To say that technology is changing the way that businesses in Australia operate would be a gross understatement.
Yes, technology is driving rapid change – but then again, it always has. There is a continued narrative that technology is moving at a rapid rate. But when we look back at the last 20-years – let’s call it the post-email era, business in Australia (and globally) has been in an undeniable state of continued flux.
While the pendulum continues to shift, it’s a good time to look at how Australian businesses are embracing new technology to improve the way that they work.
1.Artificial intelligence
Increasing its integration across various Australian industries. For this period, adoption increased quite significantly, with 68% of businesses already using AI technologies and another 23% planning to adopt them within the next year. This is most likely because AI has the potential to enhance operational efficiency and smoothen general processes while also offering a number of advantages for customer service.
For example, because of customer service bots, companies were able to save business hours and speed up responses, increasing revenue by an average of $500,000 per company. One notable tool in this realm is the Lexis Argument Analyser by LexisNexis, which utilizes AI to dissect legal arguments and provide detailed analysis, significantly aiding legal professionals in their work. Moreover, the Australian government itself promotes initiatives such as the Responsible AI Adopt program to help SMEs learn about and adopt AI technologies, which their initiative supports and pushes for.
- Operational Integration
Operational integration with the technology is the key for any business in Australia to sustain in the competition. Studies have confirmed that advanced technologies—like AI and automation—integrated into everyday operations bring along extra minutes to hours of saved time, up to an average of 30% less time spent on routine tasks. This frees up time for employees to be spent on more strategic, high-value activities, increasing general productivity. Notable among these is Sydney Airport’s use of AI to provide real-time wayfinding assistance for an improved passenger experience and operational efficiency.
- Advanced Technology Insights
Advanced technology insight works magic in changing the way businesses are run and decisions are made. For instance, it is projected that by 2030, generative AI will add AUD 115 billion annually to the Australian economy. One Australian success story, SkyCiv, offers tools like this calculator, which is revolutionizing the engineering sector by providing precise calculations and analysis. These insights empower companies to optimize supply chains, forecast demand, and tailor marketing strategies for better resource allocation and improved profitability.
- Agile Adoption
In today’s fast-moving digital landscape, agility in adopting new technologies is the key for any business. More than three-quarters of the Australian business leaders surveyed by RMI have the opinion that generative AI would drive big change within their organizations over the next three years. Such a mindset reflects an inherent need for agility and openness toward new technology so as to remain competitive. However, the most significant challenge that remains is a lack of technical talent and skills; almost half of the business leaders asserted this as a significant challenge. Bridging this skill gap by educating and training the workforce is also required to bring about fruitful integration of technology.
- Enhanced & Accuracy
AI and other technologies have brought enhanced productivity and accuracy of business operations. For example, automation of the administrative process has relieved the employees from menial tasks to focus on more complex and value-added activities. That shift not only improved productivity but also enhanced the accuracy of operations that reduced the risk of human error. Particularly, industries such as manufacturing, law professionals, and logistics have benefited from these advancements wherein AI-driven systems optimize production lines and supply chain management.
6.Improved Communication
Improved communication technologies are changing the way businesses communicate both internally and externally. AI-powered communication platforms make collaboration much easier to achieve, especially for teams working remotely or otherwise. That is extremely useful for remote and hybrid work models picking up speed in recent years. According to recent data, 83% of employees reported using generative AI tools at work, greatly improving communication efficiency and collaboration. Such tools make feedback and real-time support possible, ensuring the linking and productivity of the team members.
7.Improved Customer Experience
The way to better customer experience has topped business agendas through the use of new technologies. AI and advanced analytics provided companies with ways to create customized interactions with customers in terms of tailored recommendations and support. For example, AI-powered customer service bots are at one’s beck and call, 24/7, with instant responses and display greater efficiency in fixing problems than traditional techniques, thereby having improved customer satisfaction and maximized customer loyalty and retention. Further, with the analysis of data made possible by AI, a business is able to understand customer needs and preferences much better, thus improving customer experience.
Sources:
- “2024 AI Statistics in Australia: Trends, Insights, and Impact” – All About AI
- “Great expectations – Australian business leaders excited about Gen AI but barriers to adoption remain” – Deloitte Australia
- “9 Innovative Use Cases of AI in Australian Businesses in 2024” – TechRepublic
- “Australia—AI adoption creates benefits and challenges for businesses” – Export Finance Australia
- “Generative AI and the future of work in Australia” – McKinsey