Recently I was talking to one of our business customers who runs an interior design company in Melbourne – Tim Gauci, co-founder of Design + Diplomacy He’s been using ChatGPT since it first launched and the results have been remarkable.

Not only is it saving his business about two hours each day timewise, but his proposals have never been better – not only in terms of the quality of quotes, but also in the valuable opportunities they’re providing to really get to the heart of what his customers are looking for.

Tim has always kept up to date with new technology. He listens to tech-based podcasts to stay in the loop and never hesitates to try out something new if it might help.

I see a lot of other business owners doing the same. In fact, recent KPMG research commissioned by NAB shows that that 1 in 5 (20%) of Australia’s small and medium-sized businesses plan to invest in new technology in the year to come, while another 1 in 4 (23%) already have.

Getting the AI edge

That said, there’s still plenty of opportunity for growth. For example, only 1 in 4 respondents reported actively embracing AI or other emerging technologies.

Some reticence is understandable. Adopting new technology can be challenging – especially when you’re deeply engaged in the day-to-day demands of running a business. In our research, around 1 in 3 businesses cited lack of time (36%), while a similar portion pointed to a limited understanding of emerging technology. Almost half (48%) were held back by a lack of training.

Yet, with the right support, none of these barriers are insurmountable – and the benefits are undeniable.

Consider AI. Its benefits extend well beyond tailored communications. It can also help you make better decisions based on detailed research and data analysis, providing important insights into your customers as well as your business processes.

It can also automate many time-consuming routine and repetitive tasks – whether that’s managing your emails or inventory.

Take another NAB business customer, the award winning April Sun Farms. It’s a Melbourne-based vertical farm that uses cutting-edge technology to produce high-quality, pesticide-free microgreens year-round.

Co-owner Ty Dickson – technologist and facility designer used his 10 years’ of Heating Ventilation and Air-Conditioning (HVAC) industry system experience to design custom components in-house to help maximise growing efficiency and sustainability. This innovation-first approach to design teamed with machine learning and AI, has helped them achieve a 40% reduction in the energy needed to produce a kilogram of product compared to local greenhouses. Not only has AI allowed them to achieve results faster and more accurately, but it’s also freed up valuable time for their team

How to get started

Of course, before you invest in any technology it’s important to prepare. That includes establishing your business goals and researching the relative value of various tools.

Guidance can be helpful here. I spoke to a lawyer, for example, who ran her own legal practice. She was using a digital platform that had been suggested through her peak industry body. That’s a great way to go about identifying the right technology for your business – particularly if you want solutions that are specific to your particular industry.

At the same time, you need to make sure your employees are well prepared for any changes, if for no other reason than to ensure they follow best practice and stay cyber safe.

Scams, for instance, are a huge issue for small businesses, while it’s important to remember that AI tools aren’t infallible. Not every answer on ChatGPT is correct.

Where to look for help

When it comes to support, there’s a wide range of government grants and affordable options available to help fund your digital transformation.

For example, the Federal Government’s instant asset write off,  lets small businesses claim an immediate deduction on eligible assets under $20,000 if they are installed and ready for use by June 30, 2025.

There’s also the Small Business Technology Investment Boost, which allows for a 20% tax deduction on eligible expenditure for businesses with turnover under $50 million (capped at $100,000 per year).

In the meantime, if you’re looking for more guidance, you might want to consider the government’s Digital Solutions Program. It provides up to four hours of one-on-one digital advice for a small fee.

To develop your AI literacy, meanwhile, the Federal Government offers a free Microskills course – Introduction to Artificial Intelligence.

At the end of the day, by seeking support, and doing your own homework, you have a far better chance of making the latest technology your next big opportunity.