Aussie small businesses that adopt artificial intelligence (AI) into their day-to-day are growing 2.8 times faster than those yet to embrace AI, according to a new study.

The findings from MYOB’s biannual Business Monitor reveal that small businesses that adopt AI are reaping the benefits. Fifty-four per cent report saving time, while just over a third (34 per cent) say AI is improving their productivity.

The AI divide

Despite the advantages AI use brings to business, almost half of those surveyed (46 per cent) said they have no intentions of using AI in the next twelve months.

CEO of MYOB, Paul Robson, said the results point to a widening AI divide.

“AI is the most powerful productivity lever the SME economy has experienced in years, already delivering measurable gains in efficiency, growth and revenue,” Paul said.

“Those adopting early are pulling ahead, and even modest uptake could unlock billions in additional revenue for the economy.

Robson says AI will soon become business-critical.

“As a core part of Australia’s technology sector for 35 years, MYOB sees AI transforming every employee’s impact, shifting from a ‘nice to have’ to a business-critical investment, though many small businesses still face barriers around trust, skills and understanding its value.”

Routine use of AI

Robson says more and more businesses are treating AI as an essential rather than an add-on, as it becomes increasingly embedded in day-to-day operations.

While tech investment may be accelerating, workforce readiness is not keeping pace. With two-thirds of small business employers failing to look for AI experience when hiring and seven in ten (72 per cent)  claiming they have no plans to offer AI training. Business owners may soon find themselves in  a place where they lack the guidance and experience to adopt new AI tools.

Robson suggests more practical support is required to help small businesses tranistion to the AI-age.

“With the right collaboration between industry, experts and government, we can help more small businesses turn that growth potential into real impact,” Robson said.

MYOB says building AI readiness into productivity programs will be critical and has welcomed the Federal Government’s $17 million AI Adopt Program as a step towards lifting capability across the sector. The AI Adopt Program is part of a suite of measures outlined in the Albanese Government’s National AI Plan released in December last year.

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