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New research shows that more than half of university students who will work in professional services such as law are already using generative AI.
Deloitte Access Economics and the Deloitte AI Institute have released a new report, Generation AI: Ready or not, here we come!, offering insights for C-suite executives on generative artificial intelligence and its increasing popularity with students and employees. A total of 2,000 employees across 18 sectors were surveyed, as well as 550 students.
Of the students surveyed, two in five (40 per cent) intend to start their careers in professional services.
The report found, among other things, that three in five (58 per cent) of Australian students are already using generative AI, with this cohort thus being twice as likely as existing workers to use such emerging technology.
This number is only set to increase, as nearly seven in 10 (68 per cent) students believe that generative AI tools aid their ability to understand new information.
There is “no doubt”, Deloitte wrote in its report, that the current cohort of students across the country are the nation’s “most tech-savvy yet”.
Employers will need to get ready for “generation AI” now, the firm wrote, for two reasons.
“Firstly, because the next generation of employees will expect to have access to and work with AI to do their jobs, so this will need to be accommodated for. Secondly, students’ digi-savvy mindset and keen curiosity to find more productive ways to achieve desired outcomes can benefit existing employees and your business, too,” the report detailed.
The report also found that while more than one-quarter (26 per cent) of Australia’s economy will be “rapidly disrupted” by generative AI, including professional services, less than one in 10 (9.5 per cent) of large Australian businesses have officially adopted AI into their operations.
Moreover, Deloitte noted, Australia ranks second-last out of 14 leading economies on its deployment of generative AI.
The amount invested annually in AI by Australian businesses is expected, the firm added, to be seven times what it is today by 2030, and the number of daily users is expected to double in the next five years.
Deloitte Access Economics lead technology partner John O’Mahony said that the findings about students being twice as likely to use generative AI than current employees “speaks volumes”.
“Businesses need to prepare for this new generation of AI users – tech-savvy young people who are using gen AI regularly to study, live and work better,” he proclaimed.
“They will no doubt change the way work gets done and test how emerging technology can transform businesses from within.”
Dr Kellie Nuttall, the lead strategy and business design partner at Deloitte Australia, added: “Individuals naturally embrace tech faster than business – but gen AI has seen this happen faster than ever before, broadening the gap between a business and its workforce.”
“Yes, this leads to a disruptive threat; but it leads to an even bigger opportunity. Let’s not forget businesses are made up of lots of individuals, each with the power to disrupt.”
And Deloitte Australia chief executive Adam Powick noted: “Leaders like me need to accept that this technology is real and recognise that our role is to harness and guide the responsible application of generative AI, rather than turning a blind eye or resisting change by banning its use.”
“We need to rapidly educate ourselves on the potential and implications of generative AI in our settings and actively encourage adoption, innovation and the sharing of ideas and concepts across our organisations.”
