The defending champions were thrashed by the Netherlands 5-1 in their opening game, leaving them with a difficult task of getting out of Group B.
Despite coming into their match with the Chileans on the back of a humiliating loss, Alonso believes that the Spaniards have what it takes to come away with the points.
"We have the perfect opportunity to put things right and turn this situation around. In football things change very quickly and you always have the chance to quickly put things right. We think we can do just that," the midfielder told Marca.
"We have spotted our errors and we know what we have to do to correct certain situations. Against Holland, the side tried to respond with more heart than head and that disorganised us, but it was not a physical thing, it was just that we did not know how to react."
Spain lost their opening match of the 2010 World Cup against Switzerland before coming back to win the tournament for the first time in their history.