Most companies using artificial intelligence systems in Latin America have profited from the use of the technology, according to research from consulting firm Boston Consulting Group (BCG) and MIT Sloan Management Review (SMR).
According to the Cultural Benefits of Artificial Intelligence in the Enterprise study, more than half (51%) of companies using AI in the region managed to generate profit from the use of technology, with financial return considered high by 7% of the companies polled.
However, the numbers in Latin America are below the global average: 55% of AI enterprise users polled worldwide registered profit through the use of the technology with 11% generating a high profit.
The study noted that most Latin companies are using AI to develop new ways to generate value (52%), compared to 55% globally. On the other hand, 33% of Latin firms using AI focus on improving existing processes, compared to 22% of the respondents in other parts of the world.
The report also covered the positive impact of AI in the enterprise when it comes to supporting decision-making at the senior level. Some 71% of the Latin executives using AI reported that the technology has improved team decision-making, and 63% said they could work more efficiently because of the technology.
Additionally, 71% of those polled felt collective learning improvements with artificial intelligence, and 61% believe team confidence has improved since adopting AI-based systems.
AI is also helping companies become more competitive: According to the study, 69% of Latin American executives feel more prepared to face competition with the use of AI, while 66% say they are more prepared to capture business opportunities. That compares to a global score of 63% across both areas.
On the other hand, the research has also found that lack of trust in AI can hinder technology adoption, with nearly half of respondents in Latin America (44%) stating that the main reasons people don't trust corporate AI are lack of understanding about how the technology works and limited practical training provided by companies. The score was similar across the global executives polled: 49% mentioned the lack of trust while 46% cited insufficient skills.
BCG and MIT SMR conduct this AI study annually. They published the fifth edition in 2021 with data from 2,197 senior executives across 106 countries and 28 business sectors.