While artificial intelligence (AI) is one of the top technologies that will change the Singaporean business landscape in the next three years, most organizations in Singapore are still fearful of AI.

LivePerson, a global tech company that specializes in AI and automation, surveyed 500 Singaporean IT, customer experience and digital decision-makers, revealing that a staggering 98 percent of respondents are taking steps to mitigate the risk of negative outcomes and to plan for the ethical use of AI. Three in five businesses surveyed (64 percent) have AI standards or guidelines in place.

As part of Singapore’s Smart Nation initiative, the government has announced plans to almost double the adoption of AI. It is widely recognized that AI has revolutionized the economy and improved society in recent years. Plans are already in place to develop AI as a strategic capability and to look at how Singapore can become a trusted global hub for test-bedding, deploying and scaling AI solutions.

The findings of this research reflect the same sentiment that AI has the potential to markedly increase industry growth, with half of the digital leaders surveyed actively incorporating AI into their businesses to drive positive outcomes for their organizations, employees, and customers. A significant number of Singaporean businesses using AI say the technology has had a positive impact on employee satisfaction (52 percent) and customer retention (53 percent).

Singaporean businesses’ top concerns with AI

At the same time, the powerful outcomes that can be delivered by AI have given rise to new ethical considerations about the technology’s potential impact. Clear concerns emerged in the research about AI’s potential to negatively affect society, particularly when it comes to privacy and personal information. The most common concerns held by Singaporean businesses are lack of transparency in how important decisions are made (92 percent), unauthorized access to data (92 percent) and loss of privacy (91 percent).

Most important to the Singaporean businesses are that people and organizations responsible for creating and implementing systems are held accountable for the impact of their system (93 percent) and AI systems should ensure private data is protected and kept confidential (93 percent).

While Singaporean organizations are concerned about the impact of AI on society, the research suggests Singaporean businesses could be doing more to minimize the potential risks. Steps businesses are taking to mitigate the risk of negative outcomes primarily include: providing reskilling training for employees (44 per cent); consulting experts (38 per cent); developing best practice guidelines (38 per cent); reviewing global best practices (36 per cent); and conducting reviews (35 per cent) among others.

There is a mixed sentiment among Singaporean digital leaders on whether accountability for AI should lie with those developing (39 percent) or deploying the AI (37 percent). Within their organizations, respondents reported the board of directors (35 percent) and company leadership, including C-suites (31 percent), are most likely to have ultimate accountability for the decisions made by AI systems.

Rob LoCascio, CEO and Founder of LivePerson, said: “We’re on the cusp of a new era. Artificial intelligence is opening up tremendous potential for businesses and consumers alike. However, as with any new technology, businesses need to approach the development and implementation of AI with reflection under an ethical and long-term lens, looking at practical and proactive measures to ensure ongoing ethical implementation that results in the best outcomes for customers.