Finance and advertising are the future of AI, says Erik Brynjolfsson

The Director of the MIT Initiative on the Digital Economy and Professor at MIT Sloan School of Management, Erik Brynjolfsson was asked on the reasons behind his research on Artificial intelligence and his ideas on reshaping the working way of business and industries, let’s get down to his standpoint.

From the recent interview on Artificial Intelligence future, Erik claims these five:

1.        when he was questioned on companies bringing changes into their organizations regarding AI, He went on stating that the changes wholesome reflect from one process to other, so if AI is introduced in Marketing thereby it takes a reflection on production and supply chain. In his words,

“A century ago, factories electrified without rethinking their production lines and therefore saw no productivity benefits. In much the same way, machine learning technology without management and organizational change will be ineffective”

2.        He proclaims that the future of Artificial intelligence has a great advantage in finance and digital advertisement, due to the huge data storage.
3.        His take on managers adapting to Artificial intelligence was quirky,

“Managers need to understand the types of tasks that it can do better than humans, as well as those where it does not perform as well.

So managers need to understand, how the basic technology works. Adapting means understanding how to train workforces and find the right people. At the same time, managers need a sound grasp of which existing tasks can be automated, and even more importantly, what new products, services, and tasks are feasible as a result”

4.        In the World Economic Forum, the Future of Jobs report states that there are going to be 35% of core skills, which will change between 2015 and 2020 because of artificial intelligence,

and his opinion was to concentrate on educating people in machine learning and updating the workers on Artificial intelligence, spending much is not enough, Education can and must be reinvented, using some of the same digital tools that are transforming business.

5.        When the session got to its peak, the interviewer asked him about the majority of the people who are left behind with low wealth, while wealth is concentrated in a very small percentage of people.

He responded, “We live in perhaps the greatest age of technical innovation in human history. Yet many people are not experiencing the benefits of this progress — despite actively seeking to more fully participate in and benefit from the educational and work opportunities it offers.

In this era of profound digital transformation, it’s important to remember that business, as well as government, has a role to play in creating shared prosperity — not just prosperity.  After all, the same technologies that can be used to concentrate wealth and power can also be used to distribute it more widely and empower more people.

At MIT, we are very proud to have launched the Inclusive Innovation Challenge [IIC] as part of the Initiative on the Digital Economy. Now in its fourth year, the IIC recognizes and rewards people and organizations that use technology in this way — to drive economic opportunity for workers.

So far, we’ve awarded over $3 million to dozens of organizations, and as a judge, I’ve been amazed at the hundreds of high-quality applicants we get each year. It makes me optimistic to see how so many businesses are already using digital technologies to create more widespread benefits.

Though the future is in artificial intelligence, upgrading to the technology and developing the skillset is all one needs to do to get with the flow.