June 23, 2024

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Eight out of 10 companies in the country are seeking to increase their AI budget

Eight out of 10 companies in the country are seeking to increase their AI budget

The impact of AI has been so significant in recent months that the decision to adopt or implement this tool has transcended technology departments and become a priority for both boards and CEOs globally.

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According to a study conducted by IDC and commissioned by Microsoft in Latin America 55% of large companies have already implemented specific AI tools in different areas of their businessThis is with the aim of increasing productivity or creating new models that benefit customers and employees alike.

The study, which consulted 320 organizations with more than 1,000 employees in Argentina, Chile, Colombia and Peru, highlighted that 48% of companies in the region see AI as a tool for improving productivity. The above is reflected in the generation of new sources of income, savings and efficiency.

In terms of sectors, media and communications companies (65%), along with government and educational institutions (56%), have accelerated their adoption of AI through budget reallocation.

According to the report “These sectors are largely focused on improving the customer experience, whether they are consumers or citizens, through the use of digitally-enabled services.“.



Colombia is not far behind

Now, at the local level, the report has shown this in Colombia 82% of the organizations surveyed plan to increase their budget allocated to artificial intelligence in the next two years, This is the largest percentage recorded in the region.

In addition, 44% of companies consulted indicated that they have already adjusted expenditures in certain areas or projects, or have plans to do so in the same period, with the aim of reallocating these resources to AI initiatives.

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According to the report, AI initiatives implemented within Colombian organizations achieved a return on investment equivalent to three times their cost, the highest figure in neighboring Chile. “This investment usually gives results in the very short term: the average time to obtain this return is 13 months, which is the fastest in Latin America. 23% of the institutions surveyed were able to recover their initial investment in less than 6 months“, detailed in the report.

Due to its strategic nature, the conversation around AI has changed in the past year. Companies are no longer wondering if AI can help them achieve their goals, but rather how quickly it can help them.

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According to the report, at the regional level, most AI project implementations are typically completed in three to 12 months, thanks to the proliferation of specific and rapid adoption initiatives. In Colombia, 80% of companies indicated that they complete this process in less than 12 months, while 59% do so in less than 6 months, exceeding the global average of 48%.

Opportunities to improve implementation

Although there are challenges to overcome in the country to move forward with AI implementation, the outlook is more positive compared to the rest of the region. 40% of companies expressed concern about the lack of skills needed to learn and work with this technologyThis is lower than the regional average of 46%.

On the other hand, 39% of companies stated that the lack of AI regulation represents an opportunity for improvement. Finally, the shortage of specialized employees, such as data scientists, data engineers, or AI modelers, represents a challenge for 25% of companies.

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We are at an exciting time for AI adoption in the region. “Colombia, in particular, stands out as one of the countries most interested in implementing and developing this technology.”commented Daniel Versueville, General Manager, Microsoft Colombia.

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To make progress in closing these gaps, the report highlights that more work is needed on rules for the responsible use of artificial intelligence. This includes creating and using technology in accordance with the principles of fairness, trust, security, privacy, inclusion, transparency and accountability.

In Colombia’s private sector, 55% of organizations surveyed reported that they are guided by standards, policies and processes to enforce these rules.
In addition, 28% indicated that they already have a governance body that oversees the adoption and responsible use of AI, a figure higher than the global average of 21%.

Colombian companies are increasingly realizing the advantages and strategic value that AI can bring to their organizations in terms of productivity, competitiveness and business opportunities. At Microsoft, we are committed to providing more solutions in this area, so that people and businesses in Colombia can leverage the benefits of AI to achieve more.“, said Microsoft’s country manager.



More revelations from the report

Microsoft’s report also presented several conclusions for analysis. For example, interest in artificial intelligence continues to grow in the country, resulting in more companies from various sectors committing to technological innovation. “Companies see these tools and resources as a solution that generates growth opportunities and contributes to the productivity of all sectors, competitiveness and profitability.“, highlighted.

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On the other hand, despite the challenges facing the region, Colombia has great expectations in the field of generative artificial intelligence. “Business is keenly aware of the positive revolution these technologies can bring to their sectors, highlighting their commitment to technological innovation. Businesses view these tools and resources as a solution that can generate growth opportunities, thus contributing to productivity, competitiveness and profitability,” the document concluded.