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Artificial intelligence (AI) is transforming the way businesses operate across the globe, with an increasing number of companies adopting the technology to gain a competitive edge in today’s digital landscape.
Companies across an array of sectors are using AI technologies to grow revenue and improve efficiency across their operations.
In Australia, the National AI Centre (NAIC) was set up to further develop the country’s AI and digital ecosystem. It’s funded by the Australian government and coordinated by the national science agency, CSIRO.
Recently, the NAIC released the ‘Australia’s AI ecosystem momentum’ report, which looked into the experiences of 200 information technology and business decision-makers and AI service providers to better understand AI adoption across businesses in Australia.
The report was commissioned by the NAIC and prepared by Forrester Consulting.
Findings of the report
The AI ecosystem momentum report highlighted the growing appetite for AI use across Australian businesses but revealed certain barriers to implementing the solutions.
“Our research shows Australian businesses reported an average revenue growth of $361,315 for each AI-enabled solution that was implemented, regardless of which part of the business these efforts were targeted,” National AI Centre Director Stela Solar said.
“Over 80 per cent of businesses surveyed expected their year-on-year revenue to grow, with technology at the centre of their growth strategies,” she said.
Despite that, the report found that AI strategies were actually quite difficult to deliver.
From the results, a majority of respondents required engaging at least four AI technology and service providers to carry out an AI project, while 28 per cent of respondents reported working with more than six providers. Just 17 per cent worked on projects with a single provider.
This led the NAIC to believe that the successful implementation of AI strategies was a collaborative effort, and “businesses should be comfortable with the idea of working alongside several providers to ensure they get complete solutions that deliver business outcomes”.
Australia’s significant AI players
Many companies worldwide are making investments in AI initiatives and programs in an effort to revolutionise business operations for the better.
Additionally, universities and research institutions are making significant strides in the field of AI, further fueling the growth of the industry.
In Australia, there are a number of players that stand to benefit from growing AI adoption, including ASX-listed Appen (APX), Nuix (NXL), Megaport (MP1), WiseTech Global (WT1), Brainchip (BRN) and Unith (UNT), among others.
Appen is a leading provider of high-quality training data for machine learning and artificial intelligence algorithms. As more businesses start to adopt AI, so will the demand for high-quality training in the new era of tech.
Nuix provides software that helps organisations investigate and analyse large amounts of data quickly and efficiently. The company’s software incorporates artificial intelligence and machine learning technologies.
Brisbane-based Megaport offers software-defined networking services, which enable businesses to connect their IT infrastructure to the cloud. As more businesses adopt AI and cloud computing, the demand for Megaport’s services is expected to increase.
ASX-200 giant WiseTech Global provides software solutions for the logistics industry, including AI-powered tools that help businesses optimise supply chains.
BrainChip is a provider of AI-powered semiconductor technology that can be used in various ways, including surveillance, autonomous vehicles, and industrial automation.
Amsterdam-based Unith is capitalising on the rapidly-growing global AI service market with its innovative Talking Head platform.
The Talking Head transforms the way businesses communicate with customers by allowing for real-time conversations, in multiple languages and through a full-stack platform, all powered by AI.
As AI adoption continues to grow across Australia and the globe, companies are discovering that successful implementation requires a collaborative approach with multiple providers to deliver complete solutions that help enable optimal business outcomes.
This trend is expected to continue as more businesses seek to leverage the benefits of AI to improve business operations.
