Australian companies see AI benefits but face data & skills gap

A new global survey has revealed that while artificial intelligence adoption is increasing in Australia and delivering measurable benefits, Australian organisations continue to face challenges around data quality, governance, and training.

The research, conducted by Workiva, surveyed 2,300 finance, sustainability, audit, and risk professionals who are responsible for corporate reporting.

Among Australian respondents, 84 per cent reported an increase in the return on investment (ROI) from using AI over the previous year.

ROI and productivity

The survey found that for the majority who utilise AI, the benefits were clear: 84 per cent reported a positive ROI, 96 per cent cited time savings, and 93 per cent said productivity had increased.

Practitioners working in organisations where AI is deeply integrated were more likely to report that the resulting time savings were being reinvested into functions such as advancing sustainability initiatives (29 per cent compared to 19 per cent in organisations without deep AI integration), improving risk management or compliance readiness (54 per cent vs 38 per cent), enhancing financial performance through cost reductions or improved profitability (50 per cent vs 30 per cent), and improving customer experience (42 per cent vs 34 per cent).

"As Australians, we are all feeling the pinch of being time poor," said Narain Viswanathan, Area Director ANZ, Workiva. "But the good news is that, for those that do use it, AI is helping us save precious hours. "With the biggest challenge expressed by nearly half of all practitioners that they lack time for strategic work, AI is emerging as an essential tool to bridge that gap".

Adoption rates and readiness

Despite these benefits, only 62 per cent of Australian respondents reported using AI in their daily work, compared to a global average of 74 per cent.

This lower rate of adoption may be explained by almost half (47 per cent) of Australian practitioners stating that their organisation, and particularly senior leaders, are not yet ready to incorporate AI into routine tasks, a number notably higher than the 37 per cent global average.

This gap in readiness highlights potential systemic barriers to AI use in Australia, suggesting a need for increased education, investment, and organisational support.

Challenges around data and governance

The survey also identified significant challenges facing Australian organisations that could hamper further AI adoption. More than 60 per cent of respondents said their organisations lacked high-quality data, comprehensive AI governance policies, and role-specific AI training.

In detail, 64 per cent reported issues with data quality, 72 per cent cited an absence of adequate governance and security policies, and 65 per cent indicated insufficient role-specific training.

Data from the survey further showed that practitioners confident in their organisations' AI capabilities were more likely to have essential elements in place. Specifically, 31 per cent of these practitioners had AI governance policies, compared to 19 per cent among those less confident, while 41 per cent had access to high-quality data versus 16 per cent for those without confidence in their organisation's AI maturity.

Operational and economic pressures

Australian respondents identified several internal and external factors likely to impact their companies' performance in the coming year. Operational inefficiencies were cited as the biggest internal factor, with 52 per cent believing this presented a risk to performance. The most commonly reported daily work challenges were lack of time for strategic work (46 per cent), difficulty keeping up with AI technology (42 per cent), and shifting regulatory requirements (38 per cent).

"This data emphasises the growing demand for AI to assist in mitigating inefficiencies," said Viswanathan. "Companies best positioned to win with AI are those that are investing in the integrity of their data and workforce development. As AI transforms industries, a strategic approach underpinned by a strong foundation will unlock smarter insights and lasting value."

Externally, more than half (58 per cent) of respondents pointed to inflation and rising costs as factors that could negatively affect their company's performance over the next year, while 49 per cent highlighted taxes and tariffs as potential risks.

"As the world's economic compass, the impacts of American policies always tend to hit Australian shores," said Viswanathan. "It's imperative that organisations attain full visibility over their data, because only then can you accurately model scenarios against any external headwinds."

The survey results suggest that while Australian organisations are recognising the returns of AI adoption, further progress will require a focus on foundational issues such as data quality, leadership readiness, security governance, and tailored workforce training.