While AI adoption is accelerating and delivering substantial returns, a new report from Workiva uncovered alarming gaps in data quality, AI governance, and role-specific training for Australian companies. The report summarises the results of an independent global survey of 2,300 finance, sustainability, audit, and risk professionals responsible for corporate reporting.

Key Findings

• 84 per cent of Australian survey respondents report an increase in the ROI of AI use over the last year
• However, more than 60 per cent of Australian respondents report their companies lack high-quality data, AI governance policies, and role-specific AI training
• Additionally, 47 per cent stated that the lack of readiness within their organisation, particularly among top leaders, is preventing their ability to use AI in daily work

Australian Practitioners Less Likely to Use AI, Despite Measurable Benefits

According to survey respondents, only 62 per cent of Australian corporate reporting professionals use AI in their daily work, which is well below the global average of 74 per cent.

This disparity may be due to nearly half (47 per cent) of Australian practitioners lacking readiness to incorporate AI into their daily work, a figure higher than the 37 per cent global average. This gap highlights a potential barrier to AI adoption in Australia, indicating a need for more education, resources, and support.

Nonetheless, the majority that do utilise AI report that it is generating a positive ROI (84%), time savings (96 per cent), and increased productivity (93 per cent) for their company.

In addition, practitioners in organisations with deeply integrated AI – compared to those without deeply integrated AI – were more likely to report they were reinvesting the time savings in advancing sustainability initiatives (29 per cent vs 19 per cent), improving risk management or compliance readiness (54 per cent vs 38 per cent), enhancing financial performance (e.g., cost reduction, profitability) (50 per cent vs 30 per cent), and improving customer experience (42 per cent vs 34 per cent).

“As Australians, we are all feeling the pinch of being time poor,” said Narain Viswanathan, Area Director ANZ, Workiva. “But the good news is that, for those that do use it, AI is helping us save precious hours.

“With the biggest challenge expressed by nearly half of all practitioners that they lack time for strategic work, AI is emerging as an essential tool to bridge that gap”.

Challenges: From AI Maturity to Time and Tariffs

But AI maturity remains a challenge locally, with most Australian respondents reporting their company lacks key elements for AI adoption, including high-quality data (64 per cent), governance and security policies (72 per cent), and role-specific training (65 per cent).

Conversely, those practitioners confident in their organisations’ ability to use AI were more likely to have AI governance policies (31 per cent vs 19 per cent) and more than twice as likely to have high-quality data (41 per cent vs 16 per cent).

However, it’s clear that AI adoption is essential, as many report challenges that AI could help resolve. The top daily work challenges reported were lack of time for strategic work (46 per cent), keeping up with AI technology or AI (42 per cent), and shifting regulations (38 per cent).

Similarly, 52 per cent identified operational inefficiencies as the biggest internal factor likely to negatively impact their company’s performance this year.

“This data emphasises the growing demand for AI to assist in mitigating inefficiencies”, said Viswanathan. “Companies best positioned to win with AI are those that are investing in the integrity of their data and workforce development. As AI transforms industries, a strategic approach underpinned by a strong foundation will unlock smarter insights and lasting value.”

When it comes to external challenges, more than half (58 per cent) of respondents believe inflation and rising costs could negatively impact their company’s performance this year, while 49 per cent said taxes and tariffs could negatively impact their performance.

“As the world’s economic compass, the impacts of American policies always tend to hit Australian shores,” said Viswanathan. “It’s imperative that organisations attain full visibility over their data, because only then can you accurately model scenarios against any external headwinds.”