Helping SMEs take the next leap towards AI
How can Singapore drive greater adoption of artificial intelligence among small and medium-size firms?
A REPORT by the Infocomm Media Development Authority (IMDA) found that Singapore’s digital economy accounted for S$113 billion or 17.7 per cent of the country’s gross domestic product in 2023. The report also found that over 90 per cent of small and medium-sized enterprises (SMEs) have adopted some form of digital strategy. Yet, a deeper dive into the adoption of artificial intelligence (AI), which is at the forefront of digital transformation and can be a game changer for businesses and services, revealed an uneven story.
The IMDA report further found that in 2023, 44 per cent of large enterprises in Singapore had adopted AI. Among SMEs, the adoption plunged to only 4.2 per cent. Almost all those who adopted AI indicated seeing an improvement in productivity and processes – highlighting the value that AI can bring.
Why aren’t more SMEs tapping AI to enhance their business?
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