Artificial intelligence (AI) has gained significant traction among business leaders keen to explore ways it can drive operational efficiencies and cost savings.
But while top leadership is sold on its potential, it’s a different tale for IT teams working the ground. In Australia, the challenges of implementing AI are particularly pronounced, ranging from limited expertise and siloed operations to the rising tide of cybersecurity risks. It’s no surprise then that in the face of complexity, companies are not sure how to take the first step towards smooth and successful AI deployments.
Australia’s AI challenges
Access to skilled resources, funding issues and keeping ahead of AI’s rapid evolution are just some of the challenges that make it difficult to implement AI solutions uniformly in Australia. For mid-market companies in highly regulated industries, such as finance, energy, and utilities, addressing cybersecurity concerns and responsible AI implementation are also on the list.
“From an AI context, their challenges are similar to other sectors. This includes access to talent, quality of data, integration with legacy systems, change management, and ethical and regulatory concerns. However, they also face heightened cyber threats and fraud, driven by threat actors leveraging AI to become more sophisticated. The consequence of a breach can be significant from both a financial and consumer trust perspective,” explains John Hanna, Neudesic Australia
Ultimately, the breadth of data mid-market companies in finance, energy, and utilities need to deal with is beyond the capabilities of existing systems that rely on the identification of known patterns or human analysis. “By adopting AI, these companies gain the capability to analyse information at scale and speed to identify and stop these threats before they significantly impact the business,” adds Hanna.
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