Business is changing faster than ever with Artificial Intelligence and Machine Learning driving much of it.
- The demand for strong applied AI skills within the state is now more pressing than ever. According to The Wall Street Journal, "Generative AI, by some estimates, is poised to double the rate of U.S. productivity growth after a decade of widespread adoption, potentially contributing trillions of dollars annually to global economic output."
- According to the consulting firm McKinsey, “Generative AI’s impact on productivity could add trillions of dollars in value to the global economy. Our latest research estimates that generative AI could add the equivalent of $2.6 trillion to $4.4 trillion annually across the 63 use cases we analyzed—by comparison, the United Kingdom’s entire GDP in 2021 was $3.1 trillion. This would increase the impact of all artificial intelligence by 15 to 40 percent. This estimate would roughly double if we include the impact of embedding generative AI into software that is currently used for other tasks beyond those use cases.”
- According to Forbes, “The AI market is projected to reach a staggering $407 billion by 2027, experiencing substantial growth from its estimated $86.9 billion revenue in 2022… AI is expected to contribute a significant 21% net increase to the United States GDP by 2030, showcasing its impact on economic growth... A significant 64% of businesses believe that artificial intelligence will help increase their overall productivity, as revealed in a Forbes Advisor survey. This demonstrates the growing confidence in AI’s potential to transform business operations.”
Our program is about the way businesses can and will utilize, maximize and operationalize AI and machine learning.
The newly launched M.S.in Artificial Intelligence for Business program is a degree that upskills managers so they can be an asset in any organization. This program is based in the Merrick School of Business because knowledge of how to apply AI in various business fields is an essential skill.
There is currently high demand across various industries for people who can not only use the technology but who can articulate its usefulness and understand its limitations. The program's coursework will guide the student in the general application of AI in business, ethics and regulation of AI, application of AI in such fields as accounting and finance, marketing, entrepreneurship, organizational behavior and supply chain management.