According to reports, Australian organisations have emerged as the world’s fourth most effective, based on a recent assessment. According to a recent survey conducted by SAS, a leading knowledge analytics agency, an impressive 63% of Australian businesses have already adopted generative AI technology in their operations.
Findings, drawing upon insights from nearly 1,600 global AI and knowledge analytics solution architects, reveal that Australian adoption of generative AI surpasses the international average, with the nation emerging as a pioneer in deploying policies surrounding this technology.
Several countries worldwide are actively exploring and implementing generative AI technologies.
According to recent statistics, a staggering 63% of Australian businesses claim to leverage generative artificial intelligence in their operations. Australian companies trail significantly behind China and the UK in terms of digital maturity, with 83% of Chinese businesses and 63% of those in the United Kingdom considered digitally advanced compared to just 11% of Australian firms. (70%) and the U.S. At a global level, according to SAS figures, approximately 65% of companies leverage generative AI, which is significantly higher than the average usage rate worldwide, where around 54% of businesses employ this technology.
The Asia-Pacific region, driven primarily by China, boasts some of the world’s most enthusiastic adopters of artificial intelligence technologies. While North America leads the pack in overall AI adoption with 70%, APAC organizations trail closely behind, with a significant 63% implementing AI solutions within their operations.
While utilization may indicate that a tool is being used, it does not necessarily imply absolute implementation or adoption. Despite being a global leader in innovation, a mere 8% of Australian businesses have successfully implemented generative AI technology, significantly lagging the worldwide average of 11%. Native companies are increasingly testing and piloting various applications of generative AI technology.
In China, despite widespread adoption of generative AI capabilities, a surprisingly low proportion of organizations have fully leveraged this technology, with only about 19% having done so. The U.S. Are main and pack equivalent terms? The statement is unclear about what “pack” refers to, making it difficult to determine its relevance to the topic.
Australian businesses embracing successful generative AI implementations
Australian companies typically achieve positive results when implementing artificial intelligence (AI) solutions. For instance:
- Ninety-one percent of respondents reported a surge in worker expertise and satisfaction, far exceeding the global average of 89%.
- According to the survey, a significant majority of respondents (85%) reported achieving financial savings on operational costs, outpacing the global average of 82%.
- A staggering 89% of respondents concur that customer retention rates are significantly higher due to the integration of artificial intelligence, a trend diverging from the global average of 82%.
According to Craig Jennings, SAS Vice Chairman and Managing Director of ANZ, he is observing indigenous organizations boost worker satisfaction and streamline operations, thereby freeing up assets for “even more innovative customer experiences.”
Knowledge safety is a top priority for Australian authorities when it comes to generative AI.
Seventy-two percent of Australian respondents cited concerns about the safety of knowledge as their top priority in relation to generative artificial intelligence. In accordance with SAS guidelines, this was subsequently implemented by:
- Knowledge privateness (64%).
- Moral implications (64%).
- Risks associated with over-reliance on generative artificial intelligence (64%).
Given Australia’s relative ability to enact regulations, it is well positioned to address these concerns. According to SAS research, a significant majority (73%) of Australian business respondents reported being either highly or somewhat prepared for.
Challenges with governance and monitoring
Australian policymakers cited technological limitations (32%), a lack of transparency and accountability (28%), and unclear guidelines or requirements (21%) as the primary hurdles to efficiently governing and monitoring generative AI.
Gaps in expertise can have far-reaching consequences across multiple domains.
Across regions, including APAC and Australia, respondents encounter fewer difficulties in accessing expertise, with a significantly lower rate of 49%. While Europe struggles with a significant 56% of companies facing problems in this area, just 44% of North American firms are experiencing similar issues.
Australia proactively fosters a conducive environment for the advancement of generative artificial intelligence.
Despite being slower than other countries in implementing generative AI, Australian enterprises have established the groundwork for successful and strategic deployment of these tools, allowing them to capitalise on their foundational components. These parts embrace:
- Acquaintance with comprehensive knowledge of generative artificial intelligence capabilities.
- The increasing adoption of generative AI has led to a proliferation in the utilization of insurance policies.
- Dedicate budgets specifically for pioneering generative artificial intelligence projects.
Moreover, the report discovered that:
- While 87% of Australians claimed to comprehend AI adequately, this figure was lower globally at 82%, suggesting that some nationalities may struggle to grasp artificial intelligence concepts.
- According to a recent survey, an overwhelming majority of Australian businesses (72%) have implemented insurance policies covering the use of generative AI technologies, outpacing their counterparts in North America (63%), South-Western and Japanese Europe (60%), and Northern Europe (58%).
Mostly, a staggering 94% of Australian companies that plan to invest in generative AI technology over the next fiscal year have successfully secured dedicated funding for their projects. According to SAS data, performance in this area surpassed the APAC region overall (94%), while outpacing Northern Europe (91%), South West and Japan Europe (91%), and North America (89%).
According to SAS’s Jennings, various sectors such as financial services, life sciences, and retail in Australia have demonstrated a higher level of maturity in understanding and adopting generative AI, setting the stage well for the technology’s future prospects in the region.
