Potentials and Challenges in Artificial Intelligence

The growing and consolidation of digital technologies in our society are reshaping our cognitive processes and playing an essential role in many real-world applications, which range from social media to business management. In the context of technological progress, artificial intelligence (AI) emerges to offer new opportunities as an ever-evolving and revolutionary concept that harnesses technology research to support a broad range of innovative applications, including but not limited to speech recognition, autonomous vehicle design, and computer vision. Moreover, artificial intelligence exhibits the potential for cost reductions and time-saving in complex and repetitive tasks like data collection, forecasts, and automation, thus leading to efficient solutions and better assistance for customer satisfaction. Indeed, according to a survey by McKinsey & Company, 262 most participants from eight business companies reported achieving cost reductions of up to 10% in their operational processes while increasing their average revenue with artificial intelligence ( McKinsey Analytics, 2019 ). Further, in a recent survey released by Nvidia##©###, interviewed professionals from financial services reported a lessening of 10% in their annual cost and an increase in the customer experience supported by artificial intelligence solutions ( Nvidia, 2023 ).