Artificial Intelligence technology is still struggling to gain traction in Australia’s finance and accounting sectors, according to a recent business survey.

CPA Australia’s 2024 Business Technology Report found that while more Australian business reported using it in the 12 months to July 2024, most are yet to embed it in their daily operations.

Instead, cybersecurity continued to dominate technology take-up in line with growing concern about privacy and financial loss from digital security breaches.

More use but not a daily driver yet

The survey of 1,060 accounting and finance professionals revealed that the number of businesses using Artificial Intelligence in the 12 months to July 2024 increased 14 per cent to reach 69 per cent compared to the previous year.

A further 52 per cent of businesses said that they expected to adopt Artificial Intelligence in the coming year, but only 29 per cent reported using the technology all the time.

Meanwhile, an average of 88 per cent of professionals reported that their employers’ technology investments were improving cybersecurity. On average about half of businesses reported that they would continue to invest in cybersecurity during the next 12 months.

AI could be revolutionary for some businesses

CPA Australia’s Business Investment and International Lead, Gavan Ord said Australian businesses needed to be open to finding new ways to use AI to increase their performance.

“While the number of Australian businesses using AI grows, it’s not yet a day-to-day tool for most,” Mr Ord said.

“Embracing technologies – and finding out what they can and can’t do for your business – is crucial. AI won’t work for every business, but it could prove revolutionary for some,” he added.

Digital strategies thin

CPA Australia said it was concerned about a lack of digital focus among Australian businesses when compared to their counterparts in Asia-Pacific.

The survey found that 53 per cent of Australian businesses have a digital strategy compared to 69 per cent across Asia-Pacific regions including Mainland China, Hong Kong, Vietnam, Singapore and Malaysia.

“Australian businesses can learn a lot from their Asia-Pacific counterparts,” Mr Ord said. “Being open to new technologies and new ways of operating is crucial to the success of any business. If you stand still for too long, the world can quickly pass you by – especially when it comes to technology”.

A summary of the findings of the survey can be found here.