Workday, a renowned enterprise cloud applications provider for finance and human resources, has released a groundbreaking study highlighting Singapore’s prominent position in the global investment landscape for artificial intelligence (AI) and machine learning (ML) technologies.
The report, titled “C-Suite Global AI Indicator Report,” draws insights from 2,355 business leaders worldwide, emphasizing Singapore’s leading role in shaping the future workforce through AI and ML initiatives.
The study shows that Singaporean businesses are at the forefront, allocating an average of 24% of their annual budget to AI and ML investments, surpassing figures from the United States (22%) and Canada (21%) and the global average of 18%.
This substantial investment underscores Singapore’s ambitious plans for long-term AI and ML advancements, with half of the respondents acknowledging the transformative potential of these technologies in enhancing human capabilities significantly.
Singaporean enterprises are pioneers in integrating AI and ML into their operations, with 51% of businesses making notable progress in deploying these technologies to optimize workflows and enhance their workforce. This rate outpaces the global average of 34%, highlighting Singapore’s proactive approach to technological innovation.
Pannie Sia, Workday’s General Manager for ASEAN, commented on Singapore’s tech leadership, stating, “Singapore, as the region’s technology hub, provides fertile ground for innovation. It’s no surprise that businesses here are strategically leveraging AI and ML investments to unlock new growth opportunities, making them more competitive and relevant than ever before.”
The advantages of implementing AI and ML technologies are manifold, with improved collaboration being a key benefit for Singaporean businesses. Among HR leaders, 63% believe AI and ML will elevate HR functions, while 57% of finance leaders consider these technologies transformative for finance and procurement.
However, despite the optimism surrounding the immediate business benefits, half of Singaporean business leaders express concerns about the current trustworthiness of AI and ML technologies.
Issues related to data privacy, trust, and a talent shortage pose challenges, with 57% of IT leaders feeling pressure to establish trustworthy AI and ML approaches, and 63% identifying a scarcity of skilled IT talent as a significant barrier to achieving their IT goals.
Sia said,”As Singapore strives to be a global leader in AI and ML adoption, addressing trustworthiness and talent shortages is crucial. Fortunately, Singaporean CEOs and business leaders understand that AI and ML technologies are not temporary trends. Two-thirds of our survey respondents acknowledge the transformative impact these technologies will have on their organizations and industries.
“In navigating today’s complex business landscape, Singaporean leaders must strengthen their talent strategies and prioritize responsible practices to harness the vast potential of AI and ML fully.”
The survey also reveals that 37% of Singaporean businesses are currently scaling up their AI and ML usage, the highest percentage among all countries surveyed. Looking ahead, 69% of Singaporean business leaders anticipate increased investments in AI and ML over the next five years.
