Building AI Competency: What it Really Takes for Businesses
Artificial Intelligence (AI) is no longer just a buzzword—it’s reshaping industries at an unprecedented pace. According to PwC, AI could contribute up to $15.7 trillion to the global economy by 2030, with Australia alone projected to capture $315 billion of that value. But businesses can't simply 'buy' AI competency—they need to build it thoughtfully if they want a piece of that future growth.
Artificial Intelligence (AI) is no longer just a buzzword—it’s reshaping industries at an unprecedented pace. According to PwC, AI could contribute up to $15.7 trillion to the global economy by 2030, with Australia alone projected to capture $315 billion of that value. But businesses can't simply 'buy' AI competency—they need to build it thoughtfully if they want a piece of that future growth.
Without a strong internal AI foundation, businesses risk wasted investments, failed projects, and even reputational damage. Building true AI competency isn’t optional anymore—it’s essential for any business looking to stay relevant, competitive, and efficient.
In this article, we’ll break down what AI competency really means, why it’s critical for business success, and how organisations can start building it today.
What is AI Competency?
AI competency isn’t just owning AI tools or hiring a single data scientist—it’s a holistic capability that spans people, processes, and technology. It requires:
Technical Knowledge: Understanding how machine learning models are built, trained, and validated—and when they should (or shouldn’t) be used.
- Strategic Alignment: Does this actually align with my business goals? Ensuring AI initiatives directly support business goals like improving operational efficiency, enhancing customer experience, or unlocking new revenue streams.
- Data Maturity: Having accessible, high-quality, well-governed data that is ready for AI-driven insights. A 2024 Gartner report found that 47% of AI failures were tied back to poor data quality.
- Change Management Capability: Preparing teams for AI adoption by managing cultural resistance, upskilling staff, and redesigning workflows.
- Ethical and Regulatory Awareness: Building responsible AI systems that minimise bias, protect privacy, and comply with evolving regulations like Australia’s AI Ethics Principles.
Without these pillars, businesses find themselves stuck in endless pilot projects that never scale—or worse, AI initiatives that backfire.
Why AI Competency Matters More Than Ever
AI adoption rates are accelerating sharply. A McKinsey study from late 2024 showed that 63% of companies have increased their AI investment year-on-year, with many citing AI as critical to achieving their top strategic priorities.
However, while enthusiasm is high, only 20% of AI initiatives have scaled successfully beyond the pilot phase. The difference between those succeeding and those stalling? A deep investment in building true AI competency.
For businesses, AI competency:
- Reduces the risks of failed investments.
- Enables faster, more confident scaling of AI initiatives.
- Ensures AI applications are ethical, compliant, and customer-friendly.
- Positions them to unlock transformative opportunities ahead of competitors.
How to Build AI Competency in Your Organisation
Getting started means thinking bigger than just technology:
- Conduct an AI Readiness Assessment: Lynkz offers tailored readiness assessments to benchmark your organisation’s data, processes, and culture against AI best practices.
- Start Small, But Smart: Target 'low-hanging fruit'—projects where AI can have a visible, high-impact result without huge technical complexity.
- Upskill Your Teams: Offer training in AI literacy for leadership teams and technical upskilling for developers and analysts.
- Strengthen Your Data Strategy: Prioritise building robust data pipelines, implementing governance frameworks, and investing in clean, structured data.
- Focus on Ethical AI: Build frameworks to ensure your AI is explainable, auditable, and unbiased from the start.
- Partner for Success: Work with AI specialists like Lynkz to avoid common pitfalls and ensure every project is aligned to business outcomes, not just technical innovation.
Building AI competency isn’t just about surviving the AI revolution—it’s about leading it. Organisations that invest today in skills, data, ethics, and strategic alignment will be the ones reaping the greatest rewards tomorrow. Without it, AI can quickly become an expensive misstep rather than a competitive advantage.