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Machine Learning in Economics

by Fredrick Gitaka
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Artificial Intelligence uses algorithms and statistics to analyze the company’s data and act based on the results. Thanks to the machine learning technology application run by AI can learn itself and become more and more effective.

It opens a lot of opportunities in the field of economics. Nowadays we do not need only economists but computer scientists first. Implementing machine learning into economics is the Future.

How exactly can we benefit from AI?

AI is present in our everyday lives – we encounter it for example while using Netflix, Google or Facebook. AI analyzes our behavior and interprets it by algorithms. Due to that, it can predict what we seek or what we would want to see next, even if we do not know it ourselves. It is something that anyone with a highly analytic mind could do but AI does it with extreme precision and accuracy. Over time AI thanks to machine learning technology can easily perform better results than any living human could ever achieve.

Artificial Intelligence can analyze any amount and kind of data we could provide it with. That is why it is used in such different fields at the same time – from science purposes to improving the marketing technics.

Financial services run by AI

The main goal of implementing AI in our business is always to make a profit. AI contributes to increasing income by changing many aspects of the company. It does not only speed up repetitive, predictable tasks but improves overall productivity and efficiency of the company’s system.

It can detect fraud and that way increases safety what also results in more money staying in our pocket. AI is exceptionally good at processing information on credit risk and solvency. It is also broadly used in analyzing the stock market. AI helps reduce the costs of human labor and saves hours of work. It acts instantly, we can observe it “thinking” processes in real-time. All of those tasks result in increased income at the end of the day.

What type of machine learning application should we choose?

We can implement Artificial Intelligence in any part of our company’s system that needs improvement. To do that we should search for Machine Learning Consulting ( company. After contacting them, a data scientist will help us decide what form of machine learning artificial intelligence is most suited for us and will increase our company’s well-being.

What is and what could be 

Artificial Intelligence can be implemented in any field of human interest, not only business. We can benefit from machine learning AI on many levels, for example, we can improve our health system, which exceeds simply the financial gain.

What is more, due to Artificial Intelligence we could improve the wealth of the entire community and economy of the whole country by increasing the productivity and efficiency of the market. What is stopping us? We have the technology, so what is the problem? We should seek it in the quantity, not the quality. The key to welfare is to promote and spread those new technologies. 

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