Corporate Australia Is The Worst-Prepared For The Arrival of AI

The World Economic Forum is already claiming Artificial Intelligence (AI) is “the fourth industrial revolution” and many experts believe “the impact of AI will be bigger than electricity”.Considering this, businesses should be rushing to get in on the action, or at least be figuring out ways they can mitigate loss. However, technology expert, Dale Beaumont, says major companies in Australia have been slow to realise the impact of Artificial Intelligence. A survey from earlier this year found Australian companies to be the worst-prepared for the arrival of AI among other major economies, regardless of spending the second highest amount of money on automation (behind only the US). According to Beaumont, if Australian businesses don’t act soon, banks, insurance companies and even supermarkets are at serious risk of being disrupted by AI-first competitors. “When it comes to AI, in America the horses have already bolted. Every major company is hiring AI talent, buying start-ups or documenting their strategic plan. And all companies adopting AI are experiencing benefits.”“According to research by the ABI, the number of businesses adopting AI technologies worldwide will grow from 7,000 in 2017 to almost 900,000 in 2022. But Australian companies aren’t even in the blocks, they’re still figuring out if…

Link to Full Article: Corporate Australia Is The Worst-Prepared For The Arrival of AI

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