Bridging mid-market productivity gap – why implementing AI is key

AU Financial Review

2 days ago

Recently, KPMG in collaboration with The University of Melbourne, released Trust, attitudes and use of Artificial Intelligence: A global study. The report found that with AI, employees reported increased efficiency, effectiveness, access to information and innovation.
Two thirds (65 per cent) of Australians said their employer uses AI, and 49 per cent of employees said they are intentionally using AI on a regular basis. But the use of AI at work was creating complex risks for organisations.
Almost half of employees (48 per cent) admitted to using AI in ways that contravene company policies, including uploading sensitive company information into free public AI tools like ChatGPT.
We're now seeing mid-market businesses start to implement systems that communicate, collate and adapt in real time, as they work through some of these challenges. And when done effectively, the pros of implementing AI solutions can outweigh the cons.
Organisations making AI-driven productivity gains are curating their approach to fit their risk appetite and business strategy, with a clear focus on:
Data as a strategic asset. Organisations that win in the decade ahead will use data to power real-time decision-making. The rise in sensors and cloud technology has created vast amounts of data. The major challenge for organisations today is how to distil all the data they are collecting to drive real-time, informed decisions for better customer experience.
AI to build trust, empower labour, and accelerate productivity. Organisations that responsibly embrace AI can unlock labour productivity. In a tight labour market, sourcing the right talent and uplifting skills will be a strategic mid-market differentiator.
Cloud and data management as a core foundation. Organisations that are effective at digital transformation and have strong cloud and data foundations are seeing the highest return on investment.
Security and privacy. Cyber security teams are under pressure to keep up with evolving threats. With the vast amounts of data and sophistication of threat agents, the mid-market must have the right security and identity foundations to help mitigate against cyber risks.
For Australian mid-market businesses, strategically adopting AI can present a major opportunity. As they work towards closing the productivity gap, mid-market leaders must recognise AI as more than an innovation – it's a framework for success.