Paul Berkovic, Co-Founder and CCO at Rayven said, “It’s exciting to think about the capabilities and potential of AI, but it’s a pipe dream if we don’t address the hurdles most businesses are facing today. The reality is that a great deal of what is purported to be AI is really machine learning, and very few businesses even know where to start with that, with even fewer understanding what’s holistically possible.

Meanwhile, real-time data is very doable today, though many businesses are yet to embrace its full capabilities outside of cybersecurity and ecommerce spaces. Establishing, collating and analysing complete, real-time data sets can deliver a business with a multitude of benefits; from streamlining data flows and delivering automations, improving employees’ decision-making via live analytics, increasing operational output using predictive analytics, improving energy and other resource efficiency via all-new insights; the bottom-line and productivity opportunities are vast.

To ensure businesses are making the most of AI, start with capitalising on the capabilities and benefits of real-time data. Only once reliable and free-flowing real-time data is made accessible within a business can AI’s full potential truly be explored.

James Greenwood, Regional Vice President, Technical Account Management at Tanium offered, “The most recent OAIC data shows the notified breaches were at their highest in three and a half years in the first half of 2024. Organisations are drowning in vulnerability debt, which means they can’t remediate known vulnerabilities fast enough. This issue stems from a mix of outdated tooling and a lack of resources. Reducing security flaws in Australian companies is one area of the economy in which leveraging AI is a no-brainer. However, AI built on good data is the key to success.”
Greenwood went on to state, “Automation will change the IT workforce for the better. Not only can it reduce human error by removing manual processes, but automating tasks that are tedious and often have to be conducted outside of business hours, can lower burnout rates and improve work-life balance across the IT industry. Not to mention, most importantly, automating vulnerability management and remediation will improve the security posture of our organisations, ultimately reducing risk for everyday Australians and creating a competitive advantage on the world stage.”

Simon Berglund, Senior Vice President & General Manager, APAC, Diligent said, “Artificial Intelligence (AI) is transforming the governance, risk, and compliance (GRC) landscape by addressing the heightened pressures of regulatory changes and vast data management. For GRC professionals, manual processes can no longer keep up with evolving risks.”

AI empowers leaders by enabling them to quickly process vast and complex data sets, turning raw information into actionable insights in real-time, resulting in faster, more informed decision-making, particularly in areas like risk analysis, compliance reporting, and predictive governance. By automating repetitive tasks such as data collection, anomaly detection, and compliance checks, AI frees up leadership to focus on strategic initiatives, ensuring that critical decisions are made efficiently and with enhanced accuracy. This is especially critical in today’s fast-paced business world, where delays and gaps in decision-making can lead to significant vulnerabilities. This agility helps organisations better understand, anticipate and mitigate risks, while staying on top of changing regulatory requirements.

However, organisations should adopt ethical AI practices that not only comply with data privacy laws but also ensure compliance with regulatory frameworks. In fact, the Australian Government has just released its Voluntary AI Safety Standards to indicate progress in its regulatory agenda in promoting the safe and responsible use of AI in Australia.

Ethical AI practices must also include regular auditing and monitoring to maintain alignment with evolving regulations and protect both individual rights and organisational integrity.

As AI continues to evolve, it will increasingly be used within organisations by its employees, by organisations for its customers and outside organisations by its suppliers. Forward-thinking GRC leaders must ensure its responsible adoption to establish robust safeguards to manage risks. By fostering transparency, accountability, and ethical practices, organisations can confidently leverage AI to drive innovation, meet regulatory demands, and navigate an increasingly complex governance landscape.

Alyssa Blackburn, Program Manager – Information Management, AvePoint opined, “There is no doubt that AI is having a transformative impact across industries. AI is revolutionising how organisations handle data, offering tools that simplify data discovery, governance, and compliance. At AvePoint, we focus on how AI can help businesses overcome the challenges of modern information management, empowering them to securely manage, store, and leverage their data for strategic decision-making.”

However, with these advancements come new responsibilities. As AI integrates more deeply into our systems, organisations must strike the right balance between innovation and accountability. AI’s ability to automate complex data processes brings efficiency, but it also highlights the importance of trust, transparency, and ethical use. Without responsible AI implementation, there’s a risk of overlooking data privacy concerns and regulatory compliance.

Consideration also needs to be given to generative AI and how information stores either hinder or enhance. Gen AI outputs can only be as good as the information it has access to and if that information is stale, out of date or redundant, the generated AI output will never reach expected standards. This in turn will hamper decision-making and open organisations up to more risk.

By using AI responsibly, organisations can create smarter data governance strategies that not only optimise performance but also protect sensitive information. This empowers organisations to manage their information lifecycle efficiently, ensuring compliance and enhancing operational productivity.

As AI continues to evolve, it’s vital that organisations don’t just adopt the latest technology but that they do so with a commitment to safeguarding their most valuable asset—information.

James Ramsay, Principal Product Manager, Remote, said, “AI is expected to significantly impact workplaces, particularly in streamlining payroll processes. This is essential as remote work grows and businesses expand globally, necessitating efficient payroll systems that comply with local regulations in all the places that they hire.”

AI can enhance payroll by quickly identifying errors and adapting to legislative changes, reducing risks of human error and fraud. However, businesses must prioritise data privacy and security as they integrate AI into payroll systems to protect sensitive employee information.

However, as businesses integrate AI, they must remain vigilant about data privacy and security, ensuring protections are in place to safeguard sensitive employee information from unauthorised access and leaks. Given the Australian Taxation Office’s move to conduct more random audits for tax discrepancies, leveraging AI for payroll compliance has never been more crucial.

By adopting AI responsibly, businesses can enhance operational efficiency while ensuring they meet regulatory requirements, ultimately leading to a more agile and competitive workforce.