Recently, we wrote about how to launch a career in artificial intelligence, and we also explored how to become an AI engineer. Here we’re going to explain why the field of artificial intelligence is so important to the modern economy.
As part of this discussion, we’ll cover what artificial intelligence is, how and where it’s being applied in modern businesses, what AI engineers actually do, and why you should consider getting into the industry.
After you’ve learned everything you need to know about what makes artificial intelligence so important, fill out our information request form to receive additional details about CSU Global’s 100% online Master’s Degree in Artificial Intelligence and Machine Learning, or if you’re ready to get started, submit your application today.
What is Artificial Intelligence?
AI is a technology that mimics human intelligence, allowing computer applications to learn from experience via iterative processing and algorithmic training.
AI systems get smarter with each successful round of data processing since each interaction allows the system to test and measure solutions, and develop expertise in the task it’s been set to accomplish.
Since this can be completed rapidly, much faster than the rate a human being would be able to perform similar work, AI systems can become experts far faster than humans, making them incredibly effective options for any process requiring intelligent decision making.
This makes AI an incredibly powerful, and extremely valuable technology, since it essentially allows computers to think and behave like humans, but at much faster speeds and with much more processing power than the human brain can produce.
In many cases and for a variety of different applications, AI systems are capable of significantly outperforming humans, and that’s the primary reason why AI technology has become so important to the modern economy.
What Makes AI Technology So Useful?
Artificial intelligence technology offers several critical benefits that make it an excellent tool for virtually any modern organization, including:
- Automation - AI is able to automate a repetitive task that was previously done manually, without feeling any fatigue or having to take breaks like a human employee would need to do.
- Enhancement - AI can make products and services smarter and more effective, improving experiences for end-users, via capabilities like optimizing conversation bots or customer service menus, and delivering better product recommendations.
- Analysis - AI can analyze data at a much faster rate than humans, allowing it to find patterns much more quickly, and it can also analyze much larger datasets than humans, allowing it to uncover patterns humans would simply miss.
- Accuracy - AI can be trained to become more accurate than humans, utilizingits ability to harvest and interpret data to come up with better decisions for tasks like picking financial investments or identifying cancerous growths on x-rays.
- ROI - AI maximizes the value of data since it’s able to do a better job analyzing complex, multi-variate relationships, without having to take any breaks and with fewer mistakes, making it an incredibly important technology for any business that relies on data and operates at scale.
Simply put, AI allows organizations to make better decisions, improving core business processes by increasing both the speed and accuracy of strategic decision-making processes.
Where is AI Technology Being Applied?
The reason there’s so much talk about how AI could revolutionize the world and change the future is that AI solutions are already being applied in virtually every industry, with excellent results.
Here’s just a handful of specific applications where artificial intelligence has proven to be incredibly effective:
- Healthcare - AI applications are being used to deliver personalized medicine, providing patients with reminders about when to take their medicine, and suggestions about which specific exercises they should perform.
- Retail - AI technology is applied in retail environments to handle stock management, design more effective store layouts, and provide personalized shopping recommendations via Amazon’s “You May Also Like” suggestions, as well as personalized viewing suggestions via Netflix’s machine learning-driven recommendation algorithm.
- Manufacturing - AI solutions are used to forecast load and demand for factories, ensuring they’re run as efficiently as possible by helping to make better decisions about logistics and planning for materials ordering, timetables to project completion, etc.
- Banking - AI systems are being used to review financial transactions to detect fraudulent activity, assess credit scores with greater accuracy, and automate tasks requiring manual data input and data management.
- Life Sciences - AI technology is being applied to test new medicines, allowing organizations to bring them to market sooner, and to analyze large and complex data sets that help discover new, more effective therapies and pharmaceutical drugs.
Clearly, AI has already been applied to a whole host of important processes, but there are hundreds or even thousands of additional applications for virtually every sector of the modern economy.
What makes AI such a game-changing technology? The fact that it can perform similar tasks as human beings, but faster, and with fewer mistakes.
What Do AI Engineers Actually Do?
To accomplish the important tasks outlined above, AI engineers design, build, test and update AI systems and technologies.
Accordingly, some of the more common responsibilities that AI experts must be capable of handling include:
- Using AI best practices for applications like data processing, data mining, speech recognition, and robotic control.
- Developing AI-driven solutions that model human behavior to accomplish complicated tasks or complete complex processes.
- Implementing AI and machine learning solutions to solve complex problems or scenarios.
- Creating new technical solutions utilizing artificial intelligence and machine learning technologies.
- Evaluating and improving the performance of applications in the artificial intelligence and machine learning domains.
AI work is a complex discipline that requires a great deal of technical knowledge, but the job prospects for AI experts are excellent, making this a field you should certainly consider developing a career in.
Should I Pursue a Career in Artificial Intelligence?
Knowing that working with artificial intelligence technologies is a challenging and potentially difficult job, why would you want to pursue a career in the field?
First, AI applications are already having a huge impact on virtually every industry, and they’re also likely to continue growing in importance as new applications and technological solutions are created.
Second, the AI industry is growing rapidly, with the International Data Corporation (IDC) projecting that the AI market, “including software, hardware, and services, is forecast to grow 16.4% year over year in 2021 to $327.5 billion.”
Finally, jobs in the AI industry tend to pay excellent salaries, with data from the U.S. Census Bureau showing that the average salary for AI professionals is $102,521.
Some of the top positions for AI experts that offer an excellent average annual income include:
- AI Engineer/Scientist / 2018 Median Pay: $99,998
- Software Developer / 2020 Median Pay: $110,140
- Computer and Information Research Scientists / 2020 Median Pay: $126,830
If you’re interested in technology and looking to study a field that could lead to a lifelong career with the potential for earning an excellent income, then artificial intelligence may be the perfect option for you.
How To Launch a Career in Artificial Intelligence
While you might be able to get an entry-level role in the industry without first completing a degree program, it will almost certainly be easier to find a good job in AI if you first attend and complete a degree in the field.
Why? Because the best way to develop the knowledge, skills, and abilities you’ll need to be successful as a professional artificial intelligence engineer is to study AI in a serious academic setting, like CSU Global’s online Master’s Degree in Artificial Intelligence and Machine Learning program.
This program provides all the experience and knowledge you need to launch a successful, lifelong career in the AI industry, along with the academic credentials needed to catch the eye of hiring managers looking to fill AI-related positions.
Choosing to study at CSU Global will ensure that your degree is respected by the hiring managers you need to impress to land a great job in this competitive field and earning your Master’s Degree in AI should help increase the odds that you can land a management or leadership role in the industry.
Can I Get My AI Degree Online?
Yes, you can get a regionally accredited online Master’s Degree in AI and Machine Learning from CSU Global.
Our accelerated online degree programs were designed to be completed entirely online, allowing our students to enjoy far more flexibility and freedom than traditional in-person programs.
Studying online with us will make it easier to juggle your educational pursuits with other existing work and family responsibilities, as our programs offer:
- No requirements to attend classes at set times or locations.
- Access to monthly class starts.
- Accelerated, eight-week courses.
If you’re looking for a convenient degree program that interferes as little as possible with your other important responsibilities, then you should choose to study with CSU Global.
Why Should I Pick CSU Global’s AI Program?
Our online AI Master’s Degree program is an excellent choice for anyone looking to pursue a career in this exciting and growing field.
This program is regionally accredited by the Higher Learning Commission and widely respected by industry professionals, while CSU Global itself is recognized as an industry leader in online education, having recently earned:
- A #1 ranking for Best Online AI Degree from Successful Student.
- Named to Analytics Insight's list of Top Online Masters Courses for Artificial Intelligence in 2021.
- A #3 ranking for Best Colleges in Colorado from Best Value Schools.
- A #3 ranking for Best Value Online Graduate School from Value Colleges.
To get additional details about our fully accredited, 100% online Master’s in AI and Machine Learning program, please give us a call at 800-462-7845, or fill out our Information Request Form.
Ready to get started today? Apply now!