Gen AI a priority for firms despite data privacy concerns: GIC survey

Many exploring its use for software development and IT applications

- Timothy Goh

SAN FRANCISCO - Generative artificial intelligence (AI) has emerged as a top priority for many companies seeking to boost efficiency and productivity.

But they have concerns over the adoption of the technology in areas such as data privacy and talent shortages, according to a new survey by GIC and consulting firm Bain & Company.

The survey polled senior executives from 44 companies in 12 markets, including the US, Singapore and India.

It found that 36 per cent of those surveyed had data privacy concerns regarding the use of generative AI, while 32 per cent pointed to a lack of in-house expertise or resources to adopt the technology.

Another 20 per cent were unsure about its return on investment.

The firms polled - spanning industries such as financial services, technology and media and entertainment - were among the participants in GIC's Bridge Forum Summit held in San Francisco on May 6 and 7.

The biennial event was expected to host about 300 attendees, including entrepreneurs, start-up founders and tech executives from 17 countries.