Lee Joon Seong Chats about the Advantage AI Is Giving Your Business

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.

That being said, we need to be cognisant of the fact that AI is not a silver bullet. Besides being clear about the benefits AI can deliver to their company and how it aligns with their business objectives, businesses must ensure that their people are able and willing to embrace changes brought about by the introduction of AI. Customer readiness and trust in the system are equally important.

Q: So has AI reached its full potential? Or what more can businesses do to benefit from AI adoption?

JS: AI adoption is still at a nascent stage and many companies face challenges in adopting it at scale.

One barrier companies often face is the lack of alignment between AI investments and corporate strategies. Without alignment, it is hard to be certain that investments are channelled to areas that will impact corporate objectives most positively. The best bet for any successful AI deployment is to have a C-suite champion who will shape and drive this alignment, and oversee the execution. Talent shortage is another obstacle. AI talent doesn’t only cover professionals with deep tech skills, but also “AI artists” who can translate a business problem into AI use cases.

It is no secret that good data is fundamental to AI development. Implementing proper data governance – including managing customer data privacy, preferences and security – and building trust is essential for scaling AI.

Additionally, a strong data and technology infrastructure is essential for supporting AI at scale – cloud solutions and modern data and AI architecture. Companies also need to have in place capabilities for AI practitioners to experiment, develop and deploy applications at scale.

Q: What do you see is the future of AI? How can tech professionals and businesses play a role?

JS: For AI to scale sustainably, it has to scale responsibly. Concerns around AI ethics and risks pose challenges for

“Companies should evaluate their current AI capabilities against achieved business results, and relative to competition. This understanding of gaps and opportunities will help frame their AI strategy and determine investment priorities.”

businesses aspiring to scale their AI adoption. It is pivotal that AI ethics and governance are integral to AI development and not separate from it.

It is essential to have a transparent, explainable and accountable ethics and governance framework that provides clear guidelines on continuous impact assessment across different life cycles of the AI. This will be central to enabling an AI that is fair, unbiased and optimum.

For businesses, this highlights the importance of creating a robust data and AI governance framework. For tech professionals, education in arising AI ethics and governance issues on an ongoing basis is a must. I strongly believe that Singapore has a unique opportunity to position herself as the AI hub of the world and be a leader in framing and shaping the AI ethics and governance agenda for the future.

What is a quote you live by?

I am looking forward to the day when… What excites you about the AI scene?

What is an advice you have for aspiring tech professionals?

Did you know that SCS administers AI Ethics and Governance training and certification for professionals? Check it out at www.scs.org.sg/courses-and-certifications