Listen to this articleArtificial Intelligence, AI the intelligent machine, is moving from a buzzword in science fiction to the real world with such technologies that will have a real impact to human beings. From voice assistants such as Amazon’s Alexa, Apple’s Siri and Microsoft’s Cortana to the self-driving car, AI is taking the world by storm with its ability to mimic a human’s cognitive functions like thinking and problem-solving skills.
AI powers new technology applications and engineers a new AI-centric future of humankind. The International Data Corporation or IDC has predicted that the world’s spending on AI adoption will reach a whopping USD 79.2 billion in 2022. Closer to home, ASEAN’s AI adoption has recorded an exponential growth since 2018.
State-Led AI Adoption In Singapore
Singapore, a city-state that won the trophy as the world’s Smartest City as well as the Most Competitive Economy, is one of the top players of AI adoption in the region. The country’s AI technology development is gaining pace rapidly. Singapore has identified AI as one of the four core technologies to future-proof the country. Of all the government initiatives, investments in Smart Nation Initiatives, the proposed Model AI Governance Framework, the development of AI at tertiary institutions, and the launch of AI Singapore, are the core drivers that encourage companies to embark on the AI journey. Let AI Accountant help you.
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The steady growth of AI adoption in Singapore is best evidenced by the emergence of global unicorns such as Gran and Taiger in the country. The flourishing AI technology field is not only the powerhouse of job opportunities in Singapore, but it is also the magnet that attracts global multinational companies to set up their AI hubs in the country.
Opportunities And Challenges Ahead
Inevitably, there is a multitude of challenges and opportunities arising from AI adoption in Singapore. Though challenges and opportunities of AI adoption vary between organisations and industries, there are some common challenges that everyone encountered. It is widely debated that a technology-centric mindset is the key to the success of AI adoption. AI adoption, however, is about finding the right AI solutions after identifying the core issues of a problem. In the view of AI Accountant Chai Chung Hoong, technology is a subset of the whole AI technologies and solution. Therefore, having the capability and value-centric mindset is crucial in the deployment of AI technologies and solutions.
The second challenge is having adequate internal policies and governance frameworks, as they are important to support the changes brought by AI adoption. An organisation will be able to make informed decision to keep up with changes brought by AI adoption with suitable internal policies and governance frameworks. Business experts and AI specialists should have an open dialogue so that AI adoption can really be helpful in operations improvement and productivity enhancement. As such, the top management’s support is crucial to ensure an organisation has a focused direction in the deployment of AI technologies.
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Clearly, having an AI expert with business knowledge on board like AI Accountant will help the business to understand AI technologies and solutions to enhance the operational efficiency effectively. Businesses need to establish skill development framework within the organisation to upskill the staff as well as to attract AI-savvy business talents into the organisation with a well-drafted career development framework. One way to achieve the goal is via the industry-focused partnership, and the collaboration with the academia and R&D sectors to map out the sustainable career development framework in the long run. Businesses and academia could come out with a win-win strategy by creating more AI-centric upskilling programme to produce more AI-savvy business professionals.
Singapore Is Poised To Be The Leader Of AI Adoption In ASEAN
Poised to be the next leader of AI adoption in ASEAN, Singapore has been gearing up its AI growth with state-backed incentives and initiatives. The existing policies are foundational in building up AI competency and capability across industries in Singapore. Singapore is advancing and cementing its position as a leader in AI adoption. Being the first Asian country to develop an artificial intelligence framework, Singapore will continue to invest in and build AI capabilities to remain competitive on a global scale.
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