A new study from Commonwealth Bank has revealed that over 50 per cent of SMEs have either made investments in artificial intelligence or have intentions to do so.
Editor’s note: This article was originally published on Lawyers Weekly’s sister brand, Cyber Daily.
Australian small to medium businesses are bullish about AI, with 59 per cent of SMEs saying they have either already invested in AI or are planning to in the next five years.
The numbers come from new research released by the Commonwealth Bank of Australia, in conjunction with YouGov, this week, after talking to owners and decision-makers from 510 companies with less than 200 employees.
For small businesses that invested early in AI tech, the rewards have been clear. Eighty-seven per cent of those surveyed said that AI was already delivering savings in costs and time, with 56 per cent reporting that AI investment has driven growth in their business.
Unsurprisingly, younger business leaders are even more likely to get on the AI bandwagon. Seventy-five per cent of Gen Z and Millennial leaders have already adopted AI, compared to 55 per cent of Gen Xers and just 45 per cent of Baby Boomers or older business leaders.
What is surprising is that business leaders in the professional services sector are more likely to lack an understanding of AI technologies than in the construction industry. Thirty-five per cent of professional services firms feel they don’t properly understand the tech, compared to just 17 per cent in construction.
The survey found the most common use of AI was content creation, with 48 per cent of businesses using AI to create and edit content. Thirty-nine per cent reported using AI for generating new ideas, while 33 per cent are using AI to automate routine activities.
Rebecca Warren, CBA’s executive general manager of small business banking, said the data reinforces the importance of AI across every business sector.
“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.