Emerging Technologies: Unlocking Latin America's Competitiveness

Emerging technologies have shifted from being a potential game-changer to a driving force transforming Latin America's business environment. A comparison between NTT DATA and Harvard Business Review reports from 2023 and 2024 reveals the growing adoption of these innovations and their accelerating positive impact on the region.

These cutting-edge technologies provide businesses and public sector organizations in the region with substantial opportunities to boost productivity, profitability, and growth. Latin America holds immense growth potential and exceptional human capital. Improve ending of sentence: By embracing new technological concepts under visionary leadership, senior executives can achieve remarkable outcomes for stakeholders, employees, customers, and, most importantly, the communities they work for.

Advancing with AI

Leading this transformation is Artificial Intelligence (AI), particularly the rapidly expanding generative AI. Currently adopted by 53% of companies in the region, AI has become a cornerstone for business intelligence, fostering innovation, advancing product development, and enhancing both customer service and user experience.

AI is not alone in driving change. Other technologies such as biometrics, 5G, mixed reality, augmented reality, virtual reality, clean tech, 3D printing, advanced robotics, blockchain, edge computing, digital twins, and the metaverse are present in at least 10% of organizations across Latin America.

To fully and sustainably unlock the benefits of emerging technologies, Latin American companies must overcome two critical challenges. The first is delivering effective digital solutions. The second is fully harnessing the power of AI.

A Transformative Wave

Despite their promise, obstacles remain. Limited infrastructure, a shortage of specialized talent, and difficulties in demonstrating positive returns on investment rank among the top concerns for regional leaders adopting these technologies.

However, overcoming these challenges is possible through robust strategies, strong leadership, intercompany collaboration, and partnerships with strategic allies who possess in-depth knowledge of both these technologies and the markets where they are deployed. These factors are essential to advancing along the maturity curve and maximizing results, including improved efficiency and productivity, faster decision-making, cost savings, and a competitive edge.

The reality is clear: this wave shows no signs of slowing down. A striking 92% of companies report success with emerging technologies over the past 12 months. These innovations are enhancing their role as a cornerstone of economic progress, fostering innovation, and positioning Latin American businesses to thrive on the global stage.