Singapore is quick to investigate, slow to deploy AI

Singapore is quick to investigate, slow to deploy AI

Max Smolaks

August 20, 2019

2 Min Read

There’s plenty of money earmarked in the corporate budgets

by AI Business 20 August 2019

Businesses in Singapore are excited aboutthe potential of artificial intelligence, and are testing the whole gamut of AIapplications, but are often too cautious when it comes to deploying them inproduction.

According to research by AI Summit, Singaporeleads the world in the sheer variety of AI tools available, but just 14 percentof businesses said they can boast to having mature AI products and services inplace, compared to 24 percent internationally.

Just 6 percent said they were at a stagewhere advanced AI had become fundamental to their operations. The averageacross the rest of Asia Pacific and beyond was 12 per cent.

AI Business surveyed 447 businesses formSingapore and the wider region and found that more than two thirds of local companieshad already allocated budget for current or upcoming AI projects.

Most (78 percent) quoted increasedproductivity as the number one driver for adopting AI technologies, followed byimproving customer experience (69 percent), transforming business andoperational models (67 percent) and reducing operating costs (64 percent).

Respondents said they saw the cost ofdeployment and lack of AI skills and expertise as the largest barriers to widerAI adoption.

Just 35 percent said they had most of therequired expertise for AI projects in-house, 32 percent relied on externalservice providers, and another 32 said they currently have no access to skilleddata scientists and AI professionals.

A massive 82 percent of survey participantssaid they want to remedy the situation by developing the necessary skillsinternally within five years, underscoring the importance of technicaleducation in this rapidly growing field.

The complete findings of the survey can be accessed on the AI Summit page.

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