SG firms struggle with high AI implementation, maintenance cost

Over half (54%) said their firm is currently scaling or fully implementing AI.

Most Singaporean firms (80%) cited high implementation and maintenance costs and a lack of in-house expertise (70%) as the two major barriers to adoption of artificial intelligence (AI) and automation, according to a FIS survey.

Over half (54%) said their firm is currently scaling or fully implementing AI, whilst 84% reported plans to maintain or increase their AI investments over the next two years.

Additionally, Singapore businesses also face greater challenges in securing C-suite and stakeholder buy-in and integrating AI technologies within legacy systems.

Large enterprises surveyed are losing out on an average of US$95.7m a year as a consequence of cyber threats.

Respondents reported that cyberthreats (98%), fraud (76%) and regulatory and compliance issues (54%) present the three biggest challenges.

Singapore businesses are responding in part through the use of AI tools – 40% of respondents said their business has implemented advanced software tools with AI/ML.