Despite ongoing geopolitical and economic uncertainty, the majority of business leaders in Singapore are investing in AI, technology advancement, and sustainability across all industries, with efforts to overcome a technical skills shortage.
This is from on a report from Autodesk, based on a survey of leaders across Design and Make industries – architecture, engineering, construction, and operations; design and manufacturing; and media and entertainment.
The global study covered 5,594 industry leaders, futurists, and experts from across Asia-Pacific; Europe, Middle East and Africa; and the Americas. There were 161 respondents from Singapore.
Findings show that AI sentiment remains largely positive in Singapore. Against economic headwinds, businesses may be viewing AI as a means to enhance their competitiveness.
Use cases for AI among Design and Make industries could also include automating resource-intensive tasks, enhancing creativity, and informing critical design decisions with data-backed insights, among others.
Recognising AI’s potential to drive growth, many business leaders are now prioritising investment in the technology.
Nearly three quarters (74%) of Singapore business leaders surveyed say AI will enhance their industry, above the Asia Pacific (APAC) average of 68%.
Also, nearly seven in 10 (69%) feel that AI will make their industry more creative.
Three quarters (75%) say their investments in AI will increase, above the APAC average of 68%.
AI also ranked as the top investment priority among Singapore respondents (72%).
“Our research tells us that over 80% of business leaders in Singapore feel the global landscape is more unpredictable than ever,” said Haresh Khoobchandani, VP, APAC & Japan, Autodesk. “Cost control and management are now top priorities, likely due to rising business costs.”
He said these economic pressures are pushing businesses to eliminate inefficiencies, making digital-led growth through technologies like AI a necessity.
Overall trust and confidence in AI remain high. These sentiments may be influenced by the Singapore government’s ongoing support for AI, with considerable assistance provided to local businesses through initiatives like the S$150 million Enterprise Compute Initiative, aimed at accelerating enterprise AI adoption.
Nearly seven in ten (68%) Singapore business leaders trust AI technologies for their industry. Also, 76% are confident that their companies will make the right decision when it comes to AI — above the APAC average of 68%.
Despite AI’s potential for positive digital transformation, there is also recognition that this will disrupt traditional ways of working, necessitating new skill sets and new ways of working. More than half (54%) of Singapore business leaders agree that AI will destabilise their industry.
However, a talent crunch continues to impact business growth. About a third (32%) of Singapore business leaders ranked attracting, training, and retaining talent among their top 3 challenges faced.
Three in ten (30%) also rank technological advancements, including AI, among their top 3 challenges.
More than six in ten (62%) also find the lack of access to skilled talent to be a barrier to their company’s growth.
Businesses are struggling to find employees with the right technical skills, which may lead to a premium being placed on AI skills when hiring.
About six in ten (61%) Singapore business leaders face challenges hiring new employees with the right technical skills.
Nearly half (47%) are prioritising the ability to work with AI when hiring in the next few years
While Singapore businesses acknowledge the importance of upskilling, many are finding it difficult to address these challenges with on-the-job training and continuous learning that could help their employees – and their businesses – keep up with the rapid pace of transformation.
More than seven in ten (71%) Singapore business leaders say their organisations are implementing skilling programs to mitigate the talent shortage.
However, more than half of professionals say they do not have the resources to design internal training programs.
