
Singapore SMEs need more budget support for AI training
Singapore SMEs need more budget support for AI training
- A pre-Budget panel discussed the need for further support for Singapore's small and medium-sized enterprises (SMEs) amid ongoing challenges.
- The panel highlighted the importance of AI training for employees to improve productivity and bridge the skills gap in integrating AI into workflows.
- To support SMEs effectively, the panel urged the government to enhance existing programs and consider innovative support measures.
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In Singapore, a roundtable discussion held on February 6, 2023, focused on the need for enhanced support for small and medium-sized enterprises (SMEs) as they confront various challenges in the current economy. Organized by the Institute of Singapore Chartered Accountants, the panel emphasized the importance of developing artificial intelligence (AI) training for employees across different industries to improve overall productivity. Notable speakers, including Mr. Sardar and Ms. Lim Bee Kwan, discussed the skill gap in integrating AI into organizational workflows, stating that it involves practical skills rather than merely building AI models. They mentioned the issue of many firms struggling to maximize productivity from the technologies they adopt. Moreover, the panel highlighted that different levels of AI adoption across firms necessitate a tiered approach to training, with a suggestion to introduce a special AI SkillsFuture credit to support employees in gaining relevant skills. The conversation also touched upon the limitations SMEs face in utilizing AI effectively to enhance not only individual productivity but also the productivity of entire organizations. Participants called for government intervention to assist smaller enterprises with digital transformation initiatives, underscoring that many SMEs are at risk if they fail to adapt. As businesses explore diversification and new markets, it became apparent that while government grants are available to support them, there is still significant room to enhance these schemes. The panelists advocated for SMEs to receive increased assistance in becoming more competitive, both locally and internationally. This includes advocating for more flexible contractual agreements, helping businesses navigate financial pressures, and providing additional resources to facilitate transformation. The roundtable concluded by reiterating the critical nature of tailored support for different enterprise sizes, especially for micro and small enterprises that make up a substantial portion of Singapore's workforce.