According to a report by Infosys, two-thirds of organizations in Australia have spent an average of AU$8.2 million in 2106 on Artificial Intelligence (AI) technologies.
Despite the huge amount of investment, the report titled “Amplifying Human Potential: Towards Purposeful Artificial Intelligence” further reveals that globally, Australian businesses rank last in AI maturing— citing a lack of skills and ethical concerns, which have an impact on the country’s adoption levels.
Surveying 1,600 business decision makers, out of which 200 represent medium to large organizations in Australia, it was found that Australian business leaders believe the future growth of their organization depends on large-scale AI adoption. Infosys regional head of Australia and New Zealand Andrew Groth said,
Two-thirds of those companies in Australia have already deployed artificial intelligence and are continuing to invest in it. Only 59 percent of respondents were automating parts of their organization, 49 percent were using predictive analytics, and 46 percent were working with machine learning.
AI is being used in Australia for the automatic ordering of pharmaceuticals in a hospital, driverless tractors on farms, and the delivery of parcels.
A bank is also using algorithms to forecast investor reaction to market shocks, and a mining company is using predictive analytics to schedule maintenance and reduce machine breakdowns.
About two in five companies using AI have already made cost savings and boosted productivity, Infosys said.
The biggest issue for most Australian companies looking to use AI is an ethical one. For example, where and when to deploy it, and whether or not it impacts humanity. Groth said,
There are many jobs out there that will be replaced or changed as a result of AI. It’s taking away many of what could be argued are menial, mundane, frankly boring types of roles.
Groth said many more Australian companies are focusing on the ethical issues related AI than those in the US. The challenge for companies and governments is to re-skill employees so they can participate in the changed workplace, he said.
Also, standing in the way of wider deployment in Australia’s relative lack of access to people with the skills required for the implementation.
Globally speaking, Infosys reported in its latest research that there was a clear link between an organization’s revenue growth and its AI maturity, noting that organizations that report faster growth in revenue over the past three years were also more likely to be further ahead when it comes to maturity.
