Artificial intelligence and technology are being embraced by WA businesses to help mitigate cost and productivity risks.
CCIWA’s Business Confidence Survey from March 2023 shows two in five (45%) businesses are planning to adopt new technologies and a similar proportion (43%) are looking to improve the digital presence over the next year.
“Our state and our nation must continue to seek new ways to increase productivity, as businesses tackle the challenge to decarbonise and technology rapidly changes the workplace,” said CCIWA chief economist Aaron Morey.
“It is critical State and Federal Governments support businesses in technology adoption and in protecting their businesses from cybersecurity and data privacy risks. CCIWA also encourages the State Government to continue digitising government services and reduce barriers to innovation, for example by piloting regulatory sandboxes in WA.”
READ THE BUSINESS CONFIDENCE REPORT
Artificial intelligence company Open AI launched a virtual chatbot ChatGPT in November 2022 which has taken the world by storm. Other companies such as Google, Microsoft and Amazon have either since released or announced they are working on similar programs.
Which businesses and industries are using AI?
The survey finds already one in 10 (11%) businesses are using this technology, while another 10% suggest they plan to use it in the future. One quarter (26%) reported they were still unsure as to whether they would use it.
Medium-sized businesses are most likely using or planning to use AI, as indicated by one quarter (26%) of respondents. On the other hand, one in five (22%) large businesses and 19% small businesses had or were looking to use the technology.
Looking at uptake by industry, businesses in transport (36%), food services (30%) and professional services (25%) have already embraced AI. Businesses in real estate services (23%) and resources (19%) indicated they are thinking about adopting the technology in the future.
The survey also asked what businesses are using ChatGPT for and common responses included drafting letters, communications and marketing copywriting and social media posts.
CCIWA anticipates adoption of AI will become significantly more sophisticated over time.
CCIWA’s economic reports, including Business Confidence, are available exclusively to CCIWA Advantage and Corporate Members. For more, see CCIWA’s Economic Insight page.
