Published on November 16, 2023, 8:11 pm

An estimated 40% of the workforce in Singapore and Thailand will need to reskill over the next three years due to the implementation of AI and automation, according to a global study conducted by the IBM Institute for Business Value.

The study, titled “Augmented work for an automated, AI-driven world,” also highlights that skills are the most pressing issue in the workforce in both countries. In Singapore, executives identify the availability of external skills and building new skills for the existing workforce as their top concerns. Rather than hiring externally, respondents prefer to invest in reskilling. In Thailand, executives are focused on adapting to hybrid working models and bridging the gap when it comes to external skill availability. Similar to Singapore, Thai executives also prioritize investing in reskilling rather than hiring externally.

Interestingly, while employers consider impactful work as the least important factor for their workforce, employees rank engaging in impactful work as one of their top priorities.

In light of these findings, the study recommends that Human Resources take a leading role in defining organizations’ strategies for digital transformation and redesigning work processes in this era of AI. The report suggests that work itself should be redesigned rather than focusing solely on skills or organizational structure. It also emphasizes investing in talent as much as technology and giving jobs more meaning by offering autonomy to employees.

According to Lai Yee Ng, manager partner of IBM Consulting Singapore, “The enterprise of tomorrow cannot run with yesterday’s talent, and it’s time to prepare workforces for new applications of AI. Combining human expertise and knowledge of complex business processes with AI tools will enable companies to create new opportunities and achieve business outcomes faster than ever before.”

The study involved approximately 3,000 C-suite executives across 20 industries and 28 countries, including Singapore and Thailand.

It is evident that AI is pushing businesses towards a future where reskilling is crucial for survival. As technology advances rapidly, organizations must embrace generative AI to stay competitive. Generative AI refers to machine learning models that generate new content, ideas, or solutions based on existing data. For CIOs, adopting generative AI can enhance productivity and streamline operations.

Generative AI has various applications across industries. For example, in healthcare, it can aid in drug discovery and the identification of personalized treatment plans. In finance, generative AI can analyze market trends and customer behavior to optimize investment strategies.

To leverage the power of generative AI successfully, CIOs should consider the following steps:

1. Identify specific use cases: Determine which areas of your organization can benefit from generative AI the most. Focus on tasks that require creativity or high-level decision-making.

2. Gather relevant data: Generative AI relies on existing data to generate new insights. Ensure you have comprehensive and accurate data sets that are representative of your organization’s needs.

3. Choose the right tools: Select a generative AI platform or solution that aligns with your organization’s requirements. Consider factors such as ease of use, compatibility with existing systems, and scalability.

4. Train and refine models: Train your generative AI models using your collected data and continuously refine them based on real-world feedback. This iterative process will improve the accuracy and effectiveness of generated outcomes over time.

5. Monitor and evaluate results: Regularly assess the performance of your generative AI system and gather feedback from end-users. Make necessary adjustments to ensure optimal outcomes are achieved.

By embracing generative AI, CIOs can empower their organizations to adapt to rapidly changing business landscapes driven by automation and digital transformation. Reskilling employees is just one aspect of preparing for this future; leveraging technologies like generative AI will be crucial in unlocking new opportunities for growth and innovation.

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