AI can be a key factor for Latin American companies that want to compete against their counterparts from developed countries.
Artificial intelligence, AI, is without a doubt one of the top elements in corporate competitiveness.
A study by Tata Consultancy Services revealed that 68 percent of companies think AI is very important to keep their businesses competitive in 2020. The study asked 385 high-level executives from 13 global industry sectors.
Companies from the U.S. and Europe lead investment in AI. In 2016, 7 percent of companies each spent $250 million, and 1 percent of those companies plant to spend $1 billion on AI by 2020.
AI is not confined to the information technology department. Thirty-two percent of those surveyed said that by 2020, its greatest impact will be on sales, marketing and customer services.
One of the most widely used applications of AI, and a priority for many, is cybersecurity. Almost seven out of 10 companies use it to detect and prevent cyberattacks.
But another way AI can help with business performance is by developing self-learning cognitive systems. This means that AI can analyze big data and present information in a way that makes sense and allow CEOs to make the best decisions.
Artificial intelligence in Latin America’s private sector
The study shows that Latin American companies invested $50.7 million in artificial intelligence in 2015. The figure is expected to have grown by 9 percent in 2016.
But AI is among the top priorities for …
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