A new study by business management platform MYOB reveals seven in ten medium-sized businesses (77 per cent) expect to increase their revenue in 2024 despite economic challenges – and their use of tech could be a driving force in their success.

While only half of those business owners surveyed (51 per cent) believe Australia’s economy will improve in 2024, 67 per cent have already seen an increase in revenue over the past year – leaving businesses feeling optimistic for the next twelve months.  This optimism is reflected further by the fact that 56 per cent of business decision-makers plan to increase employee wages in 2024, indicating a positive outlook for the year ahead.

AI and technology driving growth

The study revealed the pivotal role of technology, particularly AI, in the growth of mid-market enterprises. MYOB’s Head of Product for Enterprise and Practice, Valantis Vais, suggested that businesses investing in technology are better positioned for success. Vais’ belief is backed up by data – over three-quarters of surveyed businesses are already leveraging AI, with popular applications including creating marketing content, copywriting, writing technical documents, and financial monitoring.

“Our findings indicate the majority of Australia’s mid-sized businesses see the potential in new technologies, including artificial intelligence,” Vais said.

“Savvy business owners who harbour ambitions to scale and grow know that the more they invest in technology, the better off they will be… Business owners are using AI tools to help boost their business effectiveness as well as navigate challenging conditions,” said Vais.

AI applications and business goals

According to the study, AI is also actively shaping business strategies, with seven out of ten respondents (71 per cent) anticipating its impact on their industry within the next five years.

Business owners also identified the opportunities AI can provide, with improving overall operational productivity and efficiency topping the list at 38 per cent. Respondents believed AI could also deliver better data for decision-making (37 per cent) and improved control of automated systems (36 per cent).

Vais said the study revealed the innovation and enterprise of Aussie business owners.

“The mid-market is lead by a robust and enterprising cohort of business owners, who understand the power of technology to drive productivity and to scale,” Vais said.

“It’s encouraging that the majority are making the most of the latest technologies to take their businesses to the next level. Their ambition, coupled with curiosity and determination to seek different ways of working, will hold them in good stead for a strong year ahead.”

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