Machine Learning Could Lead Electricity for Future GDP Growth

Machine Learning

WOW! Now HERE is a very bold statement; Machine Learning (ML) can be bigger than electricity in boosting world GDP. I just bet you are asking how, right? Well, using algorithms based on machine learning will certainly allow companies to cut costs and become more productive which, in turn, enhances overall performance. THAT will increase GDP and since the developing world will embrace ML and AI (artificial intelligence) as they build their infrastructure, world GDP should take a corresponding jump. Uh, but don’t chalk off electricity just yet. Those “machines” have to be plugged in, right?

“Machine Learning algorithms enable companies to cut costs, increase their productivity and improve their overall performance. As more and more businesses take advantage of ML, the entire economy gets a boost.

From the customer’s side of things, AI and Machine Learning apps are increasingly present in modern daily life, from new facial and improving voice recognition apps to chatbots and robo-advisors we’ve become an AI society–perhaps without realizing it.

From the business perspective, multiple AI-related innovations are disrupting conventional models across all industries. AI will accompany humans rather than replace them, and help them manage a growing technological complexity.

Companies wanting to thrive in the future have had to rethink their strategy by integrating AI as (super) human resources and a capital that redefines the company, its operation model, and its offer.

Just within the banking sector, new startups like Plum and Digit primarily help millennials save by making automated microdeposits into savings and investments.

However, it’s not just a niche that AI serves in banking.

ERICA gives Bank of America customers a key and constant updates on finances using phone, text, or email. Predictive analytics and cognitive messaging enable ERICA to remind customers about making payments, monitoring balances and managing debt…”

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