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.
This story is from the March 2024 edition of Money Magazine Australia.
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This story is from the March 2024 edition of Money Magazine Australia.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
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