A professor from the Toronto- based Rotman School of Management has explained the economics and the subsequent impact of Artificial Intelligence (AI). Professor Ajay Agrawal, besides training the MBA students, also works with several startups from the field at the Creative Destruction Lab. He has written a new book, titled Prediction Machines: The Simple Economics of Artificial Intelligence, co- authored by fellow academicians. To harness the true powers of AI, the book says that a time- frame has to be worked out, within which the operations will be put in to place. The progress once started, will be exponential. The machines need be trusted. Before conducting any business analytics operation, based on the data available, one needs to know the requirements. The company must know what kind of insights are desired. A kind of learning loop must be created, making it easier for all team members to obtain the relevant information. Data, judgment and action and further growing in importance.

Source:https://www.mckinsey.com/business-functions/mckinsey-analytics/our-insights/the-economics-of-artificial-intelligence

Uploaded Date:26 June 2019