AI opportunities for Small and Medium Enterprises in Australia right now!

Depending on what you read, and what podcast you listen to, the commentary about AI impact and opportunities for SMEs is mixed!

On one hand Gartner cautions that AI isn’t cheap, AI talent isn’t available, and AI success is not guaranteed.

On the other hand, Salesforce reports “that small and midsize businesses (SMBs) are more confident about AI and its benefits than their enterprise counterparts. In fact, the vast majority (95%) of IT pros working in SMBs feel confident about using generative AI in their jobs and see more opportunity for revenue growth from the technology.”

One thing that is consistent, is that AI isn’t going away.  It is reshaping our workplaces and big money is being invested in AI.

In 2022, over 200 AI start-ups secured funding with a significant portion focusing on solutions for SMEs. Fast forward to 2024, venture investment in the Asia-Pacific region was estimated at US$20 billion with many developing solutions tailored for SMEs.

Where should SMEs begin or evolve their AI journey?

For Australian SMEs looking to explore AI, the first step is understanding what’s realistic and achievable for your business right now. AI doesn’t have to be an all-or-nothing investment.

The key is to identify opportunities that provide tangible business value without overextending your resources. Forbes highlights opportunities for SMEs include:

1. Personalising customer interactions and deepening customer loyalty. 

2. Filling skills gaps: SMEs typically need to be lean; think of AI as additional assistance to your staff.

3. Increased productivity.

4. Gaining insights and analytics - identify your customer challenges or demands you may not be currently meeting.

5. Reducing cost to do all of the above! 

   
   

Government Support

The Australian Federal Government has announced the Adopt AI Program grant recipients; awarding c$13.5m to four centres to be set up to act as a front door to connect business with AI expertise and provide them with free training to help staff develop specific skills to effectively manage AI.  

Each of the four centres will have different offerings and target different industries.  At this early stage it would seem some industries are likely to benefit more from the initiative and offerings of the different centres. 

The NSW government has announced a new office to drive safe adoption of AI. The new office will focus on building AI literacy across the Public Service and is likely to have a trickle-down effect. Not surprising that the government is trying to wrangle the potential risk with the projected $115 billion to the Australian economy by 2030 from Generative AI (GenAI).

Specialised Support

SMEs often don’t have the time or in-house expertise to guide such rapid workplace change.

The right type of external support can guide businesses through every step of the journey:

• Assessing readiness and opportunity – understanding where AI can have real impact.

• Building awareness and capability – training staff and leaders in practical AI use.

• Coaching leaders and staff – creating a culture where innovation and experimentation are the norm, helping deliver better business outcomes.

  
  

Independent guidance ensures that AI adoption is not just a technology project. It becomes a people led business transformation that sticks.

Taking the Next Step

For SMEs, the AI journey doesn’t need to be daunting. Start small, identify high-impact opportunities, and take advantage of the different resources and support available. 

Key Takeaways for SMEs:

• AI adoption is happening, whether you’re ready or not.

• Start with practical, high-impact use cases rather than attempting to overhaul everything at once.

• Government-supported programs like Adopt AI may be able to provide free resources and guidance.

• Independent consultancy support can accelerate adoption, build capability, and foster a culture of experimentation.

• Confidence and curiosity are your best assets. AI is a tool, and the sooner you start experimenting, the sooner you can reap the benefits.