Singapore Businesses Lead the World in AI and ML Investment, Says Workday

13 Oct, 2023

Singapore Businesses Lead the World in AI and ML Investment, Says Workday

Workday, a prominent provider of enterprise cloud applications for finance and human resources, has unveiled a recent study indicating that Singaporean businesses are taking the lead in global investments in artificial intelligence (AI) and machine learning (ML) technologies. This study, titled the "C-Suite Global AI Indicator Report," draws insights from 2,355 business leaders worldwide, including those in Singapore. The report delves into the expected impact of AI and ML on the future workforce.

According to the findings, Singaporean businesses allocate an average of 24% of their annual budgets to investments in AI and ML. This places them ahead of the United States (22%) and Canada (21%), exceeding the global average of 18%. It is evident that Singaporean businesses are making robust, long-term investments in AI and ML, with half of the respondents agreeing that these technologies will significantly enhance human potential.

Singapore stands out as an early adopter of AI and ML across its business operations. Approximately 51% of Singaporean businesses are already making strides in deploying AI and ML to streamline workflows and enhance the workforce, surpassing the global average of 34%. The advantages of integrating AI and ML technologies are multifaceted, with improved collaboration being the most prominent benefit observed among Singaporean businesses. Notably, 63% of HR leaders in Singapore believe that AI and ML will empower HR to deliver greater strategic value, while 57% of finance leaders in the country consider AI and ML to be a game-changer for the finance sector.

Despite their optimism about the immediate business benefits of AI and ML investments, half of the surveyed business leaders in Singapore express concerns about the current reliability of these technologies. The survey reveals that 37% of Singaporean businesses are either scaling up their use of AI and ML or have reached maturity in their implementations, marking the highest percentage among all countries included in the study. Looking ahead, 69% of business leaders in Singapore anticipate that their organizations will increase their investments in AI and ML over the next five years.