Just over a quarter of ASX 200 companies have adopted artificial intelligence, says Matt Vitale, compared with 90% of the Fortune 500. It’s a deflating statistic for those cheering on Australia’s innovation sector, but one in which Vitale spies an opportunity.
After leading crowdfunding investment platform Birchal for eight years, Vitale has joined New Dialogue as executive director to work alongside Tod Pedler, the CEO and founder — a startup that provides bespoke AI systems to mid- and large-cap companies uninterested in off-the-shelf offerings from Microsoft and Google.
This week New Dialogue released fresh research into how artificial intelligence is — and isn’t — used by companies in the ASX 200. While clearly in the firm's interests, it highlights how corporate Australia is lagging behind other nations in AI adoption, and the challenges that will make catching up difficult.
First, the adoption statistics. The 27% of ASX 200 companies that disclosed AI activities in earnings reports is an improvement on the 17.5% that did in 2023. But it lags not only the Fortune 500, but also the 40% takeup on the Nikkei 225.
