AI the most critical tech for business profitability, innovation today, say corporate leaders

Artificial intelligence (AI) is the centrepiece technology that will drive profitability and business innovation for the next half-decade, a new survey by global advisory and accountancy firm HLB International reveals.

More than two-thirds (69%) of surveyed corporate leaders rate AI as the business world’s most important and impactful technology over the next five years – a clear increase on the previous year’s figure of 65%.

Globally, 71% are seeking to harness AI for predictive analytics to track future trends, while 55% are using the technology to improve business agility,

“Business leaders have recognised the need to adapt, with quick action often needed. Technological advances, such as the doubling of computer processing power every four years, are accelerating innovation cycles,” says Kapil Kukreja HLB Mann Judd Melbourne partner in risk, assurance and consulting.

“Many leaders have refined their approach, transitioning from broad experimentation with technology to targeted strategies aimed at enhancing the performance of their workforces, analytics, and, ultimately, profitability,”

Kukreja noted that nearly half (44%) of highly profitable companies are ahead on the AI maturity curve.

“Profitability is essential for the growth and sustainability of any enterprise, particularly given the current market conditions that are demanding greater agility. AI is increasingly used as part of business strategy, he said.

Business leaders also noted a correlation between profitable businesses and those with a strong culture of innovation, singling out those organisations moving to break silos, encourage collaboration and leverage AI and data analytics to understand market trends and customer behaviour.

“These actions create fertile ground for sustained profit and growth. In this year’s research, a shift in focus is evident: profitability takes centre stage over high growth rates,” Kukreja said.

“In terms of using AI in the workforce, these include AI-driven training programs, streamlined recruitment processes, and predictive workforce analytics that support better decision-making across teams.”