SG Companies Rank #1 Globally in AI and ML Investment
Singapore businesses are topping global charts regarding AI and ML use.
The conclusion from Workday's C-Suite Global AI Indicator Report showed that Singapore companies are ahead of their global peers in AI use.
According to the study, Singapore companies, on average, invest 24% of their annual budget in AI and ML, ahead of the U.S. (22%) and Canada (21%) and higher than the global average of 18%. It shows that Singapore companies have bold ambitions for long-term AI and ML returns, with one in two respondents agreeing that AI and ML will significantly amplify human potential.
Singapore is also ahead of the game when implementing AI and ML across business operations. Half of Singapore companies (51%) are already making progress in AI and ML deployments to streamline workflows and augment the workforce. The global average is 34%.
“As the region’s leading technology hub, Singapore is a fertile ground for innovation. It is no surprise that businesses here find themselves in the perfect position to leverage and invest in AI and ML across their organization, to unlock new growth opportunities and emerge more competitive and relevant than ever,” said Pannie Sia, general manager for ASEAN at Workday.
Among the numerous benefits of implementing AI and ML technologies, improved collaboration is the most significant benefit among Singapore companies. 63% of Singapore HR leaders believe AI and ML will enable HR to deliver more strategic value, while 57% of Singapore finance leaders believe that AI and ML is a complete game changer for finance and procurement.
According to the survey, 37% of Singapore companies are scaling up their AI and ML use or at maturity, the highest percentage among all countries surveyed in the study. Looking ahead, 69% of Singapore business leaders believe their companies will be investing more in AI and ML five years from now.
However, Singapore companies feel AI trust remains a significant challenge. One in two Singapore business leaders admit that they are concerned about the trustworthiness of AI and ML technologies.
Uncertainty about data and privacy, a lack of trust, and a talent shortage are holding CEOs and other business leaders back from fully embracing and adopting AI and ML. 57% of Singapore IT leaders believe their team will be pressured to find a trustworthy approach to AI and ML for the organization. In addition, 63% of Singapore IT leaders see the shortage of skilled IT talent in the market as the most significant barrier to achieving their current IT goals.
Image credit: iStockphoto/FinFinz
