In the rapidly evolving landscape of AI, Australian businesses - from pharmaceutical manufacturing to retail - are embracing machine learning to drive efficiency and cut costs. With an estimated 40,000 - 50,000 developers already spearheading various projects, many enterprises focus on well-trodden paths like predictive maintenance, process automation, and customer service chatbots. Yet amid these gains, a critical opportunity remains largely overlooked: using AI to spark entirely new product and service innovations. This trend report explores how the efficiency-first approach may leave big companies playing catch-up when it comes to transforming their business models, urging Australian firms to shift their focus and unlock AI’s full transformative potential.

In the rapidly evolving landscape of AI, Australian businesses - from pharmaceutical manufacturing to retail - are embracing machine learning to drive efficiency and cut costs. With an estimated 40,000 - 50,000 developers already spearheading various projects, many enterprises focus on well-trodden paths like predictive maintenance, process automation, and customer service chatbots. Yet amid these gains, a critical opportunity remains largely overlooked: using AI to spark entirely new product and service innovations. This trend report explores how the efficiency-first approach may leave big companies playing catch-up when it comes to transforming their business models, urging Australian firms to shift their focus and unlock AI’s full transformative potential.