The survey also reveals that data security, data management/governance, and scalability, as well as interoperability and integrating with legacy systems are primary barriers to AI/ML progress. The scarcity of skilled AI and machine learning (ML) professionals to spearhead and administrate AI/ML initiatives and to deal with change management also poses a significant hurdle.
Singapore’s $1 billion boost to further artificial intelligence (AI) capabilities underscores the importance of AI in transforming the nation’s socio-economic growth and competitiveness. Businesses will be compelled to act immediately to integrate their current business processes and capture the benefits that AI and other innovations can bring. But to secure the required investment (whether internally or externally) and to produce intelligent business outcomes will require careful consideration and a methodical strategy.
A recent survey conducted by Searce to examine the factors behind successful AI implementation reveals that ‘mature’ organisations with successful AI implementation employ several strategies for success. This includes investment in high-quality data, clear goals, talent development, and a strategic approach characterised by gradual scaling via small pilot projects.
