Economic Strategy Review's tech and innovation committee to boost AI adoption among firms, workers
Speaking to reporters after touring PwC Singapore's AI hub on Monday (Aug 11), Minister for Digital Development and Information Josephine Teo said sustained economic growth is not a given, 'so we will have to find ways to strengthen our economic strategies to be relevant to the current times'.
This led to the creation of the government's economic strategy review , with one of its key pillars being the committee on tech and innovation, she added.
A key area the committee will examine is how AI adoption can be broadened and deepened. This means looking at the number of companies that will adopt the technology meaningfully, and the number of people that will become meaningful AI practitioners in their business domains, said Teo.
The committee is co-chaired by Minister of State for Digital Development and Information and Education Jasmin Lau and Senior Parliamentary Secretary for Culture, Community and Youth and Sustainability and the Environment Goh Hanyan.
Goh, also present at the tour of PwC's AI hub, said in response to media queries on small and medium-sized enterprises' (SME) adoption of AI that 'we are currently at the process of meeting with new companies' to understand what they are facing on the ground and what they want to be supported by.
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'It's incumbent for us to listen to the voices of businesses and even workers from companies big and small, to ensure that the whole economy benefits and is uplifted by this technology,' she added.
The committee aims to address different companies' pain points and figure out how to support them in AI adoption.
Companies with more resources can develop in-house solutions, but the question for smaller businesses is the way of improving access to pre-approved solutions, Goh noted.
Acquiring AI skills to stay relevant
Responding to The Business Times' question on how the committee intends to help SMEs overcome tight budgets and other practical challenges in adopting AI, she said that it is 'too early to tell' since the committee just started on formal consultations.
'Sometimes the best solutions may not come from the government. It's about learning from each other, learning from experts, and drawing the links,' she noted.
In response to a question on AI replacing jobs, Goh said the committee will prepare workers to not get replaced and move into sectors that will benefit from the technology.
'We want to see how most employees can be equipped with AI relevant skills so that they can continue to play a part in the workforce of the future', said Teo, adding that this will be a very important part of the economic strategy review's work.
She noted that workers who are acquiring AI skills will have a better chance of succeeding, compared to those who are not so ready.
Wide-scale adoption of AI also ties in with her ministry's work related to Smart Nation 2.0 and National AI Strategy 2.0, she said.
PwC launches new AI hub
As part of the committee's work in engaging with companies on their AI Centres of Excellence, Teo and Goh toured PwC's AI hub, where they saw live demonstrations of the technology improving various business functions.
The hub was launched on May 21 , with the PwC network aiming to commit US$4 million over a three-year period.
In a written response to BT queries, PWC Singapore's AI hub leader Anthony Dias said that the hub aims to develop and scale AI capabilities, foster strategic alliances and help organisations build practical applications.
'Over the past year, PwC has worked with organisations worldwide to scale AI use cases across industries such as finance, healthcare, logistics, legal and the public sector,' he said.
The hub's number of employees grew from four at inception to 15 at its launch in May. 'We are now looking to expand the team to 20 employees by the end of the fiscal year,' said Dias.
While the hub's employees currently comprise AI researchers and data scientists, he said that PwC is exploring opportunities to include product managers, solution architects, business analysts and domain experts in areas such as tax, legal and sustainability.
The hub is also supported by the Economic Development Board.
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