The Singaporean government’s recent $1 billion investment in advancing artificial intelligence (AI) affirms the technology’s significance in evolving Singapore’s socio-economic framework and competitive edge. Yet, for businesses to leverage these innovations and create intelligent outcomes, careful planning and strategic thinking are vital.
As demonstrated by a study led by Searce, successful AI implementation is often marked by high-quality data, defined objectives, an emphasis on skill growth, and a strategic rollout of small pilot projects. However, the study highlighted existing roadblocks, including data security, the integration of AI with legacy systems, governance, scalability, and a lack of trained professionals for AI and machine learning initiatives.
While technical vendors frequently dominate conversations around AI, an undue focus on tools rather than business outcomes can result in misplaced priorities. Several organizations have been seen to commit to AI adoption and then attempt to find applications, a strategy that may put the cart before the horse.
Although the eagerness to adopt AI exists, many C-suite executives are failing to identify high-impact applications and build strong business cases. Successful, or “mature”, companies, use AI and machine learning to enhance productivity, customer service, automation, and predictive abilities.
Approximately 80% of all AI projects reported failure, predominantly due to misuse or non-use of tools, not because of problematic software or faulty mathematical models. Successful AI adopters foster a culture of widespread AI understanding, robust change management procedures, and enhanced collaboration and learning. It’s equally essential to manage data centrally and incentivize service providers to adopt a dual delivery approach.
In most “mature” firms, 57% of initiatives are driven by senior executives, whereas less successful companies lag far behind in this area.
AI regulations currently represent a significant impediment as legal uncertainties persist. Numerous countries are considering regulations, but few have completed them, leading to confusion regarding compliance and potential penalties. Singapore sets a high standard with its AI Governance Framework and AI Verify, aligning with established international benchmarks.
The transition to cloud storage offers numerous benefits, simplifying scaling and maintenance, while offering anytime, anywhere availability of software and data. Furthermore, cloud providers typically handle processes like backup and security.
Despite some fears surrounding AI’s safety, data privacy and security can be assured through encryption, data governance, and other IT tools. Handling of objectionable content can be managed through automated detection and elimination. Nevertheless, accepting that errors will occur is vital, and organizations should ensure they have resilient processes in place to deal with exceptions gracefully.
Companies also need to establish a firm ethical AI framework and evaluate all projects against it to prevent harm. Finally, for businesses to secure investment and deliver meaningful business outcomes, it’s crucial to devise a comprehensive, responsible, and sustainable strategy and approach to implementing AI.