The latest EY Reimagining Industry Futures study revealed that companies in Singapore are currently investing in generative artificial intelligence (GenAI) (54%), the Internet of Things (IoT) (62%), and 5G technology (40%).
Furthermore, the study has illuminated a significant shift in the role of Chief Executive Officers (CEOs) in Singapore. They are now actively involved in shaping emerging technology strategies, including the crucial decision of choosing suppliers (49%). The Chief Information Officer (CIO) is still retaining the most influence in business decisions, as agreed by a majority of respondents in Singapore (67%).
Trials to deployments
Despite investments in emerging technologies, 77% of businesses in Singapore that are currently investing in GenAI are still at the proof-of-concept stage. Only 24% have progressed to pilot projects in limited business areas.
“While enterprises are keen to invest in emerging technologies, many businesses struggle to bridge the gap between pilot and full-scale implementation. This is often due to integration challenges, lack of clear return on investment (ROI) and the need for stronger ecosystem support to drive business value,” Joongshik Wang, EY-Parthenon Asean and Singapore Strategy and Execution leader, also EY Asean Technology, Media and Telecommunications Sector leader, said.
Co-developing solutions
Wang emphasises that the success of digital transformation efforts in Asean depends on ICT suppliers.
“ICT providers must co-develop industry-specific solutions, strengthen ecosystem collaboration, and drive data-led sales and commercial strategies to help businesses unlock the full potential of their digital transformation efforts,” Wang adds.
The study surveyed 1,635 businesses in 26 countries globally, including 103 in Southeast Asia, covering Malaysia and Indonesia, and 63 in Singapore.
