Artificial intelligence (AI) has become a growing concern for Australians, who are calling for stronger government action to ensure its safe development and use. In a recent nationally representative survey conducted in early 2024 and highlighted in a recent article published online by Smart Company, it was revealed that 80% of Australians believe preventing catastrophic risks from advanced AI systems should be a global priority, comparable to pandemics and nuclear war. As AI technology advances, it is crucial for businesses and individuals to stay informed and educated about the potential risks and benefits of AI.

The survey findings highlight the increasing concern among Australians about the risks associated with AI. Biased decision-making, erosion of trust in democratic institutions, increasing inequality from AI-driven unemployment, and even the possibility of a global catastrophe or human extinction were identified as major worries. To address these concerns and ensure Australia remains at the forefront of AI regulation and governance, it is essential to empower businesses and individuals with the right knowledge and tools. This is where the Get the Edge Program from Business Advantage will assist small business owners.

Business Advantage’s Get the Edge Program offers valuable insights on AI, IT, and digital technology through its recorded conference sessions. These sessions developed and delivered by industry leaders are a must for any business owner, coach, adviser, or professional serving small businesses who are looking to get the edge on their competitors. The insights offered specifically address the concerns raised in the survey, providing small businesses and individuals with the knowledge and strategies to navigate the challenges and harness the potential of AI. The Get the Edge Program emphasises the importance of AI technologies in transforming small businesses and enhancing their efficiency, customer experience, and decision-making processes. Participants in the program gain insights into AI-powered chatbots, analytics, and other tools that can optimise business operations.

Aligning Government Actions and Public Expectations

As concerns about AI risks grow, governments worldwide are taking steps to address these issues. The European Union has approved a draft AI law, the United Kingdom has established an AI safety institute, and the United States has signed an executive order promoting safer development and governance of advanced AI. Australians are looking to their government to take decisive action on their behalf, with 86% desiring a dedicated government body for AI regulation and governance, similar to the Therapeutic Goods Administration for medicines.

Small businesses in Australia must embrace the transformative power of Artificial Intelligence (AI) in today’s rapidly evolving business landscape. While historically associated with large corporations, AI has the potential to revolutionise the small business sector. This blog post will delve into the importance of AI adoption for small businesses, exploring practical applications and how it can propel them towards success in the digital age.

In today’s rapidly evolving digital landscape, AI adoption is essential for small businesses in Australia. A basic understanding of AI, as supported by insights from reputable publications such as the Harvard Business Review, empowers small business owners to unlock AI’s enormous potential. Embracing AI can enhance efficiency, personalise customer experiences, enable data-driven decision-making, and improve risk management. While challenges may arise, seeking guidance, considering affordable options, and ensuring data accessibility and quality will help small businesses overcome these hurdles.

By exploring and implementing AI solutions, small businesses can position themselves as innovators, gain a competitive edge, and drive sustainable growth in the evolving marketplace. To further support small businesses in their AI journey, they can leverage the resources provided by Business Advantage’s Get the Edge Program. This program offers the latest thinking provided by industry experts. Interested readers can find out more about the program here: Get the Edge Program.