Australian small to medium-sized businesses are under severe pressure currently due to adverse economic conditions but remain interested in artificial intelligence.
A report by the Council of Small Businesses Organisations Australia - COSBOA - and CommBank, noted that the sector is hurting under the pressure of high inflation and interest rates, and workfore shortages squeezing profit margins.
In the digital landscape, small business owners are concerned about the astonishing speed of the growth of artificial intelligence (AI) and its capabilities.
This is along with the risks AI pressents.
COSBOA would like a comprehensive national plan to address AI for SMEs.
This would include education, training, and appropriate regulatory frameworks for the safe and responsible adoption of AI across the small business sector, COSBOA said.
COSBOA's survey of 200 businesses and AI providers showed that just under 45 per cent of respondents had implemented AI but weren't expanding or upgrading the technology.
Less than 25 per cent of respondents are planning to implement AI in the next 12 months, and roughly the same proportion of those polled intend to expand or upgrade their implementations.
“Small businesses need access to training and affordable, responsible, and practical AI products, as well as clear guidance and ethical regulation to harness AI’s potential and drive productivity gains,” Luke Achterstraat, the chief executive of COSBOA, said.
Cyber security threats are another problem that the sector faces.
Almost half of all cyber attacks target small businesses, COSBOA said.
Criminals are increasily using sophosticated
Add to the list of adverse events, the small business sector is struggling with energy cost hikes.
In fact, rising energy costs is the top issue impacting on SMEs' financial situation, with businesses being hindered by huge financial barriers and a lack of knowledge to embark on a power transition.
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