How Singapore can serve businesses as a hub for AI innovation and growth

Singapore is working to help businesses capture growth opportunities across the vibrant Asia-Pacific region by adopting and developing Artificial Intelligence (AI)-powered tools and solutions.

Through a refreshed National AI Strategy, Singapore will strengthen the AI startup ecosystem, anchor new AI Centres of Excellence across companies and upskill the workforce through sector-specific AI training programmes, among other things. It has also committed more than S$1 billion in funding over the next five years into AI compute, talent, and industry development.

According to an Accenture report on Generative AI (GenAI) talent, responsible adoption of generative AI could create an additional US$10.3 trillion (S$14t) in economic value by 2038. Accenture Singapore’s Country Managing Director, Mark Tham gives his take on the best practices companies can adopt to fully leverage the game-changing nature of AI.
 

1. What are some barriers Singapore-based companies face regarding AI adoption?

Barriers to AI adoption include cost and manpower constraints, particularly for companies independently embarking on AI projects. For instance, cost estimates for a GPT-3 single run training range from US$500,000 to  US$4.6 million (S$673,000 to S$6.19m), depending on hardware assumptions.

Singapore’s broadsheet, The Straits Times, notes that E-commerce companies stand to benefit significantly from AI adoption for customer targeting and product recommendations. However, implementing such projects independently, without additional funding support, would necessitate a substantial long-term investment due to the large data models involved.

Companies also need to consider investing in sustainable technology foundations to tackle infrastructure-related carbon emissions. For example, green software development frameworks, which prioritise energy efficiency and lowering material carbon emissions throughout the software development lifecycle, can deliver positive environmental outcomes although it comes with associated costs.
 

A shift is also needed from a manpower perspective. Accenture's report found that 78 per cent of Singaporeans are concerned about job displacement due to AI, a stark contrast from the global sentiment of 58 per cent. To drive this shift, leaders need to create environments where people feel inspired to keep adapting to transformations made possible by AI.
 

2. What are the best practices, with regards to AI deployment and activities, that companies in Singapore should adopt?

There are three areas leaders should be mindful of: data-readiness, people-readiness, and responsible AI.

• Data-readiness: Companies need to have strong foundations in data and flexible AI architecture to adopt multiple AI models, while future proofing these from model changes that may emerge. It is also imperative to get proprietary data ready as customising foundation models will require access to domain-specific organisational data, semantics, knowledge, and methodologies.
• People-readiness: This involves enriching two increasingly important skills—- creating AI and using AI. This includes technical competencies like AI engineering and enterprise architecture and skills necessary to work effectively with AI-infused processes.
  For example, people performing tasks that are cognitively complex and judgment-based will need enough technical knowledge of how these models work to have confidence in using an AI tool as a companion at work - this includes domain experts who understand how to apply data in real-world settings. Consequently, there will also be entirely new occupations created, including linguistics experts, AI quality controllers, AI editors, and prompt engineers. 
  This would require profound changes to talent strategies and training in support of AI’s role in augmenting rather than downplaying human capabilities.
• Responsible AI: Mitigating AI-related risks such as misinformation, inaccuracy, the security of proprietary and confidential information, and workforce displacement takes on added importance in an AI-dominated era.
  In the context of countering misinformation, executives should define and articulate a Responsible AI mission and principles while establishing a transparent governance structure across the organisation that builds confidence and trust in AI technologies.
  One example is the Responsible AI Compliance programme which Accenture developed globally. This program not only contributes to establishing AI governance but also helps conduct AI risk assessments and enables systemic testing. 
  To foster positive outcomes and experiences with AI within their organisations, leaders should prioritise not just the importance of Responsible AI practices but offer training to ensure all employees adequately grasp the principles of such practices.
   

3. How can the government and private sector better collaborate to advance Singapore’s AI ambitions?

In terms of promising public-private partnership initiatives, the Monetary Authority of Singapore’s Project MindForge comes to mind. Supported by a consortium comprising major banks, technology companies, and Accenture, this project aims to develop a clear and concise framework for the responsible use of generative AI in the financial industry. It also catalyses generative AI-powered innovation to solve common industry-wide challenges, enhance risk management, and alleviate uncertainty for companies navigating the nascent AI landscape.
 

Nurturing TQ starts with encouraging workers at all levels to learn about emerging technologies, how it’s applied, and why it matters.

Programmes such as the TechSkills Accelerator (TeSA) are an example of how the private sector is supporting overarching government efforts to help workers bridge existing gaps in tech capabilities. It enables professionals to acquire the relevant in-demand skills in light of Singapore’s growing digital economy.
 

4. What should companies do to help their employees gain an edge in a future of work disrupted by AI?

The majority (97 per cent) of global executives¹  believe generative AI will transform their enterprises and industries, playing a significant role in their strategies over the next three to five years. Our study² of over 1,000 CEOs and Chief Human Resource Officers (CHROs) across 12 industries globally found that C-suites are prioritising the harnessing of data, technology and people, to accelerate transformation and growth. Indeed, there is no business strategy without a talent strategy, as this holds truer in a world that is disrupted by AI.

No matter the advances in automation and AI, companies will still require highly-skilled talent to meet their business goals. One way to achieve this is for leaders to emphasise the importance of fostering a sense of well-being, ensuring employees feel connected, with a culture supported by pillars of trust and sense of belonging. Such efforts go toward ensuring employees are “Net Better Off” working here. 

For example, Accenture worked with a global client on a digital upskilling program that first identified strengths and gaps within the organisation. This was followed by conceptualising job-family-specific learning programs relevant to daily job functions via a contemporary learning management system. The next phase involved developing talent-management processes in a third-party cloud HR system to assess employees’ existing roles and ambitions. Decoupling performance was key to encouraging professional development and optimising the talent lifecycle through more accurate digitisation.
 

5. How does Accenture ensure its people have the relevant knowledge and skill sets to be well-versed in AI deployment?

People-centric approaches to generative AI adoption and innovation can also add US$4.5 trillion³ in additional economic value by 2038.

To date, Accenture has trained over 80 per cent of our global workforce in the fundamentals of AI, including equipping more than 250,000 people with new AI tools. Our investment in our AI Academy, focused on deep AI and generative AI specialisation, contributed to the doubling of advanced data and AI practitioners from 40,000 to 80,000 globally.

In Southeast Asia, we have implemented multi-stage training programmes – from broad-based TQ training to Masterclasses, aimed at helping our leaders shift their mindsets and equip them with skills to discuss the impact of generative AI on our clients.

In Singapore we have implemented a distinctive "hire-to-train" strategy to rapidly onboard talented individuals with the necessary skills, especially in emerging fields such as artificial intelligence, cloud computing, and data analysis. This approach involves upskilling local polytechnic graduates to transform them into technology professionals equipped for the future.
 

Footnotes:

¹ Accenture. Reinvention in the age of generative AI. Accessed at: https://www.accenture.com/us-en/insights/consulting/total-enterprise-reinvention

² Accenture. The CHRO as a growth executive. Accessed at: https://www.accenture.com/sg-en/insights/consulting/chro-growth-executive

³ Accenture. Work, workforce, workers. Accessed at: https://www.accenture.com/hk-en/insights/consulting/gen-ai-talent