The opportunities and benefits of AI adoption in Australia
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Key Takeaways
⇨ Australia is experiencing a rapid adoption of artificial intelligence driven by research, start-ups, and government initiatives, with significant investments to support its integration across various sectors.
⇨ AI applications in Australia are enhancing productivity and efficiency, with real-world uses ranging from overcoming environmental challenges to improving workplace diversity and healthcare through innovative start-ups.
⇨ Despite the opportunities presented by AI, barriers such as lack of confidence and skills hinder widespread adoption; targeted government policies and training initiatives are essential to bolster Australia's AI capabilities.
Research, start-ups, industries, and government initiatives like the Global Partnership on Artificial Intelligence (GPAI) are driving the rapid adoption of artificial intelligence (AI) in Australia.
A whitepaper by SAP on the business applications of AI highlights how the increasing adoption of AI in the region is increasing across sectors and changing how we work and do business. The whitepaper highlights this point with examples from across the Australian economy:
- The Commonwealth Scientific and Industrial Research Organization (CSIRO) has used AI to overcome bushfire management challenges, boost agricultural productivity, improve cybersecurity and protect the country’s environment.
- Australian start-up Sepia.ai is using AI to tackle hiring diversity, while Relevance AI addresses workplace automation. Start-ups like aKIn, Eyeonic, Harrison.ai, and Heidi Health are harnessing the power of AI to improve the healthcare sector.
- The Australian government has also recognised AI’s growing importance and announced a $39.9 million investment to support its adoption.
The whitepaper notes that organisations across various sectors are witnessing cost reductions by using Generative AI (Gen AI) for HR and supply chain management. This has also increased the opportunities for jobs related to AI in Australia.
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The case for Business AI
Australian industries are also being supported by business AI, which encompasses the tools offered and developed by technology providers like SAP to elevate productivity. However, data quality and context are critical to applying Business AI effectively.
Some real-world applications for Business AI include:
- Invoice automation
- Supply chain optimisation
- Demand forecasting:
- Faster design and production cycles
- Improving user experience
- Enhancing citizen services
- Environmental management and decision-making
The harms and risks
However, the whitepaper cautions that AI technologies have a general purpose and will have a widespread effect on economies. Therefore, governments should gain a deep understanding of the technology and its potential risks to implement measures that can mitigate any harm from it.
Another consistent challenge globally is the adoption of AI across businesses of all sizes. Countries that focus on investing in AI and promoting its adoption are likely to fare better than those that fail to adopt AI and, therefore, risk a competitive disadvantage.
The whitepaper concludes that Australia has a lot of untapped potential for businesses to increasingly adopt AI and reap its benefits in terms of better productivity, efficiency, and cost savings. However, barriers to adoption, such as a lack of confidence, skills or knowledge, can contribute to the country lagging in its adoption rate. This can effectively be tackled through government policy that promotes AI’s approach to Australian businesses through training and engagement.
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