AI divide
Employment Hero is charging ahead with AI, but ASX giants remain vague and unambitious. Is AI a game changer for Australian companies, or is it all just hot air?
Human resources software unicorn Employment Hero may be rushing headlong into artificial intelligence adoption (more on that later), but among Australia’s largest listed companies, AI uptake remains far less convincing.
That’s just one of the conclusions to draw from the recently completed half-year reporting season on the ASX. The period delivered another solid result from CBA, a return to form from Telstra and leadership turmoil at WiseTech.
UBS equity strategist Richard Schellbach analysed mentions of artificial intelligence from ASX-listed companies during results season and concluded that, in an Australian context at least, AI “still seems like a solution looking for a problem”. While local companies remain highly enthusiastic about AI, they have yet to implement it in a way that meaningfully moves the dial for shareholders.
“Overwhelmingly we hear from Aussie companies that their uses of AI are being directed towards improving customer service,” Schellbach told clients. “That said, we again noted vagueness in exactly how and when these AI technologies will translate to more dollars for their bottom line.”
