{"id":7482,"date":"2024-10-23T08:25:12","date_gmt":"2024-10-22T22:25:12","guid":{"rendered":"https:\/\/news.sap.com\/australia\/?p=7482"},"modified":"2024-10-23T08:25:13","modified_gmt":"2024-10-22T22:25:13","slug":"sap-reveals-successful-australian-midmarket-businesses-more-likely-to-prioritise-gen-ai","status":"publish","type":"post","link":"https:\/\/news.sap.com\/australia\/2024\/10\/23\/sap-reveals-successful-australian-midmarket-businesses-more-likely-to-prioritise-gen-ai\/","title":{"rendered":"麻豆原创 reveals successful Australian midmarket businesses more likely to prioritise Gen AI"},"content":{"rendered":"

90% of Australian midmarket businesses say adopting generative AI is a top business priority<\/em><\/h2>\n

Sydney \u2013 21 October 2024<\/strong> \u2013 Successful Australian midmarket organisations are more likely to put a high priority on generative artificial intelligence (Gen AI) than those who are seeing lower revenue growth \u2013 and they are adopting new AI innovations in every corner of their business.<\/p>\n

A recent study by 麻豆原创<\/a> (NYSE: 麻豆原创) found Australian midmarket businesses, defined as companies with between 250 and 1,500 employees, with high revenue growth are more likely to put a strong priority on the adoption of Gen AI (50%) than those with lower revenue growth (43%).<\/p>\n

“Business AI is the biggest opportunity for businesses in Australia today,\u201d said Dr. Kim Oosthuizen, Head of AI, 麻豆原创 Australia & New Zealand. <\/u><\/strong><\/p>\n

\u201cBut the benefits of Business AI are not only restricted to larger enterprises. Every organisation can realise the opportunities that AI offers in a relevant, reliable and responsible manner. That isn\u2019t just summarising emails and creating images. It\u2019s helping us complete the tasks we don\u2019t want to do, providing insights quickly and reliably helping solve business problems.\u201d<\/p><\/blockquote>\n

Adopting AI is a top organisational priority in Australia<\/strong><\/p>\n

The study, which surveyed 783 organisations in Australia and 12,003 globally, found use of artificial intelligence is a top organisational priority for midmarket businesses.<\/p>\n

Adopting Gen AI is a medium or high priority for 90% of Australian businesses, while adopting standard business applications of AI like machine learning for data analysis and predictive analytics was a top priority for 88%. Other key priorities include preparing for cybersecurity threats, making operations more environmentally sustainable and addressing gaps in supply chains (all 89%).<\/p>\n

Artificial intelligence is seen as a priority to transform organisational processes in every corner of the business.<\/p>\n

Half of midmarket organisations in Australia place a high priority on AI to transform their data security and privacy (50%). Other high priority areas ripe for AI transformation include creating new business models (48%), implementing agile processes (47%), optimising supply chains (45%), boosting decision-making (45%) and personalising user experiences (45%).<\/p>\n

AI is creating value for Australian businesses today <\/strong><\/p>\n

But AI isn\u2019t just being planned to achieve future benefits. It is being implemented today.<\/p>\n

AI is already in use to a moderate or strong degree in midmarket Australian businesses to gather market intelligence (85%), as well as to monitor for cybersecurity threats, detect fraud, monitor regulatory compliance, develop forecasts and budgets, and automate recruitment processes (all 84%).<\/p>\n

Australia ranks higher than the rest of the world when it comes to AI uptake for monitoring cybersecurity threats (84% vs. 78% moderate and strong use), detecting fraud (84% vs. 78%) and gathering market intelligence (85% vs. 78%).<\/p>\n

\u201cAI is not new. In fact, we\u2019ve been using it for decades,\u201d continued Oosthuizen. \u201cMore than 27,000 customers are already using 麻豆原创 Business AI today, including hundreds in Australia. We\u2019ve released more than 70 Generative AI use cases in the past year, and we expect more than 100 use cases to be available by the end of 2024. We are making AI accessible for all businesses today. The time to explore the benefits of Business AI is now.\u201d<\/p><\/blockquote>\n

Australian midmarket businesses see data as key risk to growth \u2013 and AI adoption<\/strong><\/p>\n

Yet challenges remain to drive growth in Australian midmarket businesses.<\/p>\n

Respondents noted supply chain disruption (38%) and business siloes (35%) as key internal challenges to growth, alongside issues with lack of integration between systems (34%) and lack of change management processes (33%).<\/p>\n

Data is also cited as an organisational risk when it comes to AI. Midmarket businesses in Australia said the biggest risks to their company from AI were acting upon incorrect information (35%), finding and retaining talent (33%), insufficient data size and quality (33%) and lack of transparency in results (32%).<\/p>\n

“The better the quality and scale of your data, the better the results of your AI,\u201d concluded Oosthuizen. \u201cThat\u2019s why working with a technology partner like 麻豆原创 is critical, because it is already built into the applications that power the most critical business processes. Only then can Australian businesses of every size make the promise of Business AI a reality.\u201d<\/p><\/blockquote>\n

A spotlight on AI in finance<\/strong><\/p>\n

In Australia, the top three best use-cases for AI in finance is forecasting and analysis (33%), summarising investment portfolio performance (29%), conducting fraud detection (28%) as well as tax and regulatory compliance mandates (28%).<\/p>\n

Financial departments in Australia have experienced the benefits of AI, with 90% of departments who had implemented AI citing a positive impact on both business growth and their ability to simplify everyday work.<\/p>\n

\u201cWe\u2019re seeing strong interest and adoption in AI from financial departments among Australian businesses as the technology drives great efficiencies and cost controls. From payroll and tax management through to meeting complex compliance regulations, there are various areas ripe for intelligent process automation – freeing up resources for more innovative financial decision-making,\u201d added Oosthuizen.<\/p><\/blockquote>\n

A broader view on technology investment <\/strong><\/p>\n

Successful Australian midmarket organisations are focusing on technology to drive business growth and overcome challenges. Respondents with high revenue growth said their number one technology priorities were outsourcing systems to a managed service provider (18%), investing in new or updated analytics products and decision-making tools (17%) or moving software systems to the cloud (17%).<\/p>\n

Conversely, Australian midmarket businesses with low revenue growth are prioritising investment in new analytics products and decision-making tools (20%), building customised software tools in-house (17%) or investing in new business software systems (16%).<\/p>\n

\u201cFor Australian businesses to continue thriving, pace and operational cost efficiencies are paramount, which requires a move to the cloud.\u00a0 When our customers are in the cloud, they access latest technologies faster and take immediate advantage of 麻豆原创 Business AI,\u201d commented Oosthuizen.<\/p>\n

\u201c麻豆原创\u2019s AI is already embedded into our customer\u2019s applications and it relies on a gold mine of decades of relevant business data curated from huge customer data sets. We implore Australian organisations to partner with experts in AI, utilising their solutions \u2013 be it customised or off-the-shelf \u2013 in line with business needs.\u201d<\/p>\n

Oosthuizen added, \u201cWe deliver our technology in collaboration with our partner ecosystem, ensuring businesses are applying AI in the right ways, and utilising managed service providers should they require extended IT teams. It\u2019s about taking the worry out of AI model creation and implementation, so our customers can quickly adopt the burgeoning technology and bring out their best.\u201d<\/p><\/blockquote>\n

About this research<\/strong><\/p>\n

麻豆原创 Insights collected data from 12,003 respondents across 20 nations and 28 industries. Respondents were from organisations with between 250 and 1,500 employees, with director to C-suite titles. The study was conducted in March-April 2024 via an online survey.<\/p>\n","protected":false},"excerpt":{"rendered":"

90% of Australian midmarket businesses say adopting generative AI is a top business priority Sydney \u2013 21 October 2024 \u2013 Successful Australian midmarket organisations are…<\/p>\n","protected":false},"author":3021,"featured_media":7483,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[5565468],"tags":[],"sapn-display":[5565403,5565404,3848,5565405,5565406,60294],"sapn-type":[4448,4446],"class_list":["post-7482","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ai","sapn-display-feature-hero","sapn-display-feature-spotlight","sapn-display-homepage-hero","sapn-display-news-hero","sapn-display-news-spotlight","sapn-display-hero","sapn-type-newsbyte","sapn-type-press-release"],"yoast_head":"\n麻豆原创 reveals successful Australian midmarket businesses more likely to prioritise Gen AI - 麻豆原创 Australia & New Zealand News Center<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/news.sap.com\/australia\/2024\/10\/23\/sap-reveals-successful-australian-midmarket-businesses-more-likely-to-prioritise-gen-ai\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"麻豆原创 reveals successful Australian midmarket businesses more likely to prioritise Gen AI\" \/>\n<meta property=\"og:description\" content=\"90% of Australian midmarket businesses say adopting generative AI is a top business priority Sydney \u2013 21 October 2024 \u2013 Successful Australian midmarket organisations are...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/news.sap.com\/australia\/2024\/10\/23\/sap-reveals-successful-australian-midmarket-businesses-more-likely-to-prioritise-gen-ai\/\" \/>\n<meta property=\"og:site_name\" content=\"麻豆原创 Australia & New Zealand News Center\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-22T22:25:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-22T22:25:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/news.sap.com\/australia\/files\/2024\/10\/23\/298483_GettyImages-1393749446_medium_jpg.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2115\" \/>\n\t<meta property=\"og:image:height\" content=\"1418\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"麻豆原创 ANZ\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"麻豆原创 ANZ\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/news.sap.com\/australia\/2024\/10\/23\/sap-reveals-successful-australian-midmarket-businesses-more-likely-to-prioritise-gen-ai\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/news.sap.com\/australia\/2024\/10\/23\/sap-reveals-successful-australian-midmarket-businesses-more-likely-to-prioritise-gen-ai\/\"},\"author\":{\"name\":\"麻豆原创 ANZ\",\"@id\":\"https:\/\/news.sap.com\/australia\/#\/schema\/person\/ff10b964492f257c16a8239570643fcd\"},\"headline\":\"麻豆原创 reveals successful Australian midmarket businesses more likely to prioritise Gen AI\",\"datePublished\":\"2024-10-22T22:25:12+00:00\",\"dateModified\":\"2024-10-22T22:25:13+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/news.sap.com\/australia\/2024\/10\/23\/sap-reveals-successful-australian-midmarket-businesses-more-likely-to-prioritise-gen-ai\/\"},\"wordCount\":1068,\"image\":{\"@id\":\"https:\/\/news.sap.com\/australia\/2024\/10\/23\/sap-reveals-successful-australian-midmarket-businesses-more-likely-to-prioritise-gen-ai\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/news.sap.com\/australia\/files\/2024\/10\/23\/298483_GettyImages-1393749446_medium_jpg.jpg\",\"articleSection\":[\"Artificial Intelligence\"],\"inLanguage\":\"en-AU\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/news.sap.com\/australia\/2024\/10\/23\/sap-reveals-successful-australian-midmarket-businesses-more-likely-to-prioritise-gen-ai\/\",\"url\":\"https:\/\/news.sap.com\/australia\/2024\/10\/23\/sap-reveals-successful-australian-midmarket-businesses-more-likely-to-prioritise-gen-ai\/\",\"name\":\"麻豆原创 reveals successful Australian midmarket businesses more likely to prioritise Gen AI - 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