EDITOR ’ S QUESTION
GenAI can deliver highly accurate data insights in seconds , rendering quick and reliable decisions . By using data analytics , businesses can create personalised experiences for customers , increasing customer retention rates over time .
Adopting GenAI is not without its difficulties , though . Businesses are constantly faced with the rising challenges of citizens ’ expectation of real-time services , while others are challenged by a lack of knowledge of GenAI , and insufficient or difficulties integrating GenAI technology into existing systems . The absence of a well-defined GenAI strategy poses a challenge to transitioning from concept to practical use of generative AI .
5 . Why do you think China is leading in this field in terms of adopting GenAI and how is the adoption of GenAI different across various regions ?
The adoption of GenAI depends on the country ’ s focus and way of approach to it . For instance , China ’ s government has given a strong push for Gen AI adoption ; this coupled with the government pouring massive resources into AI research and development has led to higher adoption rates .
Here is another example . The Singapore government has been proactive in terms of understanding how the nation can leverage GenAI by developing sandbox , a framework which provides a controlled environment
for fintech startups and innovators to test new products and services under regulatory supervision . This enables businesses to manage the adoption of GenAI for various sectors at the same time .
6 . What emerging trends in GenAI do you foresee that businesses should watch for in the next five years ?
It is anticipated that AI will help us be more vigilant around applications that will become smarter . AI will also create jobs with the right Government support in place . As AI continues to develop , regulatory bodies are expected to implement stricter regulations for its development and deployment across various industries . Companies will increasingly adopt ethical AI practices , focusing on key pillars such as accountability , transparency , and fairness .
7 . How might regulatory environments influence the future development and deployment of GenAI ?
Local government regulations will play a crucial role in shaping the future development and deployment of GenAI . Regulatory bodies are increasingly focusing on ethical AI development . Similar to SAS ’ code of ethics , which includes fairness , accountability , transparency , privacy and robustness in AI models . Often , regulations are associated with slowing down development processes , but the right kind of regulations in place will accelerate development .
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