New research from the Productivity Commission has found there is still plenty of untapped potential in artificial intelligence (AI) for Australian businesses.
In the report, the Commission details several ways in which AI can address productivity in business, including:
* Skill and labour gaps: AI has the ability to add skills through potentially automating some tasks, leading to a smarter use of the limited workforce.
* Services: As the major contributor to both the GDP and workforce, productivity in the service sector can be improved to create more efficient systems.
* Innovation: With the capacity for machine-learning, large amounts of data can be processed to reveal patterns and insights that could improve research and development.
The report says it is still too early to see the full potential of AI and whether or not AI will be adopted enough to increase productivity. “It will also depend on how government policy around AI regulation and data develops.”
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