New research by Zoho reveal SMEs in Australia are showing a growing interest in adopting new categories of artificial intelligence (AI), particularly generative AI, to improve efficiency, reduce costs, and make data-driven decisions.
The report found that 53 per cent of Australian SMEs feel they are adapting well to the changes in technology. However, only 30 per cent are utilising the technology more this year compared to last year, highlighting the need for more education and support for SMEs to maximise AI’s potential.
Generative AI, which has the ability to produce credible content in near real-time, has particularly caught the interest of 43 per cent of SMEs in performing tasks such as brainstorming ideas, language translation, summarising documents, research, and creating personalised communications.
“Adopting modern AI technologies like Generative AI can be a game changer for SMEs,” Vijay Sundaram, Chief Strategy Officer at Zoho, said. “One of its key benefits is its ability to tailor marketing and communications efforts to individual customers with greater ease and accuracy than ever before. This helps improve customer experience, build brand loyalty, and ultimately drive sales.”
Workers in Australian SMEs, however, fear the impact of the AI revolution on their jobs, with 75 per cent expecting their jobs to be impacted due to more intelligent AI and machine learning. Only 36 per cent see the AI revolution as benefiting the workplace, and 52 per cent expressed belief that job requirements will change in the future.
When it comes to AI taking over their roles, 46 per cent of workers believe AI will begin performing part of their roles within the next five years, and 72 per cent believe this will happen in the next decade. Meanwhile, 34 per cent believe this will happen in the next decade, and 60 per cent believe this will happen in the next 20 years. Workers in customer service, IT services, and tourism services are particularly concerned about job loss due to AI.
“Businesses face resistance to modern AI adoption as workers are worried about its impact on jobs and their livelihoods. However, as the technological landscape continues to evolve, AI will create new opportunities and require higher levels of creativity and critical thinking,” Sundaram said. “SMEs must improve their AI skills and understanding, and be willing to adopt it to stay competitive in the market. For this to happen, governments and industry leaders have the responsibility to equip them with the right resources.”
Zoho noted that the Australian Government’s investment in four new AI and digital capability centres presents a positive opportunity for Australian SMEs to improve their AI skills and connect with AI equipment and tools.
“Over the last few years we’ve seen a notable increase in SMEs integrating AI, and most recently generative AI, into their operations,” Sam Daynes, CEO of Ardento, a Zoho channel partner, said. “It’s not just a technology for big business; SMEs in so many industries across Australia understand the potential benefits it can drive for their business.
“AI isn’t purely hype or buzzword. For small businesses, these tools are genuinely helping them save time, reduce costs and provide enhanced customer and employee experience,” Daynes added. “In the coming years, we only expect to see the adoption of AI – and the breadth of use cases – to grow further. What was merely a nice-to-have just a short-time ago, is now a necessity for SMBs to stay competitive in evolving and challenging markets.”
