September 18, 2023

LATAM: The next pitstop for AI and ML?

Throughout history, technology has been the catalyst for remarkable progress, propelling communities, countries, and entire regions toward development and innovation. For example, the Industrial Revolution in the 18th century boosted production capacities in terms of magnitude, transforming several economies across the globe. In the late 1990s and early 2000s, the mobile phone revolution in Asia and Africa resulted in increased mobility and new opportunities, making communication easy and affordable.

Latin America, or LATAM promises to be the new frontier of growth and opportunity where cutting-edge technologies such as Artificial Intelligence (AI), Natural Language Processing (NLP), Machine Learning (ML), and Computer Vision (CV) can be key drivers of enterprise-value creation and profitability.

Navigating LATAM’s AI puzzle

As LATAM stands at the cusp of a promising AI transformation, it confronts some universal and unique hurdles in adopting and harnessing this groundbreaking technology. The region's journey toward AI and ML integration is influenced by linguistic diversity, connectivity issues, funding, and shortage of AI talent — not to mention the universal challenges with data quality, availability of unbiased datasets, and ethical and regulatory frameworks. These formidable challenges, if overcome, can also represent opportunities that can propel AI to redefine the region. Unlike the West, IT adoption here has been nascent, thereby reducing the challenges of grandfathering older generation systems and frameworks. As a result, adoption can be a lot easier.

Let’s look at some of these challenges and what are the best practices to overcome them.

  • Language and localization-Developing AI products that understand and adapt to various languages and dialects is crucial for adoption. It's not just about translation; it's about cultural nuances, context, and ensuring AI communicates effectively across regional idiosyncrasies.
  • Infrastructure and connectivity-The accessibility of dependable internet infrastructure varies across the region. This disparity can impact the seamless implementation and expansion of AI technologies, particularly in remote areas. Ensuring robust connectivity or designing products for the edge is a pivotal step toward unlocking the full potential of AI innovation throughout the region.
  • Talent shortage-With a shortage of skilled AI professionals and data scientists, businesses struggle to find and keep qualified experts because the demand for AI talent is higher than the supply. This challenge highlights the need to upskill and educate new skilled AI workers to match the demand.
  • Ethical and regulatory concerns-The world is grappling to ensure AI is ethical, responsible, and built using unbiased data. Hence, ensuring fairness, and creating sound ethical guidelines to strike a balance between technological advancement and ethical responsibility is equally important for LATAM.
  • Data quality and availability-High-quality datasets are the lifeblood of AI applications. This is a universal challenge and LATAM also will have to deal with them to ensure data quality, availability, and accessibility, which otherwise can significantly hinder the development and effectiveness of AI products.
LATAM’s AI renaissance is here!

AI is not just about creating enterprise value. In fact, its implementation has a profound impact on the community. The cutting-edge technology will help streamline operations, liberate resources, and drive growth across all industries in the region. This data-driven decision-making will help in shaping new strategies, predicting trends, and enhancing customer experiences. From precision agriculture to streamlining healthcare and proactively identifying anomalies in financial transactions and cyber threats, AI is the fuel that will empower LATAM to leap-frog into the future of innovation and progress.

The road ahead

Embracing AI-driven transformation successfully in LATAM requires a new approach. 80% of the models fail to perform and are scrapped before an ML model is deployed. The conventional resource-based, expensive approach to AI will not work anymore. What businesses need is a targeted, quick iteration with a high reusability approach that allows the limited bandwidth of data scientists to scale. Here’s how it can be done:

  • Define a specific business problem and desired outcome, while identifying the data sources that are available currently and needed for the future.
  • Leverage domain-specific models that have been used for similar problem sets and fine-tune models to test the hypothesis using small data sets.
  • Once the desired result is achieved, operationalize the product alongside the business workflow, and set up a process in place to improve accuracy with new data and detect bias.

We, at ElectrifAi, offer a unique suite of pre-built ML products and capabilities, delivering rapid business value for the C-suite, at speed and scale. We call it Consequential AI — tangible, transformative, and trustworthy outcomes in just 6–8 weeks! As you set about with your AI initiatives, tap into our expertise to sidestep risk and talent shortage, and accelerate time to market. We will work with you to establish a viable and acceptable KPI for specific business challenges and set you in the right direction. We can work with you with a commitment to deliver the KPI against the payment — at one-tenth of the cost with no additional system integrator or consultant.

Contact us today to kickstart an exciting and transformative AI-powered journey.

ElectrifAi: US' leading ML products provider

ElectrifAi is one of the US' leading ML products providers, with an extensive library of pre-built ML products enabling our clients to capture tangible benefits quickly. We work with the C-suite to understand and solve business problems through data and machine learning in diverse industries such as Higher Ed, BFSI, Life Sciences, Hospitality, Retail, Chemicals, Oil & Gas, Telecom, Insurance, etc. The insights generated by our ML products, such as ContactCenterAi, ReputationAi, InventoryOptimizationAi, RevCaptureAi and other products, have helped our clients realize consequential business outcomes in 6-8 weeks.

Our product does not require investment in a new platform or infrastructure. Instead, we leverage the data existing in your system to power the ML models to deliver business outcomes.

We are the last-mile product that sits on the top to solve specific business problems and bring about savings. Contact us to learn more!