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About 4 in 5 business leaders are concerned about 'missing out' on AI benefits

Only 38% are positive and secure about their data accuracy.

Around 84% of business leaders in Singapore are worried about failing to reap the benefits of the adoption of generative artificial intelligence (AI), citing large data volumes as the biggest challenge in utilising artificial intelligence.

In a report, Salesforce found that only 38% of the business leaders in the country are assured of their data accuracy, but respondents from analytics and IT consider security threats as the most difficult to overcome.

As more advancements increase the demand for trusted data, with an expected 22% increase for the next 12 months, instantaneous security threats and tremendous data volume follow and delay industries from taking advantage of data.

ALSO READ: SG and other Asian economies record a rise in GenAI startups

However, the report emphasised the importance of data culture and data governance to ensure businesses can strategically leverage the trajectory of AI and data.

Around 87% of analytics and IT leaders in Singapore alone consider data government for baseline data quality. Meanwhile, 68% of those respondents are planning to invest more in data training and internal data culture for the next year.

“In the new age of AI, data-driven companies will be best placed to capitalise on the technology’s massive potential. A strategic focus on data governance, as well as a strong data culture that empowers employees to work with data on their own terms, will be key attributes that allow companies to reap the benefits of AI,” Gavin Barfield, Vice President & Chief Technology Officer ASEAN of Salesforce, weighed in.

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