AI could save small businesses $136,000 annually

Summarised from 2 outlets · Updated 21 Oct, 18:03 · Archive

Small businesses adopting artificial intelligence broadly could save about $136,000 per year, according to a report by The Tech Council of Australia.

Small and medium-sized businesses could save approximately $136,000 annually by adopting artificial intelligence to reduce administrative tasks such as payroll and rostering, according to a report by The Tech Council of Australia. The research found that 94 per cent of small and medium-sized businesses using AI reported productivity improvements, while 54 per cent of employees in such businesses reported higher job satisfaction. The potential gains could inject $93 billion into the national economy overall.

Despite these benefits, adoption remains limited. Only one in four Australian small and medium-sized businesses currently use the technology, and just five per cent use it broadly, despite these businesses employing nearly two-thirds of the country's workforce. Regional businesses lag behind those in metropolitan areas.

Barriers to adoption include limited understanding of AI, concerns about security and reliability, and uncertainty about return on investment, the report found. Tech Council of Australia chief executive Kate Cornick said there was 'a significant gap between what AI could deliver and what small businesses are currently getting from it'. She called for government and industry to provide targeted support, particularly to businesses facing rising costs and staffing pressures.

How it is being reported

• AI could take 'real weight' off small businessEmbracing AI could help operators of average-sized small businesses save about $136,000 a year and slash time-consuming administration.The West Australian · 21 Oct, 17:33
• AI could take 'real weight' off small businessEmbracing AI could help operators of average-sized small businesses save about $136,000 a year and slash time-consuming administration.Perth Now · 21 Oct, 17:33

In this story: The Tech Council of Australia · Kate Cornick · Employment Hero · Ben Thompson · Australia

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