In 2023, the global AI market was valued at over $140 million. AI is rapidly changing the way we approach our work lives and daily habits – but what does this mean for the Chilean economy?
Chile already possesses a highly-ranked economy, but AI can present both opportunities for growth and disruptions.
What do AI developments mean for the future of the Chilean economy? And how can businesses leverage it to their advantage?
AI In Chile: What Does It Mean?
The annual growth rate of AI in Chile between 2023 and 2024 is predicted to be 17.4%. With such overwhelming haste adoption of this new technology, we are bound to see sweeping changes in the workforce and economy.
Though most people adopt a healthy skepticism toward AI, these changes won’t all be for the worse. Although AI may be suitable for automating repetitive tasks, the human factor is still necessary for creativity, strategy, and innovation. This is why none of the opportunities or challenges we discuss below will explore potential redundancies.
What Are The Opportunities Presented By AI In Chile?
AI can improve accuracy and automation. But what does this look like in practice? Here are some of the opportunities presented by AI for the Chilean economy.
Security For Business Operations
AI is enhancing security tools to automate security monitoring. In a typical security strategy, security staff must monitor commercial surveillance footage for hours to spot potential security breaches or threats. And the margin for human error makes spotting a security event unlikely.
AI solves this dilemma, allowing for automated threat detection integrated with cloud-based security cameras.
With this technology, security staff can receive mobile alerts based on security threats, ensuring human error doesn’t lead to a security breach. Once they have received the alert, staff can assess the situation and develop a threat response plan.
The AI surveillance monitoring technology uses behavior and object recognition to spot events that could pose a security threat. For instance, they can detect sharp objects to prevent physical assaults on-site.
By automating surveillance monitoring, AI allows security staff to spend their time making rounds and increasing security presence on-site. And, there won’t be any missed security events, leading to more agile and responsive security practices in Chile.
Automation For Small Business Growth
AI provides opportunities for automation that allow small businesses to do more with less. Many small businesses lack the staff or time to handle tasks like customer service and manual data entry.
Rather than hire new staff members or overwork themselves, small businesses can use AI to handle repetitive tasks, freeing up their time to focus on marketing, business growth, and innovation.
With the rise of AI, small businesses can expect to blossom, making the Chilean economy more favorable for entrepreneurs and small business owners.
New Job Creation
Many worry that AI will replace humans in the workforce. But what if it is a job creator?
AI is powered by research and information. Also, the information AI works with must always be accurate and up-to-date. New jobs in research, data engineering, and technology will open up in Chile to give the economy a boost in the tech industry.
What Are The Challenges Presented By AI In Chile?
There are some economic downsides to consider when evaluating the rise of AI. Here’s what might affect the Chilean economy in the next few years.
AI Retraining
AI will be adopted in more workplaces to aid in automation. However, this means that employees must adopt a new skill set. Onboarding and training employees to use AI in their daily roles will cost businesses, affecting the overall economy in Chile.
However, investing in this training will likely provide ROI for Chilean businesses through more efficiency and reduced manual tasks.
Challenges In The Creative Sphere
One of AI’s biggest economic challenges is the value of creative work. Many creative professionals use AI to perform research and aid in their work. But will this lead to a lack of innovation and true creativity?
We can expect a ban on AI use in creative roles, as this would jeopardize originality.
Since AI uses data that already exists, there is also a worry regarding potential plagiarism cases caused by its use in creative works. We can expect drastic changes in the creative professional sphere as businesses determine what creative work means in the wake of AI.
Summary
AI offers so much potential for the Chilean economy, and we could see a marked rise in prosperity for small businesses over the next few years as the potential for AI automation grows. However, there will be a need to retrain and familiarise existing employees with AI to enhance their skill sets. Consider whether embracing AI could be the right step for your business in this changing economy.
