Businesses looking to stay ahead of the competition have been using generative AI as an invaluable asset. Yes, you read that right, generative AI is revolutionizing productivity in workplaces across Australia and New Zealand (ANZ).
Over the past year, many of us have witnessed how generative AI can significantly reduce the administrative burden, transforming tasks that used to take long hours into tasks that can be completed swiftly and smoothly in just a few minutes. Activities such as drafting emails, generating reports, and designing presentations can now be accomplished in a fraction of the time with the help of AI systems, just a few clicks away. What once seemed like a wonder is now accessible with just a few prompts.
You might wonder how ANZ has been first, leading the way in safely adopting generative AI in their businesses. By automating routine tasks, enhancing creativity, and streamlining workflow, generative AI allows employees to focus on more strategic and creative aspects of their roles. This automation helps businesses achieve significant productivity gains.
While other parts of the world are concerned about AI privacy and security, the ANZ region has confidently moved forward with generative AI. ANZ is integrating generative AI tools to improve productivity and ensure higher quality outputs, by making administrative work easier for executives by changing the roles and responsibilities of employees
We all know that automation is not new for organizations, companies in the Australia and New Zealand (ANZ) region are emerging as significant adopters of generative AI for their business operations to automate repetitive tasks such as data analysis, document processing, and customer service, thereby saving time and minimizing the risk of errors.
ANZ aims to set new standards in the banking industry by introducing the GenAI-First approach. By bringing in generative AI tools, ANZ is improving efficiency with a human touch in their operations. The purpose is to make work processes within the organization simpler and easier for employees, thus improving productivity and innovation.
The Copilot has proven invaluable for ANZ's recent acquisition of Suncorp Bank; it has utilized AI to integrate 3,000 new employees and their documentation. This approach saved the organization time, helped reduce errors in document processing, and achieved up to 80% efficiency gains, such as improving accuracy in processing documents and harmonizing policies.
ANZ, in partnership with Microsoft, launched an AI Immersion Centre to support its AI initiatives. This center aims to educate leaders on the responsible use of AI and accelerate its adoption throughout the organization. By this approach, ANZ has improved customer service, enhanced productivity, and set new standards for the banking industry.
Copilot has also benefited developers, enabling them to complete tasks faster and simplify administrative work for executives. For example, about 3,000 developers have been deployed with GitHub Copilot, and 60% to 75% of developers reported feeling more fulfilled and less frustrated while using AI. It has helped developers to complete coding tasks nearly 40% faster and reduced 30% coding review time
Jo Hayes, ANZ's Chief Information Officer, shares her experience of using Copilot regularly. Copilot makes her day-to-day tasks easier by managing her daily responsibilities, assisting her in summarizing documents, reviewing meeting notes, and identifying focus areas quickly. She describes Copilot as a "daily boost" that enhances her efficiency, allowing her to focus on building meaningful relationships with her team.
Even ANZ employees reported time savings, expressing that tasks that took hours are completed in just a few minutes. This efficiency helped staff to finish work on time and enjoy a better work-life balance. Overall, the use of AI tools like Copilot is reshaping how ANZ operates, fostering deeper human connections while enhancing productivity across its workforce.
Work Trend Index 2024 published by Microsoft reports that ANZ businesses are planning substantial investments in generative AI, nearly 84% of employees in Australia utilize generative AI tools at work, crossing the global average of 75%.
Generative AI is promising and constantly changing the organization's productivity and engagement at workplaces. A recent study by ServiceNow claims that generative AI can save hours equivalent to the full-time salaries of about 970,000 people across Australia. Thus organizations can automate simple tasks, free up their time for creative thinking, improve overall efficiencies, and address workforce gaps while preparing for future needs.