Singapore companies increase use of AI: CPA Australia survey

Core Insights - The adoption of AI and data analytics tools in Singapore is on the rise, with 95% of companies utilizing data analytics software, slightly above the survey average of 93% [1] - AI implementation is also significant, with 92% of businesses adopting some form of AI, compared to the survey average of 89% [2] - However, cybersecurity integration remains a challenge, with only 23% of companies embedding cybersecurity measures into their strategy and operations, below the overall survey average of 28% [3] AI and Data Analytics Adoption - A high uptake of data analytics and visualization tools is noted, with companies using software like Python, Power BI, and Excel [1] - Approximately 20% of organizations have deeply integrated AI into their business processes, while many still use AI on an ad-hoc basis [2] - Tools such as ChatGPT, Microsoft Copilot, and Google Gemini are commonly used, reflecting a trend towards AI-enabled assistance [3] Cybersecurity Challenges - Only 69% of companies utilize cybersecurity software, trailing the average usage rate of 81% [5] - A reactive approach to cyber threats is observed in over 17% of companies, indicating a lack of proactive measures [6] - There are gaps in cybersecurity management, with 11% of companies unaware of their internal cybersecurity strategies [6] Strategic Recommendations - Companies are encouraged to move beyond experimentation with AI and strategically integrate it across functions to maximize its value [4] - The rise of AI-enabled threats necessitates a stronger focus on cyber resilience to maintain trust in digital interactions [5] - Challenges related to human oversight and job displacement due to AI reliance are highlighted, emphasizing the need for careful management of AI integration [7]