COTD: GenAI ranks amongst top business priorities for Singapore C-suites

87% of business leaders prioritise AI, but 95% are concerned about implementation challenges.

In Singapore, generative AI (GenAI) is amongst the top three business priorities for 87% of C-suite executives, Salesforce reported.

Of the surveyed business leaders, 48% said their organization currently has a clear and defined generative AI strategy, whilst 47% said they have started working on a generative AI strategy for their business.

The key motivations for C-suite executives to adopt generative AI include cutting-edge technology adoption (43%), competitive edge (42%), and innovative customer and employee experiences (42%).

For business leaders, AI is seen to have the biggest impact on information technology (40), operations (33%), finance (29%), and customer service (28%).

In terms of GenAI implementation, the CEO is seen as most responsible for ensuring successful generative AI integration (42%), followed by the CIO/CTO (31%) and department heads (18%).

However, 95% of C-suite executives see barriers to adopting generative AI in their business including accessibility and inclusivity (43%), lack of skill-building or training opportunities (33%), use of incomplete customer/company data to train AI models (31%), lack of governance (31%), and generative AI producing inaccurate outputs (28%).

Salesforce surveyed 221 leaders from large businesses across the country.