In Singapore, Generative AI (GenAI) stands at the forefront of transforming commerce and industry as businesses increasingly embrace its potential to revolutionise operations. By harnessing vast datasets, GenAI significantly enhances decision-making capabilities, particularly in critical areas like fraud detection and claims processing, thereby liberating resources for strategic initiatives.
The commercial advantages of GenAI are extensive and diverse, spanning across industries from predictive stock pricing to the deployment of AI-driven chatbots and personalised services. This adoption drives operational efficiency, fosters innovation, and opens new revenue streams, positioning businesses at the forefront of technological advancement.
To fully capitalise on GenAI’s potential, organisations must adopt a strategic, long-term perspective. This entails refining business strategies, leveraging advanced technologies, and instituting comprehensive training programmes. Such proactive measures not only mitigate risks but also establish the company as a trailblazer in AI adoption, ensuring sustained growth and innovation.
The successful integration of GenAI demands meticulous planning and alignment with overarching business objectives. Businesses are advised to articulate clear goals, identify pivotal use cases such as enhancing customer experiences or optimising supply chains, and carefully select implementation methods – whether through strategic partnerships or in-house AI model development – to ensure flexibility and effectively address specific operational needs.
Preparing for GenAI implementation necessitates close collaboration between business leaders and IT professionals to establish robust infrastructure, define precise project objectives and roles, and allocate resources efficiently. This collaborative effort ensures that the necessary technological foundations are in place to seamlessly integrate GenAI into existing systems, maximising operational synergy and efficiency.
A robust data strategy is pivotal in unlocking GenAI’s full potential. It requires organisations to meticulously evaluate data requirements, mitigate associated risks, and ensure high-quality inputs for each use case. Clean, consistent data serves as the cornerstone for deriving meaningful insights and fostering continuous innovation, which is essential for the success of GenAI initiatives.
Initiating GenAI projects should commence with manageable pilot initiatives to validate feasibility and garner organisational support. These initiatives should serve as compelling proofs of concept that catalyse broader adoption across the enterprise.
Achieving successful GenAI implementation demands a holistic approach that strikes a balance between cultivating requisite skills, allocating adequate budgets, and investing in AI, data science, and machine learning expertise. Furthermore, securing sufficient financial resources for infrastructure upgrades, software licensing, and ongoing maintenance is crucial to sustainably support and scale GenAI initiatives effectively.
The OpenGov Breakfast Insight in Voco Orchard Singapore on 15 August 2024 explored the evolving landscape of GenAI adoption in Singapore, stressing its transformative impact on industries ranging from finance to customer service. The session showcased innovative case studies, highlighting early adopters setting industry standards and driving sustainable growth.
Delegates discussed how businesses are leveraging GenAI to streamline operations, enhance customer interactions with AI-driven chatbots, and optimise resource allocation. They looked at the importance of transparency in AI algorithms, addressing bias in datasets, and safeguarding consumer privacy. The conversation also emphasised the need for regulatory frameworks to keep pace with advancements, advocating for collaboration between industry, government, and academia.
Opening Remarks
In the rapidly evolving landscape of technology and business, the advent of Generative AI (GenAI) stands as a transformative force with immense potential. From enhancing productivity to fostering innovation and driving economic growth, GenAI promises to revolutionise industries across the board. As businesses navigate this digital frontier, understanding and effectively integrating GenAI into their operations becomes not just advantageous but imperative.
Mohit Sagar, the CEO and Editor-in-Chief at OpenGov Asia, clarifies that Generative AI, rooted in decades of technological advancement, has transcended its origins to become indispensable in creative fields and problem-solving scenarios. Powered by large language models (LLMs) and multimodal capabilities, GenAI can autonomously generate text, images, and even videos based on complex data analyses and patterns.
“This capability isn’t just about automating tasks but redefining how businesses approach creativity and decision-making,” Mohit observes. “In today’s landscape, it’s an imperative, not an option!”
The applications of GenAI span diverse sectors, illustrating its versatility and impact. In healthcare, AI-driven diagnostics and personalised medicine hold promise for improving patient care and treatment outcomes. Financial services benefit from AI’s ability to enhance fraud detection, automate underwriting processes, and optimise investment strategies. Moreover, in manufacturing, GenAI streamlines production processes accelerates prototype design, and facilitates predictive maintenance, thereby driving operational efficiency and cost savings.
A pivotal aspect of GenAI integration is its role in augmenting human capabilities rather than replacing them. By automating repetitive tasks and augmenting decision-making processes, GenAI allows human resources to focus on strategic initiatives that require creativity, emotional intelligence, and complex judgment. This symbiotic relationship not only enhances operational efficiency but also fosters a culture of continuous improvement and innovation within organisations.
“As AI technologies advance, so too must ethical frameworks and governance structures. Addressing concerns related to bias in algorithms, data privacy, and transparency in AI decision-making processes is crucial for fostering trust among stakeholders,” Mohit emphasises. “Organisations must prioritise ethical AI practices, ensuring that AI systems operate responsibly and in alignment with societal values and regulatory requirements.”
Looking ahead, the strategic imperative lies in adopting a proactive approach to GenAI integration. This involves identifying high-impact use cases, conducting thorough task analyses, and implementing robust training programmes to upskill employees. Continuous evaluation and refinement of AI systems based on real-time feedback and performance metrics are essential for maximising the benefits of GenAI while mitigating risks.
“Dell Technologies surveyed 500 IT leaders from various countries to gather valuable insights into their readiness, challenges, and potential in navigating today’s rapidly evolving tech landscape,” Mohit shared. “These figures and other data show the importance of the need for intentional adoption of technology.”
Generative AI represents more than just a technological advancement; it signifies a paradigm shift in how businesses operate and innovate in the digital age. By harnessing the power of AI to automate, augment, and innovate, organisations can unlock new levels of productivity, creativity, and efficiency. As Singapore and other global leaders pave the way forward with comprehensive AI strategies, businesses worldwide are poised to capitalise on the transformative potential of GenAI, driving sustainable growth and competitive advantage in an increasingly AI-driven world.
Leading the charge in AI adoption, Singapore has set a precedent with its National AI Strategy 2.0. The 2019 National AI Strategy fostered significant advancements with 150 R&D teams and 900 startups. The 2023 update, NAIS 2.0, shifts AI’s role from opportunity to necessity, adopts a global perspective and moves from individual projects to integrated systems, ensuring AI’s critical role in the nation’s future prosperity and relevance.
“This initiative underscores Singapore’s commitment to harnessing AI for economic empowerment and societal benefit,” Mohit elaborates. “With significant investments and a robust framework, Singapore aims to position itself as a global AI hub, fostering innovation and creating new opportunities across various sectors.”
The integration of Generative AI (GenAI) is set to revolutionise industries and economies, Mohit is convinced. By leveraging AI, businesses can boost productivity, foster innovation, and drive growth. Singapore’s proactive AI adoption exemplifies how to harness this transformative potential, ensuring broad benefits for both businesses and society.
“As organisations navigate this digital frontier, embracing ethical AI practices and fostering human-AI collaboration will be crucial in maximising the value of GenAI while navigating its complexities responsibly,” he believes.
Welcome Address
Kannappan Mohan, Director, Sales & Service Delivery at CTC Global, Singapore, stresses the crucial need for integrating Generative AI (GenAI) into organisations. GenAI has seen unprecedented adoption rates, becoming the fastest-documented technology adoption in history, largely due to its user-friendly interface that uses natural language, making it easily accessible to a broad audience. However, technologists consistently remind us that GenAI is still in its early stages of development and usage.
He acknowledges that GenAI has the potential to significantly empower individuals, and with the continuous advancement of this technology, those who do not adapt now risk being left behind. However, leaders must take a holistic approach to its capabilities and thoughtfully evaluate its implications for the organisation.
Business leaders must consider the broad impact of GenAI’s rollout, particularly on their people. Employees and managers should have a clear understanding of GenAI’s strengths and weaknesses and how its use aligns with the organisation’s strategic objectives.
“The successful integration of GenAI demands meticulous planning and alignment with overarching business objectives,” Kannappan cautions.
Initiating GenAI projects should start with manageable pilot initiatives to validate feasibility and gain organisational support. These pilot projects should serve as compelling proofs of concepts that catalyse broader adoption across the enterprise.
Organisations are advised to articulate clear goals, identify pivotal use cases such as enhancing customer experiences or optimising supply chains, and carefully select implementation methods – whether through strategic partnerships or in-house AI model development. This approach ensures flexibility and effectively addresses specific operational needs.
Additionally, a robust data strategy is essential for unlocking GenAI’s full potential. Organisations must thoroughly evaluate data requirements, mitigate associated risks, and ensure high-quality inputs for each use case. Moreover, clean, consistent data is the cornerstone for deriving meaningful insights and fostering continuous innovation, which is crucial for the success of GenAI initiatives.
Implementation is not a one-time endeavour but requires ongoing monitoring to ensure that GenAI continues to effectively and safely serve organisational needs. Regular updates and adjustments are essential to keep pace with evolving technologies and business requirements. Similarly, staff must have the capabilities to genuinely take maximum advantage of the technology’s potential.
“Achieving successful GenAI implementation requires a holistic approach that balances cultivating the necessary skills, allocating adequate budgets, and investing in AI, data science, and machine learning expertise,” he clarifies. “Securing sufficient financial resources for infrastructure upgrades, software licensing, and ongoing maintenance is crucial to sustainably support and scale GenAI initiatives effectively.”
At CTC Global, the ongoing implementation of GengAI has been transformative. The company strategically integrated GenAI across multiple departments, boosting operational efficiency and fostering innovation. Beyond automation, GenAI empowers employees to concentrate on strategic tasks, cultivating a culture of creativity and continuous improvement.
One key area where GenAI has made a significant impact is customer service. By leveraging AI-driven chatbots and automated response systems, CTC Global has improved response times and customer satisfaction rates. These AI tools handle routine inquiries efficiently, allowing human agents to address more complex issues, thereby enhancing overall service quality.
In the supply chain domain, GenAI has optimised inventory management and demand forecasting. Advanced algorithms analyse historical data and market trends to predict demand accurately, ensuring optimal stock levels and reducing waste. This has resulted in cost savings and a more agile supply chain that can swiftly adapt to market fluctuations.
Moreover, GenAI has been instrumental in enhancing product development processes. By analysing vast datasets, AI models can identify emerging trends and customer preferences, guiding the development of new products that better meet market demands. This data-driven approach has shortened development cycles and increased the success rate of new product launches.
“Our journey with GenAI continues and we are excited about the endless possibilities it offers. By staying committed to strategic integration, ethical practices, and continuous improvement, we are confident in our ability to harness the full potential of this transformative technology,” Kannappan concludes. “Through these initiatives, CTC Global not only demonstrates the transformative power of GenAI but also sets a benchmark for other organisations seeking to leverage AI for growth and innovation.
Power Talk
For over a year, the discussion around Generative AI (GenAI) has centred on understanding the “Why” and “What” of this technology. As the field progresses, the conversation has now turned to the crucial “How” – particularly how GenAI will influence business operations, boost competitive advantage, and how companies can effectively leverage its potential.
While the potential benefits of GenAI, such as time savings, efficiency, and improved stakeholder experience, are clear, the path to realising these advantages is fraught with challenges. There is growing scrutiny over the accuracy, ethical implications, and the significant investment required, all of which contribute to a cautious approach among businesses.
Laurence Liew, Director of AI Innovation at AI Singapore, emphasises that integrating GenAI into business operations cannot be taken lightly. Central to this integration is AI robustness – the capacity of AI systems to maintain optimal performance under diverse and challenging conditions.
As AI becomes more integrated into society, the focus on robustness will intensify, making it a crucial factor for organisations aiming to harness Generative AI effectively. Robustness goes beyond preventing failures; it involves ensuring that AI systems perform well even in the face of noisy data, adversarial attacks, and significant environmental changes. This resilience is vital as AI systems are increasingly deployed in real-world scenarios where unpredictability is common.
“Together, these components form the cornerstone of AI robustness,” Laurence Liew said. “Data diversity provides a well-rounded learning experience, model generalisation bridges the gap between theory and practice, and adversarial resilience protects against malicious threats.”
Generative AI is more than just technological innovation; it signals a fundamental shift in the workforce, where the intersection of human skills and AI technology creates new possibilities for how we work and innovate. This is the first time a technological revolution of such magnitude is broadly accessible, allowing anyone with an internet connection to leverage its power.
However, it’s crucial to recognise that Generative AI is not intended to replace humans but to change how they work. The goal is to enhance innovation, boost productivity, and improve outcomes while making work more accessible and more efficient for people.
In response to concerns raised by a Financial Services Industry (FSI) representative about Generative AI being seen as a source of stress rather than a catalyst for creativity, Lawrence emphasised that the challenge for global business leaders is twofold: first, to grasp the vast opportunities and potential risks of Generative AI, and second, to prepare their organisations for the inevitable changes it will bring.
“The success of Generative AI in the future will depend on maintaining a strong focus on the human element, ensuring that this technology complements and elevates human work rather than displacing it,” Laurence Liew believes. “As we navigate this new era, integrating Generative AI into the workforce must prioritise human-centred innovation, creating a future where technology and human creativity flourish together.”
Peh Swee Hong, Chief Technology Officer at CTC Global Singapore, echoes Laurence Liew’s insights, highlighting the profound impact Generative AI is expected to have on the structure of work.
“Understanding how Generative AI interacts with workforce skills and tasks is critical for organisational leaders. This involves identifying which tasks can be automated, which can be augmented, which will remain relatively unaffected, and what new tasks might emerge,” Peh Swee Hong elaborates. “This also allows them to plan for the necessary upskilling of their workforce, ensuring that employees are prepared for a future where automation and augmentation play central roles.
As organisations adapt to the Generative AI era, skills are increasingly emphasised a skills-based approach is not just a trend but a proven strategy that drives results. According to a survey, Peh Swee Hong mentioned that organisations that embrace a skills-based approach are 63% more likely to achieve their goals than those that do not.
While Generative AI is poised to transform jobs and the skills required to perform them, the importance of uniquely human skills cannot be overlooked. Emotional intelligence, critical thinking, leadership, and complex problem-solving are attributes that remain difficult for machines to replicate.
“The future of work will be defined not by humans or machines alone but by the synergy of ‘humans with machines,’ where technology enhances rather than replaces human capabilities,” Peh Swee Hong observes.
Leadership must go beyond traditional management roles to prepare organisations for the disruptions of Generative AI. Peh Swee Hong says leaders must actively guide their organisations through this transformation with a clear vision and strategic foresight.
Executives do not need to be Generative AI experts, but they must create and manage a framework that supports their leadership in navigating AI-induced changes. This framework should include:
- Commitment to a Generative AI strategy: Leaders should visibly support the integration of Generative AI into the organisation’s strategic plan.
- Advocacy for the benefits of Generative AI: Leaders must champion the positive impact of Generative AI, helping the workforce see its potential.
- Addressing concerns and resistance: Openly acknowledging and addressing the fears and resistance that come with such transformative technology is crucial.
- Fostering a safe environment for experimentation: Generative AI will enable innovation and adaptation by encouraging a culture of learning and experimentation.
- Implementing guidelines and governance: Establishing clear guidelines and governance structures ensures that the organisation uses Generative AI responsibly and ethically.
By adopting a researcher’s mindset, such as exploring, understanding, and experimenting with Generative AI, leaders can harness both human and AI potential in ways that are efficient, humane, and aligned with the organisation’s goals. This approach allows them to steer their organisations with vision, adaptability, and a deep commitment to human-centric progress, ensuring that Generative AI serves as a tool for enhancing human work rather than replacing it.
Further, Peh Swee Hong underscored the importance of strategic budget management when harnessing Generative AI. As organisations look to integrate this transformative technology, careful financial planning becomes crucial to ensure that the adoption of Generative AI is both sustainable and impactful.
He mentioned some critical Considerations for budgeting in Generative AI integration:
- Prioritise High-Impact Areas
- Phased Investment Approach
- Allocation for Upskilling and Reskilling
- Building a Robust AI Infrastructure
- Contingency for Ethical and Regulatory Compliance
- Collaboration and Partnerships
- Monitoring and Optimisation
By carefully managing the budget with these considerations in mind, organisations can harness the power of Generative AI in a way that is both cost-effective and strategically aligned with their long-term goals.
Peh Swee Hong’s insights underscore the importance of a balanced approach – investing in AI’s transformative potential while ensuring that the organisation remains financially stable and prepared for the future.
Ng Nam Guan, Senior Director of Cloud Native Architecture at Dell Technologies, recognises the formidable challenge of ensuring a cost-effective approach for delivering the massive storage, bandwidth, and computing resources necessary for Gen AI. This task is far from simple, requiring innovative strategies from IT leaders to balance Gen AI’s demands with budgetary constraints.
“Generative AI is a powerful but resource-intensive technology. The computational demands of GenAI are enormous, requiring vast quantities of compute cycles, data storage, network bandwidth, electrical power, and cooling systems,” Ng Nam Guan reveals.
Despite the transformative potential of GenAI, the financial burden of deploying and maintaining the necessary infrastructure is a significant concern for many organisations. As companies rush to implement GenAI, often under pressure to “just do something”, the costs associated with the infrastructure to support these initiatives can quickly spiral out of control.
According to the data, the demand for GenAI infrastructure is skyrocketing. In 2022 alone, Gen AI workloads accounted for 7.8% of the overall AI server market, but by 2027, this figure is expected to rise to 36%. Similarly, AI storage is projected to grow from 5.7% in 2022 to 30.5% in 2027.
“This research suggests that approximately half of global GenAI expenditures in 2024 will be dedicated to digital infrastructure,” Ng Nam Guan mentioned. The worldwide infrastructure market for AI, including servers and storage, is anticipated to double from US$28.1 billion in 2022 to US$57 billion by 2027.
However, the sheer scale of infrastructure needed to process Gen AI’s large language models (LLMs), coupled with the associated power and cooling requirements, is becoming increasingly unsustainable.
Ng Nam Guan cautioned that organisations must carefully evaluate their need for high-bandwidth networks and clusters of GPU nodes. He advises that businesses consider their specific use cases and whether they possess the necessary data centre and data science skill sets before making significant investments in Gen AI infrastructure.
“To mitigate the risk of overspending, savvy IT leaders are exploring creative strategies to optimise their Gen AI infrastructure. These strategies often involve a thorough assessment of physical operations, staff capabilities, and the terms of cloud contracts,” Ng Nam Guan explains. “By doing so, some organisations are finding ways to achieve a positive return on investment while managing the high costs associated with GenAI.”
Ng Nam Guan highlighted that using a cloud-based service for the same task would have cost nearly double compared to running the cluster on-premises. He noted that cloud services often charge by the hour and carry a premium, while most hospitals worldwide can afford the necessary hardware, like four computers, within their budgets. This example underscores the importance of customising infrastructure choices to meet specific needs, rather than automatically opting for more expensive, one-size-fits-all solutions.
Ng Nam Guan considers both cloud and on-premises infrastructure essential for handling temporary and permanent data storage. He pointed out that cloud storage often incurs high premium fees, so selecting the right tool for each job is crucial. By strategically combining cloud and on-premises solutions, organisations can optimise costs and ensure their GenAI initiatives remain practical and financially sustainable.
As GenAI continues to evolve and become an integral part of business operations, the challenge of managing its infrastructure costs will only grow. IT leaders must adopt innovative, cost-effective strategies to balance GenAI’s demands with their organisation’s financial resources. By carefully assessing their needs, exploring alternative models like SLMs, and combining cloud and on-premises solutions, organisations can harness GenAI’s power without breaking the bank.
Sidharth Joshi, Director of Data Centre Specialists, APJ at Dell Technologies, shared how Dell has rigorously integrated GenAI across its operations to embrace the technology and harness its full potential for maximising efficiency and driving innovation. GenAI is deeply embedded within Dell’s data centres, critical in optimising processes and enhancing business outcomes.
For example, GenAI is employed for predictive maintenance, enabling Dell to foresee potential issues and address them before they escalate, thus reducing downtime and ensuring smoother operations. Additionally, GenAI is utilised for more efficient resource allocation, ensuring that the right resources are available when and where they are needed most. This helps cut operational costs and boost overall productivity.
Moreover, Dell has leveraged GenAI to strengthen its data security measures, using advanced algorithms to detect and mitigate potential threats in real-time, thereby safeguarding sensitive information and maintaining the integrity of its systems.
Dell’s approach to GenAI goes beyond merely adopting the latest technological trends; it is about strategically positioning the company to gain a competitive edge. The rigorous implementation of GenAI is carefully designed to address current business needs and anticipate future challenges and opportunities. It stays at the forefront of technological innovation by continually adapting to meet evolving demands, ensuring it delivers consistent value to customers and stakeholders.
Sidharth highlighted the broader implications of GenAI for business leaders worldwide, noting that the challenge is twofold: understanding the vast possibilities and inherent risks of Generative AI and preparing for the inevitable organisational changes that will follow its widespread adoption.
He pointed out that while GenAI has the potential to significantly improve efficiency, create highly customised experiences, and unlock new capabilities, it also raises important questions about the future of work.
“The impact on workers is likely to be more about augmentation than replacement, with GenAI complementing and enhancing human skills rather than completely taking over,” he feels.
However, for many, AI still represents a potential existential threat to their professions, fueling fears of job automation. Acknowledging these concerns, Sidharth says that while machines may never fully replicate the cultural insights and nuances that human creators bring, the anxiety surrounding the possibility of widespread job automation is accurate and understandable.
Alongside its internal GenAI initiatives, Dell is dedicated to assisting clients in harnessing this transformative technology. The company provides customised GenAI solutions and expert guidance to help organisations across industries align the technology with their specific goals and challenges. This client-focused strategy highlights Dell’s commitment to advancing technology and empowering customers in the evolving digital landscape.
Ultimately, experts agree that Generative AI holds transformative potential, underscoring the need to boost human skills, adapt to changing job roles, and manage growing storage demands. Companies like Dell showcase how to leverage GenAI for operational efficiency, data security, and client solutions, emphasising the importance of balancing innovation with cost-effective strategies for sustainable success.
Closing Remarks
Peh Swee Hong expressed his gratitude to all attendees for their active contributions, valuable insights, ideas, and experiences during the forum. He is keenly aware that the productive and inspiring discussions were made possible by the active participation of each individual present.
Peh Swee Hong believes the meeting marks a pivotal milestone in advancing towards a more innovative future. The forum successfully fostered constructive collaboration and meaningful dialogue, which is vital to drive positive change across various sectors.
Summarising the key points from the forum discussions, Peh Swee Hong highlighted a major theme: the critical need for continuous innovation and the adoption of new technologies like Generative AI to enhance operational efficiency and foster business growth. Moreover, there was consensus for a balanced approach between technology implementation and human resource training, ensuring that employees are not only capable of using new technologies but also feel empowered by them.
Peh Swee Hong encouraged all participants to uphold the spirit of collaboration and innovation cultivated during the forum. He emphasised that achieving substantial and impactful change necessitates collective commitment and persistent effort.
Furthermore, Peh Swee Hong underscored the importance of maintaining open and ongoing communication among all participants. He urged them to stay connected and continue sharing their progress and accomplishments beyond the forum’s conclusion. This approach ensures that emerging ideas can evolve and be successfully implemented.
“Let us carry forward the spirit of collaboration and innovation ignited here today and make this forum the beginning of new initiatives that will benefit all of us,” Peh Swee Hong exhorts.
Mohit believes that the OpenGov Breakfast Insight not only provided a forum for discussion but also served as a catalyst for driving substantial and enduring change in the future. It was a pivotal gathering that set the stage for continued innovation and collective action towards transformative goals.
Mohit emphasised the importance of partnerships and networking, envisioning a future where shared aspirations drive sustained progress and transformative change. “I am very optimistic that with the collaborative and innovative spirit we possess, we can achieve great things and bring about positive change for the future.”
He expressed confidence that participants would be inspired and motivated to innovate, leveraging collective efforts towards common goals and leaving with fresh ideas and a revitalised commitment to ongoing cooperation.
Mohit reiterated OpenGov’s steadfast commitment to fostering collaborative initiatives for digital transformation, “Together, we can drive meaningful change and embrace the future with shared determination and continuous communication.”
