3 in 5 firms have AI standards in place

Over half saw a positive effect on customer retention.

Three in every five Singaporean businesses have placed standards on artificial intelligence in their companies, according to a 500-respondent survey by AI and automation company LivePerson.

The report stated that 53% of businesses who already have AI implementations saw a positive effect on customer retention, and 52% said it improved employee satisfaction.

About half of respondents (42%) believe that the technology will eventually replace jobs.

However, a staggering 98% of businesses also revealed that they are trying to mitigate the consequences of AI, with top concerns including lack of transparency (92%), unauthorised data access (92%), and loss of privacy (91%).

Ninety-three percent of respondents think that AI companies should be held accountable for their actions, whilst 91% said systems must ensure that private data remain protected and confidential.

However, Singaporean digital leaders expressed mixed opinions on whether AI accountability should fall on developers (39%) or deployers (37%). Employees, on the other hand, believe that the board of directors (35%) and C-suites (31%) should be ultimately responsible.

To reduce these risks, 44% of businesses said that they provide AI training for employees, 38% consult with experts, 38% also develop business guidelines, 35% review global practices, and 35% conduct reviews.

In terms of AI regulation and standards, 41% of those surveyed think that responsibility should fall on the Singaporean government, 33% pointed their fingers at industry bodies, and 30% on tech companies. Nonetheless, less than half (39%) of businesses think that AI systems should comply with Singaporean and international regulations.