With the current macroeconomic volatility, escalating geopolitical tensions, the climate crisis and the emergence of new technologies, businesses and economies need to navigate a myriad of disruptions. Achieving long-term value and growth requires incisive and inclusive actions that focus on Singapore’s most important asset — its workforce.
According to the Infocomm Media Development Authority, the contribution of the digital economy to Singapore’s gross domestic product (GDP) jumped from S$58 billion (or 13% of GDP) in 2017 to S$106 billion (or 17.3% of GDP) in 2022.1 To prepare the workforce for growth and competition in the future digital economy, transforming education and unlocking the potential of the workforce with digitization and artificial intelligence (AI) will be key.
The World Economic Forum notes that 44% of workers’ skills worldwide are expected to be disrupted in the next five years2, given how the rate of technological transformation is outpacing re-skilling and upskilling efforts. In particular, generative AI (GenAI) — the next generation of AI that can generate content based on a given prompt or context — is increasingly adopted across industries. GenAI is already enhancing efficiency and productivity for organizations and the workforce. It can also help employees acquire new skills and knowledge, improve their problem-solving and decision-making abilities, and catalyze creativity and innovation.
GenAI as a catalyst for change
GenAI can be a formidable catalyst in transforming the education sector and how it serves the evolving learning and skilling needs of the workforce.
Fundamentally, institutions of higher learning (IHLs) need to design services that adequately address the needs of learners, take a longer-term view to anticipate learner needs and develop flexible, inclusive learning offerings. They should also build strong capability pipelines within their talent pool to deliver outcomes rapidly. This means aligning the value proposition of offerings with the evolving demands of students and the workforce as well as having a clear understanding of the end-to-end learner experience and how to enhance it.
A recent EY report noted that some of the top expectations of the student experience include improved career prospects and alignment of programs with career pathways. Students also expect seamless discovery, application and enrollment journeys. Therefore, the design of services and systems must enable staff to spend more time helping students achieve their learning and career readiness goals. Technology must also be matched with investments in upskilling staff to deliver an exceptional student experience.
With GenAI expected to have a significant impact on the labor market and learning pathways, the opportunities to expand, enhance and accelerate learning with the technology are arguably boundless. In the education sector, GenAI can transform the entire learning journey from the preadmission period to after graduation.