CBA launches new AI date-led insights image credit shutterstock

59% of Australian SMEs have invested or plan to invest in AI in the next five years (25% and 34% respectively), according to CBA.

Younger business leader owners are more likely to report investment or intent to invest. CBA says that 75% of Gen Z and millennials are embracing AI. This compares to Gen X at 55% and baby boomers or older at 45.

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Early investments are beginning to reap rewards. CBA research reveals that 87% of those who have introduced AI to their business operations report cost and time savings.

More than half (56%) of SMEs agree that investing in AI is important to achieve business growth. But despite the anticipated benefits, 80% also cite barriers or challenges faced by their business to start using or further invest in AI.

The main barriers to AI adoption

Main barriers include: concerns around data security such as data breaches (33%), a lack of comprehension and knowledge about AI (28%) and limited financial resources (26%),

Rebecca Warren, CBA’s Executive General Manager Small Business Banking, said while small businesses are facing a challenging environment, AI is presenting new opportunities for businesses of all size and sectors.

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“In response to market challenges, Australian SMEs are innovating and investing in new technologies. Many already see the real-time benefits of integrating AI into their operations to help improve productivity and profitability, as well as enhance their competitive edge.

“We know that AI itself is rapidly advancing, with its capabilities growing and expanding exponentially. There is also a need to provide more education and insights to help small business owners and workers understand how AI applies to them and how it can get their business working smarter and faster.

“At CBA, AI is helping us protect our customers from scams, detect abuse in transaction descriptions and make it easier for our teams to navigate complex customer queries.”

Misconception that AI only benefits certain industries

While the emergence of AI is widely recognised as critical technology shaping the way we work, there is a misconception that it only stands to benefit those in certain industries.

Challenging this theory, CBA’s research shows that those working in professional services are more likely than those working in construction and trade to cite a lack of comprehension and knowledge about AI. They’re also less familiar with which platforms are most appropriate to use (35% compared to 17%).

The most common reason driving the demand for AI is improving efficiency/productivity (66%). Spending less time on manual/routine activities and more time on value-adding activities is cited by 46%. Improving profitability ranks third, cited by 38%.