AI adoption is the new black
Money Magazine Australia|March 2024
Artificial intelligence is set to reshape the commercial world, and small enterprises can’t afford to miss the boat.
AI adoption is the new black

In 2023, feathers were ruffled when images of Pope Francis wearing Balenciaga-inspired fashions spread across social media. It was followed by pictures of the pontiff in incongruous situations – at the controls of a fighter jet or enjoying a beer at a music festival.

These (and other) images were all generated by artificial intelligence (AI), driving a tremendous buzz about this rapidly developing technology.

Amid the hype, the issue of AI has raised concerns across the small business community. Research by XERO found 80% of small business owners are concerned that AI development and adoption is outpacing regulation. Two in five small businesses fear AI will lead to violations of data privacy and even worker displacement.

That’s not to say small business owners are lying awake at night worrying about AI. The same XERO survey noted that small businesses face more pressing issues in the short term. The majority pointed to growing revenue (65%), attracting new customers (61%) and rising costs (56%) as their top concerns for the next 12 months. Less than one in 8% ranked adopting or investing in AI as their main priority for the year ahead.

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