Challenges Of Artificial Intelligence For Opportunities

According to the report, “Reality and Perspectives of Artificial Intelligence in,” published by PwC in collaboration with Microsoft, more than half of large Spanish companies are already applying some solution related to Artificial Intelligence (Artificial Intelligence). In 46% of cases, it is a pilot project, while 10% have already managed to generate benefits with the implementation of this resource.

However, let’s look at the entire business fabric as a whole. We can see that although a third of companies consider Artificial Intelligence a strategic element in innovation, they have yet to implement it in their organizations. Regarding the leading causes that motivate the adoption of this technology, the report above indicates:

  • Improving customer satisfaction.
  • Cost reduction, provided by RPA technology.
  • And there is improvement in decision-making, thanks to data analytics. 

As you have seen in the previous section, there is still a long way to go, characterized by many barriers and challenges.

Among the main obstacles that Spanish companies must face are, among others, the following:

  • Lack of talent.
  • Absence of a clear business case or ROI generation.
  • Difficulties in managing cultural change.
  • Lack of leadership to drive initiatives.
  • Implementation time and era of ROI.
  • Skepticism towards technological solutions.
  • Lack of IT infrastructure.
  • Legal and regulatory aspects.
  • High investment.

A quick look at each of these remains allows us to verify that Spanish companies view Artificial Intelligence with precisely the same consideration as any other phenomenon typical of digital transformation.

The main obstacles are the absence of talent, resistance to change, and the omnipresent concern about obtaining an early positive return on investment.

In fact, according to the “Digital Society Report,” published by Telefónica, only 31% of Spaniards have advanced digital skills. However, nine of the ten most in-demand professional skills directly relate to ICT and data analysis.

Change within the organizational culture is equally limited by this deficit that weighs down the sector. Half of the population lacks the digital skills necessary to undertake digital transformation, so Spain is ranked 17th in the European Union in the DESI Human Capital indicator.

However, as you will see in the next section, Artificial Intelligence has gone from becoming an alternative to an unavoidable step.

For its part, and in contrast, the business sector within developed countries has turned the page. It is showing signs that it will carry out the investment necessary for a large-scale implementation process. The report “Predictions: The Honeymoon For Artificial Intelligence is Over” revealed that 74% of companies will have already completed the bulk of their investments to create a data infrastructure, which is the foundation of AI.

Also Read: Challenges And Obstacles Of Artificial Intelligence

Artificial Intelligence Opportunities For Companies

According to the same “Digital Society Report,” labor productivity would increase by 11% thanks to the adoption of Artificial Intelligence.

However, before filling your next strategic plan with allusions to Artificial Intelligence and excessive forecasts, it is essential to understand the actual advantages and applications of this technology to companies.

  • Optimization of time and resources, thanks to the automation of processes and routine tasks.
  • Increased productivity and reduced costs in the long term.
  • Creation of new business opportunities.
  • Improved customer satisfaction. 

Artificial Intelligence applications cover the entire business and industrial spectrum, including any sector imaginable.

  • In addition to the impact on consumer experience and customer service, Artificial Intelligence is rapidly settling into consumers’ homes.
  • On the other hand, journalism and content creation are seeing how the application of Artificial Intelligence makes it possible to create simple texts based on the input of information.
  • For its part, the retail sector is also beginning to offer an increasingly personalized shopping experience.
  • At this point, no one is unaware of the impact of autonomous vehicles on industry and transportation as we know it today.
  • The financial sector is one of the great promoters of the application of analysis algorithms that, thanks to Artificial Intelligence, are experiencing a leap in quality in predictive capacity.
  • The health sector is, along with the financial industry, one that requires more excellent care in processing information. However, this does not prevent the use of diagnostic systems and even automated treatment based on Artificial Intelligence.
  • Manufacturing and industry, in general, are also taking accelerated steps in everything related to process monitoring and automation.

In short, Artificial Intelligence is a technology whose unstoppable implementation process completely transforms the business fabric.

Spain has taken essential steps in its adoption. However, there is still much work ahead.

Also Read: Artificial Intelligence For WhatsApp: How To Apply It?

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