Australian organisations need to embrace the potential of artificial intelligence and cloud technologies and transform their businesses in order to keep pace with global competition, according to researchers in a new book.
The authors say the time to act is now.
“We initiated this research because we feared that Australian organizations might miss out on opportunities estimated by CSIRO Data61 to be worth $315B,” said co-author Dr Stuart Black.
“In much of the rest of the developed world, such transformations are moving fast. With increasing global competition, local laggards have a limited time before their lack of competitiveness is found out,” he said.
The book, Business Model Transformation: The AI & Cloud Technology Revolution, provides real-world examples of Australian organisations that have made progress in this area.
Through on-the-record interviews with senior executives and case studies, the authors gained valuable insights into how organisations are embracing these technologies as a means to prepare for the future.
“We published this research because we hope to inspire business leaders to act. We are concerned there are companies talking about AI and cloud technologies, few are transforming their business models through the power of these technologies,” said Dr Black.
The research and recommendations are presented in a way that speaks to directors and senior leaders without delving deep into technicalities.
“Business leaders need to have confidence to move forward and embrace these technologies. There may be some reluctance due to fears of not meeting compliance obligations fuelled by recent data breaches, but barriers need to be addressed or Australian companies will be left behind,” said Dr Black.
Business Model Transformation: The AI & Cloud Technology Revolution by Prof Danny Samson and Dr Stuart Black from the University of Melbourne and Alon Ellis from Deloitte Australia. It is available through Routledge Publishing.