A new report revealed that companies are significantly boosting their investments in artificial intelligence (AI), identifying it as a key driver of growth and innovation.
The essential guide to understanding AI for SMB and Mid Market leaders in Australia and New Zealand explores AI’s growing landscape and its potential to drive significant growth and innovation for SMBs.
The new report surveys 500 small and medium-sized businesses (SMBs) in Australia and New Zealand and is commissioned by Schneider Electric.
Two-thirds of respondents increased their IT budgets this year, and nearly half predicted further substantial increases in funding AI over the next five years.
Forty-three per cent of respondents said dealing with embedded AI would be their top focus this year.
Vice President of Secure Power from Schneider Electric, Joe Craparotta, said the findings make it clear that AI is now for businesses of any size.
“These findings paint a clear picture: AI is no longer just for big businesses, and organisations of all sizes and sectors are looking to leverage the technology to meet their growth, efficiency, and customer satisfaction targets,” said Craparotta.
“AI is already built into many platforms businesses use, but now there is an opportunity to unlock its capabilities to improve business outcomes.”
The research delves into potential use cases for AI across industries with crucial considerations for AI investments, covering infrastructure, data management, security, personnel, processes, goal setting, and the role of partners’ services.
Other key insights included:
- Investment in AI is expected to rise significantly in the next five years, with 46 per cent of respondents anticipating a substantial increase in AI spending.
- Over 42 per cent of respondents have identified security and data as the biggest hurdles to AI adoption this year.