the trend. A 2019 survey conducted by LivePerson, a NASDAQ listed global tech company that specializes in asynchronous communication, AI, and automation, revealed that a significant number of Australian businesses have started using AI. 

According to IT Brief Australia, a live news website and weekly email newsletter dedicated to IT managers & CIOs at large enterprise and government organizations, this is because of its positive impact on employee productivity (69%), customer satisfaction (65%), customer retention (61%), and employee satisfaction (59%). It is also predicted that Australian businesses will achieve broad AI usage with a 12% growth revenue over the next 12 months. 

A recent study by enterprise tech firm IFS revealed that nearly 9 in 10 Australian companies are looking to invest in AI to help expand their business. Out of 600 business leaders from several countries, almost 90% stated that they are planning to incorporate some form of AI technology into their business. The top three types of technology that they will be investing in include inventory planning and logistics, customer relationship management (CRM), and industrial automation. 

HR News and Analysis, the one-stop-shop for HR professionals, bringing the latest local and global HR news, reports, trends, and analysis, revealed that 54% of Australian companies are investing in inventory planning and logistics—higher than the rest of the world with only 39%. Also, 57% of these businesses are planning to use AI to help workers become more productive, 39% are planning to use it to add value to existing products and services, and 29% are planning to use it to replace existing workers. 

However, there are also some issues that Australian businesses are facing. These include the likelihood of AI technologies to fall into the wrong hands (85%), loss of privacy (85%), and unauthorized access to data (84%).