satyamkapoor

I work at ValueFirst Digital Media Private Ltd. I am a Product Marketer in the Surbo Team. Surbo is Chatbot Generator Platform owned by Value First. ...

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I work at ValueFirst Digital Media Private Ltd. I am a Product Marketer in the Surbo Team. Surbo is Chatbot Generator Platform owned by Value First.

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Australian bosses embrace artificial intelligence

By satyamkapoor |Email | Jan 30, 2018 | 5592 Views

Australian business is widely adopting artificial intelligence despite more than two thirds of workers fearing it will replace their jobs.

And they might have reason to worry with 40 per cent of business decision makers admitting to making positions redundant as a result of advancements in AI. Almost half of Australian IT decision makers believing that AI in their organisation is greatly outpacing the productivity of humans doing the same tasks.

The survey was conducted by IT research firm Infosys which contacted more than a thousand senior global executives and IT decision-makers in the US, UK, France, Germany, India, China and Australia. Of these countries, India, the US and China were leading the AI rollout.

Across the world, enterprise had moved beyond experimenting with AI to deploying it, with 86 per cent of organisations surveyed having middle or late stage AI developments.

The survey found that three quarters of organisations in Australia plan to build a dedicated team of AI professionals soon, with 71 per cent of senior Australian executives seeing their future business strategies hinging on AI.

But there was a scarcity of AI-qualified researchers, with almost two thirds of organisations having trouble finding suitable staff to lead AI technology integration. This skills gap was holding Australian business back.

Infosys said the style of AI projects in Australia was far from the humanistic robots people see in sci-fi movies. It was based on algorithms capable of learning and constantly improving to automate and solve business challenges.

Andrew Groth, senior vice president and regional head of Infosys ANZ, said business was using algorithms that detect patterns and draw conclusions and insights.

"Whether that's the medical profession accurately detecting cancers or managing medicines, or whether it's financial services firms using it to detect fraud or telcos using it to improve their networks, these are the sort of things they're using these algorithms for."

He said there was no doubt AI would change the types of jobs available, and that extensive retraining was needed.

Mr Groth said 77 per cent of senior executives surveyed were confident that employees in their organisation could be trained for these new AI-related job roles. "AI will also create opportunities in new areas," he said.

Infosys found that national and global competition was driving much of the growth, and AI was developing uses beyond what business already provided.

"While a majority of organisations start off using AI to automate existing routine or inefficient processes, businesses in later stages of AI deployment are leveraging the technology to innovate and differentiate," Infosys said.

Australian use of AI to-date had been predominantly in √?¬≠machine learning (51 per cent), automated reasoning (48 per cent), robotics (47 per cent), knowledge representation (44 per cent) and natural language processing (39 per cent).

Infosys said its research identified security and privacy as a major barrier keeping local enterprises from reaching its full AI potential. More than half of Australian respondents believed their leadership was hesitant to invest in AI technologies due to these concerns.

There was also the rising threat of data breaches and introduction of mandatory data breach notification laws next month, which would shine a brighter spotlight and penalties on enterprises whose data was compromised.

Source: Australian Business Review