Fiona Dixon

Emerging technologies, notably artificial intelligence (AI), will be key to business success in 2024, according to the latest HLB Survey of Business Leaders.

The survey^[1] interviewed C-suite executives globally to identify the key opportunities and challenges they see in the year ahead.

Across the board, inflation (74 per cent), geopolitical risk (69 per cent) and economic uncertainty (68 per cent) are the main concerns but 84 per cent of business leaders are upbeat and remain confident in their own ability to grow revenue in 2024.

Further, they believe technology will be key to achieving this growth. In total, over two-thirds of business leaders (68 per cent) agree that emerging technology will be key to driving innovation, creativity and productivity in their businesses.

Fiona Dixon, business transformation partner at HLB Mann Judd Sydney, says twice as many business leaders (60 per cent) plan to adopt new technologies in 2024 compared to 2020, to assist with improving operations efficiency, reducing costs, and launching new products or services.

“AI in particular was singled out as the most important technology for business success for the remainder of the decade, with 65 per cent of respondents ranking AI as the most important technology for their business over the next five years,” she says.

“Cloud computing, machine learning and “internet of things” are also seen as important, while other technologies such as blockchain have fallen down the scale of importance.

“Virtual reality also saw a significant jump in ranking, and it will be interesting to see how new technologies such as Apple’s Vision Pro play out over coming months, with businesses already looking at ways to use it.”

Ms Dixon says the research shows that AI is seen as having the potential to help businesses grow in a number of ways.

“Businesses are already using AI to improve operational efficiencies in areas such as process automation, document processing and customer analytics, and we expect to see this use grow exponentially as AI is integrated even deeper into business processes,” Ms Dixon says.

The survey identified three overall approaches to AI adoption by business leaders – innovators who are already using AI or eager to integrate it (44 per cent), explorers who are willing to give it a try but don’t see it as a priority (38 per cent), and conservatives who are averse to using it, or cautious about the risks (18 per cent).

Overall, small business, and those in the technology and manufacturing sectors, were more likely to be innovators.  They are also more likely to be confident about their ability to grown revenue over the next 12 months, with 88 per cent saying they are either confident or very confident compared to explorers (83 per cent) and conservatives (80 per cent).

At the other end of the spectrum, conservatives are more likely to be prioritising operation efficiency over new technologies, and are very concerned about data security and privacy, with 47 per cent saying this is the primary barrier to adopting AI.

“There is no doubt that business leaders are on a journey with AI, adapting their businesses to take advantage of the opportunities as they evolve.  However it is important that they treat AI integration as a journey – a marathon rather than a sprint – in order to make the most of its potential in a sustainable and long term way,” Ms Dixon says.

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Notes:
[1] Between September and November 2023, HLB collected 979 survey responses from business leaders across 52 countries and a broad range of industry backgrounds. Responses were collected via an online survey tool or telephone interview. The research sample was selected and controlled via HLB firms from their CRM data and supplemented with external market responses. In addition to the quantitative data, six in-depth interviews were conducted via video calls with various subject matter experts. The base for all figures is 979 unless otherwise indicated.

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They are: Brian Sully (partner – Brisbane); Brad McVeigh and Kirstin Stewart (partners – Perth); Nicholas Guest and Kinh Luong (partners – Sydney); Mitch Markwick (partner – Wollongong); Fiona Dixon (director – Sydney); and Mike Gummery (director – Melbourne)

Tony Fittler, chair of the HLB Mann Judd Australasian Association, said the appointments reflect the ongoing strength of the group.

“We continue to see good growth across all areas of the business, and particularly in corporate advisory and wealth management services.

“The new partners and directors will join the approximately 85 partners and around 600 staff members in the HLB Mann Judd Australasian Association, in providing business advice and services to a wide range of business organisations and private clients.”

Brian Sully joined the Brisbane firm earlier this year and has been appointed partner in business advisory services and superannuation. He has over 30 years accounting experience and has also worked as a company auditor and forensic accountant. He holds a bachelor of commerce from the University of Queensland and a post graduate diploma in financial planning, and is an ASIC registered SMSF auditor. Mr Sully is a fellow of the Chartered Accountants Australia and New Zealand, a fellow of the Taxation Institute of Australia, and an SMSF Specialist Auditor with the SMSF Association.

Brad McVeigh joined the firm as a partner in Perth’s corporate and audit services division in January of this year, following 25 years within the Perth office of another international accountancy firm – 16 of those years as partner – where he served as leader of the audit and assurance team in WA. He has extensive audit experience gained from working with significant listed and private groups in a range of industry sectors throughout Australia, Africa and Asia, and has also worked with growing companies and established firms within the natural resources industry. Brad is a fellow of the Chartered Accountant Australia & New Zealand, and a member of the Australian Institute of Risk Management, the Information Systems Audit and Control Assoc. Inc, the Australian Institute of Company Directors, and the WA Mining Club. He holds a bachelor of commerce from the University of Western Australia.

Kirstin Stewart has also been made partner in Perth in the business advisory services division. Since joining HLB Mann Judd in 2005, she has provided accounting and business advice to a broad spectrum of clients, often playing a major role in their individual success. Ms Stewart is an Accredited Adviser of Family Business Australia and is a member of CPA Australia. She holds a bachelor of commerce from Murdoch University.

Nicholas Guest has been appointed partner in HLB Mann Judd’s Corporate Advisory division in Sydney. He holds a bachelor of commerce and is a member of Chartered Accountants Australia and New Zealand. Nick assists key stakeholders through merger and acquisition transactions (strategic acquisitions and divestments), including initial public offerings. He is experienced in working with ASX listed entities, private equity funds and private businesses across a range of industries.

Kinh Luong has also become partner in Sydney’s audit and assurance division. He has also worked in the New York firm of the HLB network and has particular expertise in financial modelling. He holds a bachelor of commerce (accounting) from Macquarie University and is a member of the Chartered Accountant Australia & New Zealand.

Mitchell Markwick has been has been appointed self-managed superannuation fund division partner in HLB Mann Judd Wollongong. He joined the firm in 2006 and holds a bachelor of accounting from the University of Wollongong. He is a member of the Chartered Accountant Australia & New Zealand and a chartered accountant SMSF specialist with the Chartered Accountants Australia and New Zealand.

Fiona Dixon has been appointed Director, Tax Consulting in HLB Mann Judd’s Sydney office. Fiona holds a bachelor of commerce (accounting) from the University of Western Sydney, and is a member of the Chartered Accountant Australia & New Zealand. Fiona previously worked in London and advises a broad range of entities, including private equity funds in relation to a number of issues including structuring, Division 7A, payroll, capital allowances, GST, stamp duty.
Mike Gummery has been appointed director in the Audit & Assurance division in Melbourne. He has over 10 years experience and joined the firm in 2012 after beginning his career with a big 4 firm in the UK. Mike specialises in assisting ASX listed and private companies and has more recently been involved with various corporate finance transactions including IPOs, IARs and due diligence assignments. Michael is a registered company auditor and a member of the Institute of Chartered Accountants Scotland. He has a Bachelor’s degree in economics from the University of Bath.

In addition, in the past 12 months, Jon Colquhoun was appointed as partner in Adelaide and Felicity Cooper was appointed director in the Gold Coast office.

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