AI refers to a set of technologies that seek to simulate human traits such as knowledge, reasoning, problem solving, perception, learning, and planning. AI has advanced rapidly in recent years, driven by the proliferation of data, rapid increase in computational power, and rising cloud adoption, among other factors. With its rapid advancement, AI can be a positive force for transformation and growth for companies.
However, many enterprises have shared their challenges in understanding of how much value-add AI solutions can bring to the table, leading to resulting low rates of adoption.
To remain internationally relevant and competitive, Singapore needs to accelerate its pace in AI adoption and creation. The window of opportunity is still open for Singapore, and it is critical for us to leverage on the opportunities of AI and rapidly transform our businesses.