Artificial Intelligence to Nearly Double the Rate of Innovation in Singapore by 2021 - IoTNews.asia

By 2021, Artificial Intelligence (AI) will allow the rate of innovation and employee productivity improvements in Singapore to nearly double according to business leaders in Singapore. The study from Microsoft and IDC Asia/Pacific, Future Ready Business: Assessing Asia Pacific's Growth Potential Through AI surveyed over 104 business leaders and over 102 workers in Singapore. While more than 80% of business leaders polled agreed that AI is instrumental for their organisation's competitiveness, only 59% of organisations in Singapore have embarked on their AI journeys. Those organisations that have adopted AI expect it to increase their competitiveness 1.7 times by 2021. "Today, every company is a software company, and increasingly, every interaction is digital. To be successful in this new world, organisations need to be a fast adopter of best-in-class technology; and secondly, they need to build their own unique digital capabilities," "AI is the defining technology of our time that significantly accelerates business transformation, enables innovation, boosts employee productivity, and ensures further growth. Economies and businesses that have yet to embark on their AI journey run a real risk of missing out on the competitive benefits that are enjoyed by leaders."