AI adoption and cybersecurity risks key issues at SmallBiz Week

The Commbank SmallBiz Week in Melbourne concluded today with small business leaders gathered to discuss pressing issues such as increasing cash flow and enhancing cybersecurity.

Amidst these discussions, AI emerged as the week’s central theme, capturing the attention of numerous businesses eager to explore its potential.

Comprising more than 99% of Australian businesses, SMEs generate more than half of Australia’s GDP each year. AI presents an avenue for these businesses to innovate and increase their efficiency.

Rebecca Warren, the executive general manager of small business at Commonwealth Bank of Australia (CBA), spoke to SmartCompany, sharing key insights from recent customer research conducted by CBA.

Around 60% of business owners were worried about rising overall expenses, 41% were concerned about rising input costs, and 35% were anxious about energy costs.