Melbourne Business Analytics Conference

The conference offered an invaluable opportunity to network with like-minded professionals who share a passion for business analytics and a curiosity about the evolving role of AI. The mix of perspectives and contrasting opinions created a vibrant atmosphere for debate and idea exchange.

The highlight for us, however, was the lineup of speakers who delivered thought-provoking and often inspiring discussions on the future of AI. We left feeling both grateful for the insights shared and eager to apply these learnings in our own work.

Here are some key takeaways:

AI Adoption

There is active experimentation with AI and Generative AI to enhance operational efficiency and unlock new revenue streams. However, successful implementation requires:

• Strategic investments in sustainable, organisation-wide infrastructure.
• Low-cost experimentation options that allow staff to leverage data and insights, feeding into broader strategic programs.

Main Reasons for AI Initiative Failure

• Choosing the wrong use cases that lack meaningful impact.
• Insufficient ongoing sponsorship beyond the initial launch of AI initiatives.

Ethical AI

Ethical AI was a central theme throughout the discussions, emphasising the need to move beyond simply having a ‘human in the loop’ to driving ‘human-centred’ AI. Key points included:

• Designing AI systems that prioritise human-centric approaches, minimise biases, and protect vulnerable populations.
• Establishing Data & AI Governance Councils to oversee and guide ethical AI development.
• The Australian government’s interim response to AI safety consultations recommends transparency, rigorous testing, and accountability.

AI in the Public Sector

Both federal and state governments are making specific budget allocations for AI initiatives:

• The NSW government is leveraging AI for housing and urban planning.
• The VIC government uses AI and ML to assess candidates for its Digital Jobs Program.
• The South Australian government is focusing on education by using chatbots to enhance children’s learning outcomes.

Australia is Not Lagging Behind in AI

• AI adoption is exceptionally high nationally.
• The term AI and related terms are searched higher in Australia than anywhere else in the world.
• There are currently 544 Australian AI companies contributing to the ecosystem.

At Codex, we’re committed to not only promoting the transformative potential of AI but also ensuring its responsible and strategic adoption. Whether you’re looking to explore high-impact use cases, develop a clear framework for ethical AI, or identify quick wins that drive immediate value, our team of thought leaders is here to help.