Australian businesses are recognising the benefits of AI and plan to significantly boost their AI spending in the coming years to improve operations, drive growth, and remain competitive globally, according to BSI’s International AI Maturity Model.

The model reveals that two-thirds (67%) of Australian businesses are investing more this year than last year in AI to improve operations or performance, the second highest market globally. 

BSI’s model assesses and weights a suite of measures, including organisational confidence and readiness for AI adoption amongst businesses globally, to produce a single maturity score. It identifies Australia in the middle when it comes to AI maturity with a score of 3.1, compared to India, the most AI mature market, scoring 4.6.

The research identified gaps between perceptions of what successful AI adoption entails and the steps being taken by businesses. Three-quarters of Australian business leaders (75%) feel that organisations will be at a competitive disadvantage if they do not invest in AI, and only 11% felt that their businesses were not investing enough in AI tools, compared to a global average of 19%.

Additionally, six in 10 Australian business leaders felt offering training to ensure safe, ethical and effective use was very important (60%), and a similar proportion (86%) felt businesses should train teams to utilise AI tools to protect jobs. 

Engagement with AI is high in Australia with 86% reporting their business encourages the use of AI, and 88% feeling confident their business is harnessing the benefits of AI. Unsurprisingly, 94% of Australian business leaders say that it is important to inform employees about how AI is being used within organisations and what the plans for the future. 

Australia had the one of the lowest expectations for businesses having a role to play in building trust in AI across society (82%) compared to China (97%), India (96%) and the US (89%). As a lack of skilled talent persists as one of the top challenges to AI adoption in Australia, the model reveals just under a third (31%) of Australian business leaders reported substantive awareness of their company offering such training/ Just under two-fifths (38%) of Australians said their businesses had a specific learning and development program.

BSI Australia managing director, Charlene Loo said, “BSI’s Global AI Maturity Model paints a positive but nuanced picture of a world excited about AI’s potential and its promise as a force for good. While Australian businesses are increasing their investment in AI, we continue to see some challenges relating to a lack of skilled talent. Investment in standards, training and assurance is key as AI becomes integral to the future of life and work.” 

BSI CEO, Susan Taylor Martin said, “While the model shows diverging paths thus far on AI, its mass adoption and integration into work and life is a marathon, not a sprint. Success is not about being first, but about building trust. BSI is committed to playing a role in shaping the guardrails for the safe and ethical use of AI, which will help businesses in Australia embrace AI to build a positive future for all.” 

Notably, half of Australian businesses have an AI strategy (50%), higher than the global average of 44%. More positively, 88% of Australian business leaders recognise the importance of an ethical approach to AI.

BSI’s research draws together four key takeaways exploring how businesses can act to shape trust in AI across their ecosystems and wider society:

  • Think long-term: Look at AI as part of your wider business strategy – once the foundations are in place, businesses can optimise and evolve their AI strategy as technology advances. 
  • Businesses and policymakers should collaborate across borders: The goal must be to innovate with AI, but to do so safely. Alongside regulatory routes, cross-border collaboration can offer necessary protections. 
  • Move from intention to action: Instil trust in AI by clarifying priorities and accelerating progress towards them. 
  • Lead and inspire: Set the standard for an AI future in which the technology is a force for good.