Artificial Intelligence: Shaping tomorrow’s Australian Business
AI in Australia
Recently, the Government of Australia committed an amount of AUD 41.2 Million to support the responsible deployment of AI technology in national economy for the 2023-2024 financial years. The government sees AI as an important component of Australia’s technology strategy. It provides the much needed recognition that proper regulation must develop alongside technological innovations by AI.
There is a fertile landscape for adoption of AI in Australia. As AI gains momentum with new applications for the technology in a range of sectors, the adoption-rates for AI-technology in AI is quite low. It is due to perceived lack of public and industry trust and confidence in AI-technology.
The Australian government view in AI-technology focuses on developing strong regulatory frameworks within which AI gets developed and used while addressing the inherent risks posed by the technology with enough flexible-room to facilitate innovation.
Australian Government and AI
As per the Australian government website, AI presents opportunities to grow their economy, create jobs, and improve lives. The Artificial Intelligence technologies help small businesses to better understand the customers. AI helps transform local manufacturers to be more competitive in the marketplace. It aids to enable us to manage our environment and resources more efficiently. Also, AI technology gets used to solve significant national challenges like bushfire and healthcare.
To promote and protect AI technology, the Australian government has identified and listed Artificial Intelligence as a Critical Technology of National Interest. The AI technologies include machine language that involve neural networks with deep learning, AI algorithms and hardware accelerators, and Natural Language Processing, which include speech and text recognition with analysis and generation. The Australian government in collaboration with CSIRO (The Commonwealth Scientific and Industrial Research Organization) is developing and adopting trusted, secure, and responsible Artificial Intelligence technologies.
The ethics framework of Australia for AI technology involve eight principles that include human, societal and environmental well-being, human-centred values, fairness, privacy-protection and security, reliability and safety, transparency and explainability, contestability, and accountability. The ethics framework helps to achieve better outcomes with AI, reduce the risks of negative impacts, and practice the highest standards of ethical business and good governance. Australian government has progressed the framework through piloting the principles with Australian businesses, and working with business agencies to encourage greater uptake and consistency with the principles.
We at Seaford use these principles and ethical frameworks while using Artificial Intelligence technology to shape tomorrow’s Australian businesses.
Influence of AI on Australian Industry trends
In Australia, the industries has seen surging growth in recent years with part of these driven through strong AI investments from mid 2010s to now. Many of the companies that got launched in this time-frame have now entered commerciality and started generating meaningful revenue.
The arrival of ChatGPT has pushed the AI capabilities into the public consciousness that has encouraged companies to explore how they can increasingly integrate AI into their day-to-day operations.
With AI, the Australian business industry is expected to grow and generate higher revenue than now. The demand for chatbots and digital assistants has soared on the back of the public release of ChatGPT.
Since November 2022, AI products have had a rapidly demanding growth phase. With the latest industry trends, South Australia has been actively encouraging investment in AI through supportive policies. However, in-house AI developments have emerged as one of the biggest threats to industry growth with concerns on data privacy. On account of in-house AI developments, the industry revenue declined over the past five years.
The trends and insights of industries in Australia showcase that it is shifting towards commercialization that follow a surge of new entrants over the past decade. The power and functionality of AI products has grown sales across many sectors despite the decline in revenue.
Integrating AI for Business Optimization
As per our understanding at Seaford, Australian businesses have started integrating Artificial Intelligence (AI) into their marketing strategies. The market research in Australia showcase that around 92% to 95% of Australian businesses will incorporate AI in their promotional ventures. Currently, generative AI chatbots have become one of the most common AI applications in marketing with around 35% to 40% of Australian enterprises relying on them. Research show that around 25% to 30% of Australian businesses plan on using AI for other services like customer-journey mapping, and content creation among others. In Australia, local businesses utilize AI models to gather user data in-order to deliver customized and tailored marketing strategies to all users. However, data privacy concerns are causing issues among Australian business leaders, which get addressed by Australian industries and the Australian government.
Balancing AI development in Australia
To balance AI development in Australia, the government has released an Artificial Intelligence (AI) Action Plan. Here, the plan identifies four focus areas that include lifting the development and adoption of AI to create jobs and boost productivity, growing and attracting world-class talent and expertise, harnessing the world-leading AI capabilities to solve national challenges, and ensuring AI technologies that reflect Australian values and are responsible to Australian culture.
The Role of AI in shaping the Business Dynamics of Australia
At Seaford, we value the role of AI in shaping the business dynamics of Australia. It gets done by integrating AI with business processes, which allows the organizations to be more efficient through technological innovations.
Business operations get streamlined with AI and are used in various decision-making processes. Thus, productivity of business operations get enhanced through AI. Artificial Intelligence technology allows employees to concentrate on high-value, creative, and strategic activities.
AI thrives through continuous improvement that optimizes workflow and minimizes bottlenecks. It leads to incremental enhancements in productivity over time.
How Australian businesses navigate the AI landscape?
Australian business organizations require specalities in AI software development, data science resourcing, and governance. Businesses find it difficult to find suitable partnerships that promise full end-to-end services. Australian businesses often navigate the AI landscape through services that combine both conceptual thinking and technical expertise.
Future-Ready AI approaches for Aussie Enterprises
With AI approaching Aussie enterprises, industries have started transforming their decision-making processes, which improves the productivity levels in different departments. The steps to AI readiness include to identify all data points, define the primary drivers for AI, evaluate internal capabilities, pilot an IT project, establish a baseline, scale incrementally, and bring overall AI capabilities to maturity.
With Seaford, the Australian industries can brace for the future of AI. It keeps evolving constantly and Aussie enterprises must assess their AI readiness before implementing the AI solutions. Visit www.seaford.au to know more about our products and services.