Business NSW provided critical insights on emerging AI trends to more than 220 business leaders across a wide range of industry sectors in the region at a summit on April 3.
Presented in partnership with nbn Australia and the University of Newcastle, the Central Coast AI Summit was held at Mingara Recreation Club.
“AI is not only here to stay but is growing at an exponential rate,” Business NSW Regional Director for the Central Coast,” Scott Goold, said.
“According to Microsoft and the Tech Council of Australia, the AI economy could be worth $115B annually by 2030.
“However, the Business NSW Business Conditions Survey identified that only 22 per cent of businesses invested in AI solutions in 2023 and 45 per cent of small businesses were unreceptive to adopting AI in their operations.
“Given this disparity, we saw a critical need to raise the level of understanding of AI across the Central Coast business community.
“The record turnout to the summit reflects the importance local businesses are placing on understanding the challenges and opportunities relating to this emerging technology.”
Goold said a key takeaway from the summit was the consensus among delegates that AI was not something to fear, but a tool to boost efficiency, lift productivity and improve customer experience.
“The Business Conditions Survey confirmed that businesses intending to spend more on automation and machinery also have plan to hire extra staff,” he said.
“The AI tools demonstrated to delegates during the summit were clearly designed to support staff, not replace them.
“One application demonstrated has been trialled with more than 18,000 users; 70 per cent of participants reported being more productive, 68 per cent reported improved quality of work, 29 per cent were faster and 64 per cent spent less time on email.”
The summit delivered a morning of cutting-edge insights, innovative discussions and boundless opportunities in the realm of artificial intelligence.
“As major partners of this inaugural event, nbn Australia and The University of Newcastle shared a wealth of knowledge and resources to inform our audience on how AI is revolutionising industries and shaping the future of business,” Goold said.
The AI Summit was opened by Federal Member for Dobell Emma McBride, who detailed the Australian Government’s perspective on the growing use of AI, its regulation and how it would assist business growth and productivity.
Delegates were then treated to keynote presentations from Deloitte, Microsoft, Amazon, The University of Newcastle, Akkodis, nbn Australia, Amazon Web Services and the Business NSW Chief Economist.
“Business NSW Central Coast remains committed to nurturing a culture of innovation and driving economic growth in the region,” Goold said.
“The success of the AI Summit underscores the organisation’s dedication to equipping local businesses with the tools and knowledge needed to thrive in an AI-driven world.”