Why artificial intelligence is good, but only as good as the data fed into it

Organisations are increasingly investing in AI because they see its potential. In the 2021 federal budget, the Australian government committed to investing more than $120 million in AI over the next four to six years through programs including the development of the National Artificial Intelligence Centre ($53.8 million over four years) and the establishment of the Next Generation AI Graduates Program ($24.7 million over six years). The government has also committed to providing $33.7 million over four years to support projects to develop AI based solutions to national challenges, and $12 million over five years to catalyse AI opportunities by co-funding up to 36 competitive grants to develop AI solutions that address local or regional problems. However, despite the increased investment in and use of AI across industries and businesses, there are lingering concerns over the technology's capacity to deliver on expectations. According to our recent 2021 Digital Readiness Survey, more than 86 per cent of Australian and New Zealand-based organisations reported an increase in the use of AI from two years ago, but only 25 per cent said their confidence in AI had significantly increased.