There is a significant gap between countries leading the arms race for artificial intelligence and those trying to keep their head above water.
China is home to the world’s most buoyant early adopters of the technology, with 55 per cent of enterprises involved with AI of the belief they are using it to create a strong competitive advantage, according to Deloitte.
That compares with just 22 percent of early adopters in Australia; half of Australian enterprises say they are using AI simply to catch up or keep on par with their competition.
However, 79 percent of Australian organisations believe AI is very important to their business success within the next two years and hold a “positive view of the strategic importance of AI to their success”.
Interestingly, Deloitte said the window for competitive differentiation will only last another three to four years, meaning players in the game now are best placed to take advantage of its economic benefits over the next decade.
“AI success depends on getting the execution right,” the report reads.
“Organisations often must excel at a wide range of practices to ensure AI success, including strategy development, pursuing the right use cases, building a data foundation, and possessing a strong ability to experiment. These capabilities are critical now because, as AI becomes even easier to consume, the window for competitive differentiation will likely shrink.”
This content does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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