Microsoft and IDC Asia Pacific just unveiled the results of their latest study of the AI growth potential for Malaysia. Here is a video of their briefing, and a summary of their key findings!
The Microsoft-IDC Report On AI Growth Potential For Malaysia
The Microsoft-IDC report on AI growth potential for Malaysia is based on their 2018 survey of 100 business leaders and 100 workers in Malaysia.
Presenting the key findings were K Raman, Managing Director of Microsoft Malaysia, and Jun-Fwu Chin, Research Director for IDC Asia Pacific Datacenter Group.
Increased Innovation + Productivity
Titled “Future Reader Business: Assessing Asia Pacific’s Growth Potential Through AI“, it revealed that Artificial Intelligence (AI) will almost double the rate of innovation, and boost employee productivity by 60% by 2021.
Low Uptake Of AI So Far
Even though 70% of the business leaders surveyed believe that AI is instrumental for their organisation’s competitiveness, only 26% of organisations in Malaysia have begun their AI initiatives.[adrotate group=”2″]
The Top 5 Reasons For Adopting AI
For those companies who have already started their AI initiatives, these are their top 5 reasons :
- Better customer engagements (31%)
- Higher competitiveness (31%)
- Accelerated innovation (12%)
- Improved efficiency (12%)
- More productive employees (8%)
Initial Results Of AI Initiatives
For those companies, their AI initiatives have resulted in some tangible improvements of between 17% to 34% in those 5 areas. They forecast a further boost of 60% to 130% over a three-year horizon.
Malaysia Not Prepared
The study also evaluated the six dimensions critical to developing Malaysia’s AI growth potential, and found them wanting. In particular, Malaysia is weak in data and investments.
Top Three Challenges
Business leaders who are already adopting AI cited these three top challenges in realising their companies’ AI growth potential :
- Lack of thought leadership and commitment to invest in AI
- Lack of skills, resources and continuous learning programs
- Lack of advanced analytics or infrastructure and tools to develop actionable insights
Leaders + Workers Are Positive About AI
The study also found that 67% of business leaders and 64% of workers in Malaysia are positive about AI’s impact on the future of jobs.
In addition, the study claims that workers are MORE optimistic about AI creating jobs than replacing them, than business leaders!
Editor’s Note : We find the high favourability by workers to be highly questionable, and have requested more information about the type of workers surveyed by IDC.
It is possible that the workers they surveyed are high-level executives who see AI as a useful tool that will enhance their jobs, rather than the job killers that many low-level executives and blue-collar workers are worried about.
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