By-Dr.Krishna Kumar C, Director & Professor, Asian school of Business,Thiruvananthapuram
It`s time to study AI
10 Lakh skilled professionals by 2026 (Union IT ministry`s report)
India is poised to see a massive surge in demand for Artificial Intelligence (AI) professionals, with projections estimating the need for one million skilled individuals by 2026, according to the report -India’s AI Revolution: A Roadmap to Viksit Bharat -released by the Union Ministry of Electronics & IT.
The world has seen a major shift in the last two decades. Technology has taken over our lives. In 2000, the five largest corporations in terms of market capitalization were Microsoft and CISCO, both technology companies, General Electric, a diversified conglomerate, Walmart, a retail giant and Exxon Mobil, a player in the oil and gas field. The scenario has changed drastically in the last two and a half decades. The leader in Apple today, followed by Microsoft, Nvidia, Amazon and Alphabet-all technology companies.
The changing face of technology is now experienced by all of us. In the mid-1970’s there was only one watch brand, HMT, available in India and one popular scooter brand, Bajaj. A customer in Kerala had to travel all the way to Kochi to buy a watch or a scooter since the brands had only one showroom each in Kerala. For a Bajaj scooter, one had to book and wait for over five years to get an allotment letter from the company. Today, one does not have to move away from their table. In one click you can order a laptop computer or television or vegetables and they get delivered to your doorstep.
Traditional avenues of marketing are giving way to digital marketing. The younger generation has almost stopped reading newspapers and magazines. They can be best approached through their mobile devices. Advertisements and messages to such customers can now be delivered through social media platforms. This shift is visible in the digital marketing spends too. In India, according the Statista.com, the spend on digital marketing was Rs. 59,000 crores in 2023. By 2027 this figure is expected to reach close to Rs.100,000 crores.
Fintech refers to the use of technology to deliver financial services. Fintech is gaining prominence in our lives. All of us now depend on mobile banking apps and online payment technologies. The onslaught of COVID-19 forced us to shift to online payment platforms and now it has become a way of life even for roadside vendors. The finance minister announced recently that she wants to target 100 crore UPI transactions per day in the next three years.
Artificial Intelligence is all around us. Many of us may not realize its impact and influence in our daily lives. Digital assistants like Siri and Alexa understands our commands and help us in a host of activities. When we do shopping online, AI provides us suggestions based on our purchase habits and preferences. When we watch movies on OTT platforms, AI studies our preferences in terms of languages and genre and recommends movies to us for viewing. Self-driving cars and direction apps like Google maps and Apple maps work using AI.
A question that haunts all of us is whether AI and machines will take over and make humans redundant. This is very similar to the fear that we had when computers entered our offices and factories a few decades ago. Computers did not reduce jobs; on the other hand, it created many more opportunities to us. A similar thing can be expected from AI. AI may take away many jobs, but many more are likely to be created. Of course, this would imply that we would have to acquire new skillsets that would be required to manage these new jobs.
-What role does AI play in finance?
The Finance Industry also uses artificial intelligence extensively to improve efficiency and speed of tasks. AI finds application in forecasting, management of investments, risk management, fraud detection, customer service and so on. AI is helping the finance industry, especially the banking sector to automate traditionally banking processes. AI helps financial organizations to engage with the customers in a much better way by predicting their behaviour and understanding their purchase preferences. Organizations are enabled to offer personalized and innovative products and services, accurate and timely customer support and refine their credit scores on real-time basis.
AI is also finding applications in stock markets. Stock market predictions and forecasts become more accurate with the use of AI as compared to traditional methods. AI stock trading models have in-built risk management algorithms that adjust portfolios based on real-time data. It helps minimize potential losses.In the insurance industry, AI helps organizations to analyze vast datasets to detect fraudulent claims and other suspicious activities more effectively than human agents. AI-powered systems can automate parts of the claims process, reducing processing time and costs.
The aspiration of a commerce graduate would be to get placed in the financial sector. If the students do not get exposed to the changes in this sector brought in as a result of the introduction of artificial intelligence and equips themselves by gaining adequate knowledge in this field, them may find themselves outdated by the time they graduate and approach the job market.
Courses- BCom , BCA, B. Tech ,M. Tech B. Tech and M. Tech
Students and professionals who are interested to learn more and gain knowledge about Artificial Intelligence have many options open to them now. For those who wish to pursue the engineering stream, there are B. Tech and M.Tech courses that incorporate machine learning and artificial intelligence into the curriculum. The Kerala Digital University offers MSc and M Tech programmes that focus on artificial intelligence, along with other specializations. The Indian Institute of Management, Kozhikode offers a Professional Certificate Programme in Data Science and Artificial Intelligence for Managers. The Government of Kerala’s ASAP, Additional Skill Acquisition Programme offers a 720-hour programme – AI-Machine Learning Developer.
There are certain Arts & Science colleges in Kerala that offer AI certification as a value-added course for their BCA students. In such courses, the value-added certifications are provided by private partners. Students should check out the quality of the course provider before selecting such courses. There are private universities in Karnataka that have incorporated AI into their BCom and BCA programmes. Recruiters are likely to value courses provided by universities or institutions of repute rather than by private agencies.
Recruiters prefer students who have hands-on experience as compared to those who posses only theoretical knowledge. There are universities that offer practical experience during the delivery of the programme. In such courses, BCA students would create AI algorithms and BCom students would use AI algorithms to work on financial data and come up with financial forecasts. Getting hands-on experience will help the students in their job placements as such students are deployable with minimum onboarding training.
Studying AI also opens up great career opportunities. The rapidly growing field of artificial intelligence offers a wide range of opportunities. AI professionals are needed in sectors such as healthcare, finance, and cyber security. Opportunities can also be found in technology companies, research institutions, and startups. There are possibilities like machine learning engineer, AI researcher, data scientist, AI consultant etc. The best courses from undergraduate level are available today, including in Kerala. You can choose the appropriate ones from a recognized university.To stay ahead in this rapidly evolving field, continuous learning is essential. You should obtain the best AI courses, certifications, and practical training.
Asian School of Business LAUNCHES 3 EXCLUSIVE JOB-ORIENTED DEGREE COURSES IN EMERGING TECHNOLOGIES
The Asian School of Business (ASB), a premier B-School in Thiruvananthapuram, is redefining undergraduate education in Kerala. ASB has launched 3 Bachelor Degree programmes in emerging technologies like AI, FinTech, Data Science, Digital Marketing and E-Commerce. The new courses starting from this academic year are BCA (Hons) – Data Science & AI, BBA (Hons) -Digital Marketing & E-Commerce and B.Com (Hons) -AI & FinTech. These CUSAT- offered programmes are aligned with the National Education Policy 2020 and are designed to meet industry demands. Across all programs, students are guided to pursue industry-relevant certifications from Google, HubSpot, SEMrush, and LinkedIn, with access to over 100 free online course certifications. With this launch, ASB brings its hallmark of academic excellence, innovation, and career-readiness to undergraduate education.The Bachelor of Commerce (B.Com) in FinTech with Artificial Intelligence (AI) offered by ASB is a forward-thinking undergraduate program tailored for students aiming to excel at the intersection of finance and technology. This course integrates foundational commerce subjects with cutting-edge technologies, preparing graduates for the evolving financial landscape.
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