Singapore firms view artificial intelligence (AI) and machine learning (ML) as key strategic technologies.
More than two-thirds are employing AI/ML as part of their business strategy and allocating between 6% and 10% of their budget to such projects.
Sixty-seven percent also said their AI/ML projects have gone past the experimentation stage and are now either in the "optimising/innovating" or "formalising" stages of implementation.
The majority cited a wider range of use cases, including computer vision applications, automated content moderation, customer relationship management, and biomedical applications.
However, the report by end-to-end, multicloud technology solutions company Rackspace Technology found that 35% of Singapore firms still find it challenging to align their AI/ML strategies to the business.
“The fact that many organisations are having trouble aligning AI/ML strategies to the business and navigating the plethora of new tools available indicates that projects are often falling victim to poor strategy,” says Jeff DeVerter, chief technology evangelist of Rackspace Technology.
See also: Tesla Cybertruck to go on tour in China to burnish tech cred
“Garnering support from the right stakeholders, coming to consensus on deliverables, understanding the resources necessary to get there, and setting clear milestones are critical components to keeping projects on track and seeing the desired return on investment,” he adds.
The report also revealed that Singapore businesses consider sales, human resources (HR) and marketing departments to be the least AI/ML-savvy.
Recognising this, more than half of all respondents said bolstering internal skills/hired talent and improving both internal and external training are on their agenda.
Photo: Markus Winkler/ Unsplash
