How Businesses in Singapore are Leveraging AI Technology

AI is one of the technologies that will shape the future of humankind. Even though it is present in this day and age, we can see that its influence will grow even more in the future. It needs to be said that its potential is not fully discovered yet, but it is more than clear that the current level is only a small fraction of what we can expect in the future.

You can see how numerous industries are preparing for the future by implementing artificial intelligence in their modus operandi. You can find it in almost every country in the world. However, we want to point out that only a handful of them are in the advanced stages of implementation in their public institutions.

One of the finest examples you can find out there is Singapore. We are talking about a technologically highly-advanced, South Asian nation, which is widely known as the blueprint for how the future will look for most nations in the world. Today, we want to take a look at how businesses in Singapore are leveraging AI and machine learning.

The Implementation

Before we can talk about this topic in greater detail, we want to talk about the implementation of AI in Singapore. One survey tells us that roughly 75% of companies in the country have invested a high amount of money into this. The same study tells us that this percentage will increase massively in the future.

One of the reasons why AI has become so popular here is customer-centric services. These days, clients are extremely picky about what company or brand they will shop at. They want the offer to be tailored to their needs as much as possible. So, nobody should be surprised that AI takes the major stance here.

Another reason is that a vast majority of the work processes can be automated with software robots. Repetitive tasks, and those that need to minimise human errors, are perfect examples of implementing this tech. So, businesses out there do not need to fear they will lose much money in these processes, especially after this implementation.

How is AI Used in Singapore?

Now, we want to take a look at the branches AI is used for in Singapore.

Healthcare

The interesting thing about AI in this country is that it is primarily used in healthcare. A couple of years ago, the national healthcare initiative announced plans to tie artificial technology and the country’s public healthcare even closer together. By doing so, they would get a chance to prevent numerous diseases through precise diagnostics.

Furthermore, we can see that the country is home to one of the biggest hospitals that specialise in using this tech on the continent. For those who don’t know, we are talking about Singapore General Hospital. One of the techs this hospital specialises in is using this tech for pneumonia screening.

Besides it being useful in things such as this, it is also very helpful in some administrative tasks. Therefore, the hospital will not have any problems with scheduling appointments, and its staff will not need to commit too much of their time to this one. As you can see, there is a way for them to cut their costs.

Transport

In 2018, the new legislature made it possible for the implementation of artificial intelligence in transport. It means that the vehicles can move independently from all the authorities, and they will just be monitored, without any interruption. As a result, they will be much more efficient due to the removal of human elements.

The next is a pretty interesting thing to hear, especially for someone who doesn’t live in the country. Only around 20% of the population own a car. So, the implementation of AI in vehicles will make it possible for them to reduce the costs they have for taxis or shared rides, through the expansion of autonomous vehicles.

Finance

One of the industries where implementing AI has encountered the most challenges is finances. Of course, this doesn’t mean that doing so is not possible, quite the contrary. It just means that the efforts towards completing this require slightly more effort, time, and creative solutions, for it to be implemented fully.

The reason why it is so challenging is that clients have two approaches they are interested in. We are talking about live communication with a person behind a desk. The second one is that they want their services to be provided as fast as possible. You can see just how this can be challenging in the long run.

On the other side, it is more than clear that artificial intelligence is more than useful for the industry. By using it, it becomes easier for you to overcome all the challenges regarding identity theft. Your documentation will be protected through multiple layers of protection and you will be the only one who can access it fully, by surpassing these layers.

What are the Benefits?

With all the things we’ve said, you can have a pretty good idea of how artificial intelligence will impact Singaporean society in the future. Not only that this technology will significantly improve the accuracy of numerous work procedures, therefore, industries, but it will also increase revenue in practically all industries.

As you can presume, this will result in a much higher standard for the population of Singapore. Not to mention that the government has laid the foundation for the country to become a major artificial intelligence hub in the region. So, you can see that the benefits of implementing this technology are numerous and that we can all agree that its future is bright in Singapore and the whole region.

In Conclusion

Business in Singapore has perceived the chance for them to grow immensely through implementing artificial intelligence. Without any doubt, the country is the leading one in the world when it comes to this implementation. Here, we’ve enlisted all the ways we can expect it to happen in the future, and how it is handled these days. We are certain you will find this insight quite useful for those interested in the implementation.