New research released by Alteryx, an analytics cloud platform, uncovers key elements of how artificial intelligence (AI) will shape future enterprises. The study, "Defining the Enterprise of the Future," utilises data collected from 2800 global IT and business decision-makers, creating a three-year roadmap of how enterprises will flourish in an age of AI-modulated intelligence.
As establishments in Singapore endeavour to successfully utilise AI for business gain, leaders have already begun addressing surfacing workforce and regulatory issues to keep ahead in the global AI race, stated Philip Madgwick, Senior Director, Asia at Alteryx. "Our research findings closely synchronise with Singapore's efforts to leverage the transformative power of AI, emphasising the essential roles of upskilling initiatives, empowering the workforce with technology and appropriate safeguards to meet governance and regulatory demands. Accessible, secure, self-service analytics and automation technologies are integral to this journey - not only as devices but catalysts for businesses to harness AI, propel innovation and preserve a competitive edge."
A prime revelation of the study is that innovation and regulation are critical to formulating the future enterprise. Approximately 58% of Singapore business leaders have expressed their plans to boost investment in advanced technology. A significant 78% maintain that AI is already impacting their organisational capabilities. However, only 47% are optimistic that the use of AI will be universally adopted across all sectors and business functions, which is below the regional average of 54%. This sentiment could stem from key ethical considerations like data privacy, transparency, and data governance. For these businesses, regulations relating to AI usage hold as much importance as innovation - 85% believe sector-specific standards need to be developed as AI continues to evolve the business landscape.
Despite regulatory concerns, AI is having a profound effect on key skill sets of the future enterprise. Many businesses are recognising the essentiality of digital transformation, especially around AI and machine learning, as well as providing ethical AI frameworks for guidance. Given the increasingly complex data-driven future, nearly three in ten (29%) see the increasing volume and variety of data as the biggest threat to achieving an AI-driven future. Furthermore, organisations are shifting their hiring strategies - 66% of Singapore business executives state that being multi-skilled is more important than specialising in one area for their employees. This change highlights the significant demand for soft skills such as adaptability, communication, and digital literacy in addition to hard skills.