The Business School and School of Computing of the National University of Singapore (NUS) have signed a Memorandum of Understanding (MoU) with Wuxi Economic Development District (WEDD) in Jiangsu, China to work together on developing talent in Big Data, Business Analytics and Artificial Intelligence (AI) as well as in research and development (R&D).
The strategic relationship gives NUS researchers a place to work with both local and international companies in Wuxi on R&D projects together. It also wants to build a pipeline of talent to help Wuxi and Singapore’s high-tech businesses nurture and their economies grow.
“The collaboration reinforces NUS’ commitment to contribute impactful solutions that address the world’s challenges and promote regional growth,” said Prof Susanna Leong, Vice Provost of Masters’ Programmes & Lifelong Education and Dean of the School of Continuing and Lifelong Education who witnessed the MoU signing.
She added that through this collaboration, students and researchers will have the opportunity to drive innovation in the fields of big data, business analytics, and AI alongside industry leaders. Hence, they anticipate many productive outcomes from this partnership. The MoU will make it possible for WEDD to put more funds into R&D projects in AI and Business Analytics in areas like electronics, new energy, and the digital economy.
The first research project, focusing on generative AI for the manufacturing industry, will begin in mid-2023. The S$ 600,000 initiative is a collaboration between the NUS Business Analytics Centre, which is backed by the NUS Business School and the NUS School of Computing together with an advanced manufacturing company in WEDD. In addition, the cooperation will facilitate information exchange and incubation for associated high-tech start-ups.
The R&D cooperation will capitalise on NUS’ world-class research capabilities and expedite the pace of invention, resulting in the development of cutting-edge technologies, goods, or services that will promote economic growth.
Scholarships would be provided as part of the agreement to help nurture the potential in the high-tech industry. Over the next three years, the advanced manufacturing company will be the first company in WEDD to give six full scholarships to students enrolled in NUS’ Master of Science in Business Analytics (MSBA) Programme.
It will also expand internship chances for students by providing them with access to high-tech enterprises in WEDD. These scholarships and internships will enable students to gain practical skills, network with industry leaders, and apply their knowledge to real-world challenges.
Mayor of Wuxi Zhao Jianjun, who also witnessed the signing of the MOU, stated that they are honoured to collaborate with NUS and have high hopes for a successful outcome. In addition, as a university of international renown, NUS possesses exceptional assets, and Wuxi has a solid industrial base. By leveraging the advantages of both parties, they can accelerate scientific research and talent cultivation to drive technology transformation and achieve mutual success.
Big data, business analytics, and AI help companies understand customers, operations, and market trends. This knowledge can help make better judgements, find new opportunities, and beat the competition. Machine Learning (ML) and automation can streamline operations and eliminate manual labour. This increases efficiency, cost savings, and turnaround time. Thus, big data, business analytics, and AI talent development can give companies a competitive edge as they can stand out from the competition and gain new clients by using cutting-edge technologies.
