A third of Queensland businesses are struggling to keep up with technological advancements including AI, new data from Business Chamber Queensland’s 2024 Digital Future of Work Report shows.
Out today, the Digital Future of Work Report, supported by Australian Retirement Trust, is a critical resource, that sets the agenda for Queensland businesses to prepare for the opportunities and risks presented by digitisation in the workplace.
The report shows as the state is set to experience significant economic growth over the next decade, some businesses are better-positioned than others to take advantage of digital opportunities, while others face challenges including cyber vulnerability, internet connectivity and limited AI literacy.
Business Chamber Queensland CEO Heidi Cooper said the chamber was leading the discussion on emerging technology trends in the workplace and enabling Queensland businesses, industry and government to respond, plan and invest for the future.
“Our research found some businesses are already proactively working to prepare and protect their operations and workforces in the digital future of work, but technological advancements are happening faster than many businesses can keep up,” Ms Cooper said.
“Businesses who are already utilising the benefits of technology are driving competitiveness and maximising opportunities. However, others still need support to understand where the opportunities and risks exist in navigating the evolving tech and digital landscape.
“Digital and tech capability is critical to build workforce and business efficiency and productivity and businesses are calling out for this support.
“Businesses tell us they are eager to embrace technology, but internet connectivity, cyber security and skills gaps mean some are falling behind.
“At Business Chamber Queensland, we’re working to ensure Queensland businesses can capitalise on future opportunities and remain competitive and resilient in an ever-evolving world.
“This foundational report is a critical tool for businesses navigating all stages of the tech and digital evolution.”
Business Chamber Queensland surveyed hundreds of businesses across the state, capturing data on key digital priorities including artificial intelligence, automation, cyber security, internet connectivity, workplace arrangements and workforce skilling.
The report found while AI and other technologies present a major opportunity for Queensland businesses, many are stuck navigating digital challenges, including poor internet connectivity, changing workforce skill requirements and a rise in cyber attacks.
“We heard from business that they feel like they are in a ‘tech fog’ and it is hard to know where to get support that is fit for purpose for their business,” Ms Cooper said
In the past 12 months, 15% of businesses experienced a cyber security attack, of which 52% were small businesses.
More than half of all businesses surveyed (53%) indicated a need for updated staff training in cyber security, and across the board, nearly one third (28%) of businesses saw a need to change task descriptions and job requirements in existing roles.
This data indicates businesses are planning to evolve and retain current workforces in response to the evolving digital future of work.
Australian Retirement Trust CEO David Anderson said the Future of Work series provided trusted and timely insight into the needs of Queensland employers.
“We’re proud to partner with Business Chamber Queensland in developing this report and to provide an early and comprehensive understanding of what employers consider to be the main drivers in the digital future of work,” Mr Anderson said.
“Ultimately, confidence and clarity in ongoing economic and societal factors that impact Queensland are important for employers to plan, invest and grow.
“This research is a great tool in that process.”
The business perspective
Business Chamber Queensland’s Digital Future of Work report found businesses are in a ‘tech fog’ as they try to understand and traverse rapid advancements in technology.
Only one in five businesses surveyed (20%) say they have either a good or expert understanding of the role of AI in business and more than half of all businesses (57%) reported a strong or critical need for new skills and training to deal with the AI transition.
Queensland small business owner and Founder of Social Mediology and The AI Success Lab, Kate vanderVoort (pictured) said many businesses had been using AI unknowingly for years, but it’s now easily accessible for every business, across every function.
“It’s not just available for those with big budgets. The new AI platforms and tools available mean even the smallest of businesses can see massive productivity gains with very little tech expertise,” Ms vanderVoort said.
“Those who adopt it will leapfrog to the front of their business category and be able to do twice as much in half the time.”
Download The 2024 Digital Future of Work Report
Insights
Australian Retirement Trust is one of Australia’s largest super funds. Close to 2.4 million Australians trust us to take care of over $300 billion of their retirement savings. We’re here to help our members retire well with confidence, focused on strong long-term investment returns, lower fees and the information and access to advice our members need to manage their super and retirement.