Spain's Digital Leaders Navigate AI's Promise & Peril at IESE Forum

Madrid, Spain – As artificial intelligence rapidly reshapes the global landscape, business leaders in Spain are increasingly focused on harnessing its power while mitigating its inherent risks. A recent forum at IESE Business School brought together over 500 executives to discuss the future of AI, highlighting both the immense opportunities and the crucial need for strategic foresight.

Hosted in collaboration with Italian marketing technology firm JAKALA and digital business newsletter Multiversial, the event served as a platform for industry leaders to share insights on navigating the complexities of AI adoption. Discussions centered on the rapid pace of development, the potential for disruption, and the importance of addressing ethical and geopolitical concerns.

Beyond the Hype: Structural Transformation is Key

The prevailing sentiment at the forum wasn’t simply about embracing AI, but about understanding its evolution. Carlos Molina, founder of Multiversial, articulated a framework of “three waves” – acceleration, bubble, and structural transformation. “We’re currently in a phase of incredible hype, but that inevitably leads to a bubble,” he explained. “The real challenge is building a sustainable infrastructure that allows AI to deliver long-term value, not just short-term gains.”

Molina cautioned against relying solely on venture capital-driven innovation, suggesting that the true potential of AI will only be realized through fundamental changes in business models and organizational structures. He noted that several industries are beginning to feel the risks of excessive dependence on a single source of technology, citing recent examples of potential vulnerabilities in supply chains.

Banking and Insurance Lead the Charge – But Concerns Remain

Executives from Banco Santander and Mapfre, two of Spain’s leading financial institutions, shared their experiences implementing AI solutions. Cristina Álvarez, Chief Technology and Operations Officer at Banco Santander, emphasized the transformative power of AI in redefining customer interactions. “AI is allowing us to move beyond traditional banking models and create personalized, predictive, and efficient experiences for our customers,” she stated. “We’re seeing significant improvements in areas like fraud detection, risk management, and customer service.”

Mariel Vázquez, Director of Digital Customer Experience at Mapfre, echoed this sentiment, highlighting the importance of data-driven insights in enhancing customer engagement. However, both executives acknowledged the need for careful planning and execution to ensure that AI initiatives align with business objectives and ethical principles.

“It’s not enough to simply implement AI technologies,” said one attendee, a senior executive at a Spanish insurance firm, speaking on condition of anonymity. “You need a clear understanding of your data, a robust governance framework, and a commitment to responsible AI practices.”

Geopolitical Risks and the Need for Strategic Autonomy

Beyond the technical and ethical challenges, the forum also addressed the growing geopolitical risks associated with AI. “We’re seeing a concentration of AI capabilities in a few key countries, which creates a potential for strategic dependency,” warned a technology consultant speaking anonymously. “Spain and Europe need to invest in their own AI ecosystems to ensure their competitiveness and resilience.”

Molina highlighted the risks of over-reliance on foreign technologies, citing an example of potential vulnerabilities in critical infrastructure. “If you depend on another country for essential components or software, you’re essentially handing over control of your own destiny,” he explained. “We need to diversify our supply chains and invest in domestic innovation.”

JAKALA's Role in Guiding Digital Transformation

JAKALA, a European data-driven powerhouse, played a central role in organizing the forum and facilitating discussions. The firm's expertise in data analytics, marketing technology, and business advisory services positions it as a key player in guiding companies through the complexities of digital transformation. “We believe that AI has the potential to unlock significant value for our clients, but it’s essential to approach it strategically and responsibly,” stated a JAKALA representative. “We’re committed to helping our clients navigate the challenges and opportunities of AI and build sustainable, future-proof businesses.”

With global revenues reaching €520 million in 2023, and a history of strategic acquisition, JAKALA appears well-positioned to continue leading in this space.

The Path Forward: Collaboration and Responsible Innovation

The consensus at the IESE forum was clear: AI is not just a technological revolution, it's a societal transformation. To realize its full potential, Spain and Europe need to embrace a collaborative approach, investing in education, research, and innovation while prioritizing ethical considerations and strategic autonomy.

“We need to move beyond the hype and focus on building a sustainable, responsible AI ecosystem,” concluded one attendee. “That requires a commitment from governments, businesses, and individuals alike.”

The event underscored the urgency of these challenges and the importance of proactive leadership in navigating the evolving landscape of artificial intelligence. As AI continues to reshape the world, Spain is poised to play a pivotal role in shaping its future – if it can successfully balance innovation with responsibility.