The Rapid Development of AI and Its Impact on Emerging Economies

Artificial intelligence (AI) has been a topic of discussion for some time; however, with the end-customer interacting with these tools even more, AI is now extending its reach beyond borders and shaping the human experience in almost every industry and sector of life. More than just a trend, AI is a programming language that fuels technology, typically powered by a set of rules.

This impact is extending to emerging economies and developing countries. With responsible and strategic use, businesses in emerging economies across the Caribbean and Latin America can take their operations to the next level.

With MC Systems’ range of intelligent tools and AI-powered business support, AI’s reach is now extended to countries like Jamaica, even in the most rural of communities. This use of AI has the potential to serve as a catalyst for driving efficiency across key industries.

 AI’s Local Reach: Revolutionising Rural and Traditional Sectors

To understand AI’s reach beyond borders, consider a simple scenario: a farmer in St. Elizabeth, Jamaica, can improve business operations and mitigate challenges with AI-powered tools. A plant mobile app can help identify crop diseases and nutrient deficiencies by simply uploading a photo to the app. A response is generated in under 5 minutes, saving the farmer time and money that would be expended on exploring alternatives or discovering the solution to the issue too late.

On a larger scale, agricultural businesses can achieve increased productivity, reduced losses, and implement more informed agribusiness strategies with the aid of AI. Furthermore, its accessibility has the potential to reduce downtime experienced when technological systems fail in smaller businesses, thanks to the narrowing of the gap between urban and rural technology.  Businesses of all sizes can now feel empowered to join key conversations and generate more exposure, which in turn triggers growth and sustained profitability.

2. AI in Business: Driving Efficiency Across Key Industries

AI’s potential to impact key sectors can be visualised in many ways. With a few prompts, healthcare professionals can reduce the time spent on administrative tasks, allowing them more time to focus on patient care. In industries such as finance services, the impact of digital tools is even more pronounced, with customer automation, analytics for financial forecasting, and the ability to provide faster, safer, and more personalised services.

In other sectors, here are some ways AI continues to drive impact:

• Tourism: personalised travel experiences and chatbots
• Manufacturing: predictive maintenance and supply chain optimisation

These tools help reduce costs while also improving efficiency and driving innovation. MC Systems’ enterprise software solutions enable this transformation, bringing concepts to life in the Caribbean and across a range of key industries.

3. Challenges in the AI Journey for Developing Nations

While discussing the advantages of AI, it is important to recognise its known drawbacks, including:

• Infrastructure limitations: Internet access remains limited in some areas, including homes.  According to the World Economic Forum, “Latin America and the Caribbean is a region riven by digital divides. Just two-thirds of households have internet access, and connectivity rates in some countries and rural areas are even lower.” A lack of access, even at the household level, can impact how customers interact with businesses that are striving to take the next step with smart technology.
• Digital skills gap: The workforce needs to be upskilled to meet the demand for smart technology as an integral part of everyday life.

This makes collaboration even more critical to build:

• Private and public sector partnerships
• Investment in digital literacy and capacity building

A Collaborative Path Forward

MC Systems is a strategic partner, not just a software provider. Our services are geared at helping businesses in Jamaica and the wider Caribbean harness AI effectively. We continue to reaffirm our vision for technology, and in this case, AI, that it should foster inclusive, sustainable, and scalable economic growth.

Let us work to embrace AI with a long-term development mindset to build not only your business, but also our country. Ready to take action?