The study highlights the extent to which AI – a term embracing a range of tools and technologies – is no longer seen as an experimental area.    

A global Deloitte survey of 1,587 family businesses – a sector that wealth managers follow closely – shows that 86 per cent of them have adopted AI. Just over half (52 per cent) have a fully-integrated technology strategy, and 41 per cent are on the way to doing so.

The findings come from Deloitte Private’s Family Business Insights Series: Family Business Technology Transformation study.

At the forefront of in-demand AI applications are process efficiency (40 per cent), risk mitigation (39 per cent), and customer relationship management (39 per cent).

The survey was conducted with businesses with revenues of at least $100 million across 35 countries and in-depth interviews with 30 senior executives, the Deloitte report said.

“Family businesses increasingly recognise that AI is no longer experimental but a requirement for how they compete, operate, and grow,” Yali Yin, Deloitte Private leader, Deloitte Asia-Pacific, said. “Deloitte Private’s research shows that many are still moving from ad hoc digital initiatives towards more structured, enterprise-wide strategies.”

Overall, most respondents are satisfied with their technology adoption – 94 per cent say employees feel that technology has simplified tasks and improved working environments to a large (63 per cent) or moderate (31 per cent) extent. 

Thirty-seven per cent of family businesses still see themselves at only a moderate stage of overall digital investment, with a further 11 per cent reporting minimal progress, underscoring how many family businesses remain in the process of moving from fragmented initiatives towards more integrated, enterprise-wide technology strategies.