A new report by Australia’s largest and most representative business network has highlighted the opportunity that AI adoption can bring including productivity benefits, efficiencies and flexibility for business and workers.

The report by the Australian Chamber of Commerce and Industry (ACCI) is called ‘Accelerating the Potential of AI in Business’ and explores the potential of AI and considers key steps to address existing gaps and managing risks.

ACCI’s chief executive officer Andrew McKellar says the report seeks to provide some insights and simple principles to guide businesses and help them capitalise on the opportunity.

“AI adoption has the power to fundamentally improve productivity and enhance flexibility to ways of working in the near term, with benefits to business and workers,” Mr McKellar said

The report analyses and synthesises feedback and recent data from a wide variety of businesses and industry associations and provides insights into how AI is perceived by business, the barriers to using the technology, and the steps needed to integrate AI into the workplace.

The report has also suggested main principles in moving forward including:

• Increasing AI literacy.
• Actively managing risks (including data risk).
• Building trust through responsible use and management of AI.
• Appropriate regulatory framework that balances innovation with public safety and ethical concerns.

It also comes on the back of the federal government’s recently announced proposed guard rails for using AI in the workplace.

Mr McKellar says AI can be a win for individuals, businesses and the economy as a whole.

“Some estimates have AI boosting the Australian economy by up to $200 billion per year by 2030 and creating 150,000 jobs.

The ‘Accelerating the Potential of AI in Business’ report will be launched by the Minister for Industry and Science Ed Husic in Canberra later today.

To read the full report, click here.