SINGAPORE — Many local companies are not tapping the potential of big data or other new technologies, and steps must be taken to help them overcome barriers to adoption, said Minister for Communications and Information Dr Yaacob Ibrahim on Tuesday (Oct 3).

A study by the Committee on the Future Economy showed that about a third of businesses have not adopted data analytics, and about 80 per cent have not adopted artificial intelligence, he told Parliament.

“Data science and artificial intelligence (AI) technologies can help companies use raw data to make better business decisions. Unfortunately, many local companies are not taking advantage of this potential,” he said.

“Many of these businesses said that they lacked awareness and expertise to harness data science and AI, or were concerned about breaching data protection regulations.”

But the Government is taking steps to make it easier for them to deploy such solutions, noted Dr Yaacob.

For instance, the SMEs Go Digital programme gives small and medium enterprises access to digital solutions, with capabilities such as data analytics, cyber security, and data protection.

Over time, new capabilities, such as AI, will be added to these solutions under the programme, he said.

The Info-communications Media Development Authority (IMDA) is also working with industry to encourage the sharing of data among businesses. In the pipeline is an initiative called Data Collaboratives, where businesses partner up to identify a common business problem, then share data with one another to solve the problem.

IMDA will announce the implementation details when ready, he said.

Dr Yaacob also said the government is reviewing regulations on data sharing. “There appears to be a misconception amongst businesses that the Personal Data Protection Commission (PDPC) prohibits the sharing of personal data,” he said.

In fact, the commission launched a guide in July to provide clarity to businesses on how they can share personal data both within and between organisations, he said.