Australian businesses that fail to engage with AI, according to Mary-Beth Hosking, global keynote speaker and founder of Quantum Transformation, risk becoming uncompetitive and losing customer engagement. She says, “The AI revolution is here, and businesses that are misaligned and fail to adopt AI meaningfully risk missing out on the full potential of these technologies.”
She adds, “As global organisations embed AI-driven solutions, businesses that fail to adapt risk losing relevance and market share. Preparing for these technological advances provides you with a stronger platform to pivot, enabling organisations to adapt to the evolving landscape,”
AI’s potential is vast, extending far beyond the current popular perception of it as simply a tool for generating content. It has the power to fundamentally transform how businesses operate. Hosking comments, “The scope for AI is far reaching. It has the potential to completely reimagine how organisations do business. Anyone who thinks AI is just ChatGPT and good for writing website blogs and newsletters is mistaken. Adoption is now starting to threaten the use of Google. People are getting faster and more streamlined information and content out of ChatGPT than Google”, she adds.
“AI and related technologies offer unprecedented potential to revolutionise processes, enhance productivity and open new revenue streams if organisational alignment exists. Alignment means achieving a level of interconnectedness using systems thinking which highlights where AI is best served. Early adopters of systems thinking will be best positioned to lead their industries’ AI vision”.
Artificial intelligence is poised to reshape industries in profound ways, with its impact varying across sectors and evolving in tandem with the technology itself. While the full scope of AI’s influence remains to be seen, several key areas are ripe for significant transformation in the near future. Customer service, for example, is already experiencing a dramatic shift. AI-powered chatbots and virtual assistants are becoming increasingly sophisticated, handling routine enquiries with ease and providing 24/7 support.
For retailers, AI can optimise stock levels, predict demand, and automate ordering processes, reducing waste and improving supply chain efficiency. AI-powered recommendation engines and virtual stylists can enhance the online shopping experience, increasing sales and customer loyalty.
A game changer for small-to-medium businesses
For SMBs, AI is proving to be a game-changer for streamlining operations, automating repetitive tasks, and improving efficiency. Hosking comments, “AI can free up valuable time and resources, allowing SMBs to focus on core business activities and growth initiatives. Small to medium businesses need to understand their growth potential and what makes sense for them. It could be as simple as use of Generative AI to help with the more time-consuming tasks to free people up for more thinking work, such as writing job descriptions. Of course, you would want to tweak the outputs to suit your organisation”.
Many organisations, however, are still adopting a “wait and see” approach in regards to AI. In many cases this caution is warranted, as concerns around privacy, bias and discrimination, security and a host of other issues are legitimate. Hosking understands why organisations have these concerns, but she advises, “My strong message to Australian business leaders is don’t be afraid to pivot, be afraid not to. Globally we are seeing an acceleration of adoption and innovation and businesses all over the world need to work smarter not harder to position themselves ahead of this tidal wave.”
Where to begin?
The biggest AI challenge for many leaders and organisations is knowing where to begin. Many struggle with the initial steps of AI adoption. Hosking recommends “Leaders and businesses need to invest time and resources into understanding their organisation’s internal systems to identify areas where AI can enhance operations, improve customer experiences and drive innovation. In parallel they need to put their employees first and equip their people with the skills and knowledge needed to adapt to technological advancements”.
“Organisations need to understand their patterns of decision-making. They need to understand what they expect to get out of AI. They need to understand what is available to them and then decide what is the best fit. Consultants will want to sell a lot of services, so being abreast of what is needed for the business before investing is the very first step, in my opinion. Once this is known then organisations are on track to have very successful implementations”.
Keep the voice of the customer top-of-mind
Implementing AI presents a complex web of ethical considerations that organisations must navigate carefully. These complexities arise from the very nature of AI, its potential impact on individuals and society, and the often-unforeseen consequences of its deployment.
Prioritising the customer’s voice is essential for safely navigating the ethical complexities of AI implementation. Hosking says, “If organisations keep the voice of the customer at the forefront of their thinking this will help them with the ethical dilemma. Customers have considerable power and ensuring that the customer is happy is a key step. Looking internally to ensure that employees are considered as well will enable sound decision making”.
How systems thinking can help
Systems thinking isn’t just about looking at the parts of a problem; it’s about understanding the relationships between those parts and how they interact to create the whole. It recognises that everything is interconnected and that a change in one area can have ripple effects throughout the system, often in unexpected ways. “Leaders and businesses need to invest time and resources into understanding their organisation’s internal systems to identify areas where AI can enhance operations, improve customer experiences and drive innovation. In parallel they need to put their employees first and equip their people with the skills and knowledge needed to adapt to technological advancements”, says Hosking.
“Organisations that spend the time to analyse their patterns of decision making, understand where they have silos between departments and a lack of visibility across the departments, will be served best by aligning their organisation. Knowing where the bottlenecks are and striving to reduce or remove these will enable a clearer vision as to what the potentials are for AI in a business”.
Hosking’s message is clear: Australian businesses must pivot and embrace AI or face the consequences of falling behind. Hesitation and fear of the unknown are no longer justifiable. The global landscape is rapidly changing, and those who fail to adapt will be left behind. By adopting a systems-thinking approach, prioritising ethical considerations, and investing in both technology and their workforce, Australian businesses can harness the transformative power of AI to not only survive but thrive in the increasingly competitive global market. The time for cautious observation is over; the time for decisive action is now.
About Mary-Beth Hosking: Mary-Beth Hosking, based in Melbourne, Victoria, is an award-winning global keynote speaker, best-selling author and the founder of Quantum Transformation, focused on helping people and organisations pivot for success. With over 20 years of experience leading multi-disciplinary teams across industries such as technology, retail, transport, logistics, finance and consulting, Hosking’s expertise in mentoring, career development and navigating change has made her a sought-after speaker on international stages.