Embracing AI for Competitive Advantage - Insights from Westpac's Latest Report

Developing an AI strategy, ensuring proper data governance, and reskilling workers are key steps towards successful AI integration.

The recent article by Lana Andelane and Westpac NZ's report highlight the significant impact of Artificial Intelligence (AI) on the business landscape in 2024. The report underscores that businesses adopting AI are more likely to experience increased productivity and profitability. It emphasises AI's role in enhancing customer focus, augmenting jobs, and improving adaptability. However, challenges remain, particularly for smaller NZ businesses, with concerns about integration difficulties and potential job losses.

Westpac's industry economist, Paul Clark, stresses the importance of education in overcoming these barriers. He suggests that developing an AI strategy, ensuring proper data governance, and reskilling workers are essential for successful AI integration. The report particularly points out the transformative potential of AI for small to medium-sized businesses (SMBs), enabling them to compete more effectively with larger firms and alter industry dynamics.

Essential Talent recognises the need to understand and integrate AI in today's business world and offers a range of expert AI speakers. These professionals can provide teams with insights and knowledge to effectively navigate and leverage AI technology, covering basics, integration strategies, and future trends in AI in business​

There is nothing to be scared about. We are using AI as a tool in our business to save

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We can book one of our AI speakers for you to help show you the way