Pearson authors share insights on the AI trends business and economics students should stay on top of this semester.
AI is set to revolutionise the fields of business and economics. We asked four Pearson authors – Roger LeRoy Miller, Mary Anne Poatsy, Gary Armstrong, and Sridhar Balasubramanian – to share their thoughts on the top trends students should focus on diving into the Fall 2024 semester. Here’s what they had to say:
Companies are increasingly using AI
Gary Armstrong and Sridhar Balasubramanian, co-authors of Principles of Marketing and Marketing: An Introduction, predict a continued surge in the use of generative AI and advise students to get comfortable using AI. “Students preparing for marketing or business careers should be learning all they can about how companies are using AI in their strategies and tactics,” they advise.
Mary Anne Poatsy, author of Better Business and Technology in Action, agrees: “Students need to understand how companies are personalizing customer experiences through AI-driven recommendations, chatbots, and tailored marketing campaigns. Additionally, using AI analytics to better understand consumer behavior will be essential for economic decision-making.”
Risk and regulation
Poatsy points out that all eyes will be on the US presidential election this semester, and with that, potential encounters with highly convincing fake or manipulated AI-generated content like deepfakes, especially on social media. “This will be a big trend for students to watch,” she notes.
Roger LeRoy Miller, author of Economics Today, predicts tighter regulation. “Governments around the world are evaluating the effects that tech giants’ platforms and social networks are having on businesses and consumers. A trend toward increased governmental and regulatory involvement is already underway.”
Prepare for an AI-driven career
Miller emphasises the importance of understanding AI’s role in the workplace. “Companies are using generative AI to raise labor productivity. Students should be cautious of developing skills only in performing tasks that AI applications can accomplish. Instead, they should seek out coursework that prepares them for how and why AI applications are being used in the workplace."
Armstrong and Balasubramanian echo this: “AI can conduct research, compose essays, design presentations, and perform spreadsheet calculations. Many skills that students have prided themselves on, like being great writers or PowerPoint presentation designers, will be democratized. To stand out, students will need to differentiate themselves in other ways, including their own skillful use of AI. AI will increasingly take over mundane and repetitive work, and even some creative work. The most successful students will take it forward from there, moving from producing ‘solid’ work to producing ‘outstanding’ work.”
“Make AI your new best friend .” Armstrong adds. “Become more skilled at it than anybody else. The more you use it, the better you get at making it work well for you.”
Poatsy agrees. “How do you get good information out of AI? You ask it good questions! Educators need to teach students how to write good prompts, and then hone their critical thinking skills to evaluate the outcomes. I’m excited to see this shift in education.”
A semester of AI opportunities
The Fall 2024 semester is full of opportunities for business and economics students to understand and harness the power of AI. By exploring how companies use AI, staying aware of the regulatory trends, and preparing for an AI-driven career, students can position themselves for success. Embrace these AI advancements and get ready to make a big impact in your field.