CreditorWatch’s latest Business Sentiment Survey, which looked at how businesses are adopting new technologies to enhance their competitiveness, found that 35 per cent of businesses have implemented AI in the past year, while other innovations like the Internet of Things (IoT) and big data analytics are also gaining traction at 20 per cent and 16 per cent, respectively.
In terms of scale, larger businesses are the ones leading the charge, with 89 per cent having adopted such innovations over the past year. Medium-sized businesses follow close behind at 80 per cent, while only 38 per cent of small businesses report similar adoption. Meanwhile, 47 per cent of respondents shared that they have not adopted any new technologies in the past 12 months.
AI usage patterns
The CreditorWatch report noted that AI is being utilised across a broad range of industries, with leading applications in content creation and editing (41 per cent), idea generation (36 per cent), customer/client service chatbots (32 per cent), and automation of routine tasks (29 per cent). AI usage also varies by business size.
Large businesses are found to be using AI primarily for employee recruitment (43 per cent) and content creation and editing (40 per cent). Meanwhile, smaller businesses leaned heavily on AI for content creation (47 per cent) and idea generation (40 per cent). Medium-sized businesses most frequently applied AI to customer/client service chatbots (42 per cent), administration/documentation (39 per cent), and email inbox management (37 per cent).
The report noted that overall, businesses generally recognise the value of AI and are interested in exploring ways it can best benefit their workforce and their operations. In particular, 95 per cent of businesses expressed satisfaction with the outcomes of AI adoption. Medium-sized businesses showed the highest satisfaction rates at 98 per cent, followed by sole traders (95 per cent) and large businesses (94 per cent).
Barriers to digital transformation persist
However, amid widespread technology adoption, the report also highlighted that businesses still face difficult challenges. Across all businesses, limited financial resources emerged as the leading obstacle to more successful digital transformation (32 per cent), followed by concerns around cybersecurity (27 per cent) and a lack of time or capacity (25 per cent).
Large businesses cited a ‘lack of skilled employees with appropriate skills and capabilities’ (31 per cent) as another key obstacle, while medium-sized businesses highlighted ‘lack of a clear/well-defined strategy’ (28 per cent) and ‘not knowing which platforms are most appropriate’ (26 per cent).
CreditorWatch CEO Patrick Coghlan commented that the results demonstrate both the potential and the challenges of digital transformation across industries.
“It’s encouraging to see so many businesses adopting AI and other advanced technologies,” Coghlan said. “However, the fact that nearly half of businesses haven’t implemented any of these technologies highlights the ongoing barriers, such as limited financial resources and concerns on cybersecurity, which are holding many back from realising the benefits that can be achieved through digital transformation.
He added, “In today’s economic climate, where businesses are under pressure from a range of external factors, digitally transforming and optimising operations with the support of futuristic technologies can help deliver cost savings and competitive advantage.”
