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THE IT SOCIETY / Issue 02/2021
RISE OF ARTIFICIAL INTELLIGENCE IN THE PANDEMIC:
Are You Ready to Take Advantage of It? LEE JOON SEONG Senior Member, SCS Member, SCS AI Ethics & Governance Certification Committee Managing Director and Applied Intelligence Lead for Southeast Asia, Accenture Age: 49 Earliest Tech Experience: Coding in C++ for a banking application Just Binged: Lupin Currently Reading: In Love with the World: A Monk’s Journey through the Bardos of Living and Dying by Yongey Mingyur Rinpoche and Helen Tworkov An App You Can’t Live Without: WhatsApp Last Surfed Topic: How to replace car valve cover gasket Latest Obsession: His classic car – 1976 Triumph Spitfire 1500 Favourite Way to Relax: Running, boating, and fiddling with his classic car
If businesses had previously believed that Artificial Intelligence (AI) could give their business a boost, the pandemic has confirmed this belief – by keeping supply chains undisrupted amidst changing border restrictions and productivity high even with remote work. But is there a catch underpinning the promise of these advantages? Lee Joon Seong, Managing Director and Applied Intelligence Lead for SEA, Accenture weighs in on this during his recent chat with The IT Society. Q: Question, JS: Joon Seong Q: More than ever, AI adoption has taken centre stage for businesses. Why do you think it is so? JS: AI has been around for over two decades. However, it really took off in a big way over the last five years largely due to digitalisation, big data and cloud technology adoption globally. These trends have not only created an ideal environment for AI to grow exponentially, but also resulted in an evolution of AI’s role within organisations. In the early days, businesses relied on AI for simple tasks such as process automation. Today, AI plays a much more sophisticated role, augmenting decision-making processes and supporting data analysis across functions and industries.
AI is increasingly leveraged to tackle difficult challenges, transform operations and unlock new possibilities. More importantly, AI is table stakes for companies looking for competitive differentiation. Our recent research1 revealed that 84% of C-suite executives believe AI can help them achieve their business objectives. Another study2 showed that AI has become a high-stake business priority with a total investment spend of about US$300 billion in the last three years. We are also seeing companies that were able to scale AI successfully enjoying returns on investments of up to three times more3 than those unable to do so. These numbers make a strong case for AI and highlight just how big a role AI plays in businesses today and the years to come.
Q: What is the impact of the pandemic on AI deployment? JS: The pandemic has undoubtedly forced companies to rethink their business models and accelerate digitalisation for survival. But AI is one step above that – it gives companies an edge and helps them pull away from competition. Some examples include the use of AI in manufacturing for demand forecasting and workforce planning, and resource allocation in healthcare institutions. Notably, this process engenders a virtuous cycle where richer and more diverse data sets fuel the development of more accurate algorithms, which in turn empower greater speed and agility. The prediction is that digitallyenabled, AI-powered organisations will emerge as winners.
