NZ companies lagging behind in use of AI

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A recent survey of New Zealand’s listed companies indicates the level of investment and adoption of AI is mostly disappointing and modest at best.

Forsyth Barr’s second corporate Artificial Intelligence (AI) survey, covering about 85 percent of NZ’s listed businesses, shows little change from the position two years ago, with the top third moving ahead, while the rest continue to stand still.

Forsyth Barr director Aaron Ibbotson said one in eight respondents had an AI strategy and vision, but it was largely unchanged from two years ago.

Just two of NZ’s largest companies in the survey were investing more than $5 million a year in AI.

He said New Zealand corporations appeared to be lagging behind their global peers.

“On average, our corporates are suggesting that they have maybe one person working on AI and this is multibillion-dollar corporations. So that that is too little,” he said.

“We only have a handful of companies with more than five fulltime employees engaged or working with AI. So from that perspective, I think I can quite comfortably say that we’re probably not at the forefront when you look at the corporate world.”

He said it is clear that ChatGPT has caught everyone’s attention and was influencing thinking about AI.

The survey of all companies indicated many were quick to use ChatGPT for commercial purposes.

“I think two thirds … said that [ChatGPT] had changed their view of AI and mostly, as far as we can tell, in a positive way.

“So maybe 2024 will be a year where we see a meaningful step forwards.”