The rapid advancement of artificial intelligence (AI) will likely continue to have an outsized impact in the modern business world, creating immense opportunities for rising graduates. Emerging business professionals looking to fast-track their career growth would benefit from mastering the field of information technology to take advantage of the opportunities presented by AI.
Information technology management roles are desirable for their flexibility and high earning potential. In 2023, these positions earned a median annual salary of $169,510, per the U.S. Bureau of Labor Statistics (BLS). Certain advanced education programs, like the online Master of Business Administration (MBA) in Information Technology Management from Florida Institute of Technology (Florida Tech), help turn emerging graduates into well-rounded business professionals.
Generative AI’s Impact on Managerial Economics
Managerial economics, which involves using economics to improve management decision-making in business, is being revolutionized by generative artificial intelligence (GenAI). GenAI excels at analyzing large datasets, which makes it ideal for economic forecasting. In fact, GenAI has proven to be better at economic forecasting than human analysts. AI will continue to be a pivotal tool for forecasting, conducting risk or cost analysis, establishing pricing, and much more.
That said, rising graduates should not view artificial intelligence as a threat to their careers. This emerging technology is not perfect and still requires extensive human assistance. Experiments by associate professor Philip Tokmark show that Large Language Models (LLMs) are customizable tools that can be molded and personalized over time. However, they are not a replacement for human intelligence.
Rising graduates should view artificial intelligence as a valuable resource, not something to be feared. In Tokmark’s words, “AI is here and the only way to deal with that is [by] taming it.” One of the best ways to “tame” AI is by obtaining an online MBA in Information Technology Management from Florida Tech.
Integrating AI Into Economic Management
Integrating AI into economic management promotes economic development, according to an extensive study by Computational Intelligence and Neuroscience. The following are three main benefits of incorporating AI into economic management:
- Analyzing massive amounts of data: Using AI for data analysis helps ensure the accuracy and thoroughness of economic data analysis and provides an accurate basis for policies.
- Taking a scientific approach to economic management policies: Without AI, analysts would have to rely more heavily on their gut, which isn’t ideal. Using AI promotes the healthy, sustainable development of the national economy.
- Promoting economic development: Implementing AI paves the way for technological progress and production efficiency across a wide range of industries and organizations.
However, integrating AI into economic management is not a simple process. Doing so requires leveraging both machine learning and deep learning to analyze numerous production factors over various industries and decades. With enough data, many deep learning models can make better predictions than humans, but this reliance on new training data is another roadblock that will likely prevent AI from overtaking human experts. Rising graduates who understand this delicate balance — especially in fields like managerial economics — will find themselves invaluable in the job market.
Obtaining an Online MBA in Information Technology Management From Florida Tech
Emerging business leaders can fast-track their career success by obtaining an MBA, particularly one specializing in information technology. This type of program teaches students the core principles needed to thrive in business, such as finance, accounting and marketing. Florida Tech’s online MBA in Information Technology Management program also teaches the technical and leadership skills necessary to thrive in the modern workforce. This includes the following courses:
- Managerial Accounting
- Strategic Management
- Management Information Systems
- Strategic Management of Technology and Innovation
This array of course topics equips graduates with the toolkit to navigate the future of business technology. Students can complete this program fully online in as few as 15 months.
Learn more about Florida Institute of Technology’s online Master of Business Administration (MBA) in Information Technology Management program.
