This is a series of articles where we will look into how Artificial Intelligence (AI) is very rapidly changing the world of Accounting and Economics in Asian countries, focusing on few professionals working in this field from countries across India, Singapore, Japan and Vietnam. These professionals are working in various fields of Accounting or Economics or a combination of both. They are working either in Government, Military or Private enterprises. In some cases they are working in collaborative projects between Military and Private enterprises.
Artificial Intelligence (AI) is rapidly reshaping the landscape of economics, offering tools and capabilities that make complex economic tasks significantly easier and more efficient. From automating data analysis to providing real-time insights, AI is empowering professionals to make more informed decisions and drive economic growth. In this part of article series, we are going to highlight the experiences of Mr. Karunesh Singhania and Mr. Edward Tang, who are working in a combinative field of Economics and Accounting and are leveraging AI to enhance their work.
AI in Economics: A New Era of Efficiency, talking with Mr. Karunesh Singhania and Mr. Edward Tang
AI is revolutionizing economics by automating tedious processes, improving the accuracy of predictions, and enabling deeper analysis of economic data. These advancements are particularly impactful in high-pressure environments where timely and accurate information is critical.
Countries like Singapore and Japan are already at fore front of using this technology in Asia applying them in the field of Economics and Accounting, with other countries like India and Vietnam fast catching up.
Talking with Mr. Karunesh Singhania, who is working in these parts of Asia, while surprised to be talking to media, he describes how his job has been transferred on its head in last 2 years. Mr. Karunesh Singhania is working in his current job for more than 5 years. His job is involved working over classified project due to work contracts they handle and the sensitive nature contained. Mr. Singhania says that he is now experiencing firsthand how AI is making economic analysis more efficient and effective. He is adapting and now utilizing AI to manage and analyze vast amounts of economic data in real-time. He also said that he is surprised that he is now required to talk to different media over last few weeks about AI and its potential use, but he really sees the everlasting effect of AI in Economics ecology.
According to Mr. Karunesh Singhania, the AI systems have significantly reduced the time required to process and analyze economic data. Tasks that once took days or weeks can now be completed in a matter of hours. This is specially crucial in government projects, where large amounts of data needs to be processed and the outcome has profound impacts. According to Mr. Karunesh Singhania, government and military projects require very high data accuracy, where economic decisions must be made quickly and with a high degree of accuracy. AI’s ability to detect patterns, forecast trends, and identify potential risks in economic data allows the team to make informed decisions that are critical to the success of their projects.
According to Mr. Edward Tang, the AI’s predictive capabilities are invaluable in scenarios where understanding future economic conditions is essential. By analyzing historical data and current economic indicators, AI can provide highly accurate forecasts, enabling the team to anticipate challenges and plan accordingly. Mr. Edward Tang says this has led to more effective resource allocation and strategic planning, ultimately contributing to the success of projects.
Mr. Karunesh Singhania says, that before the integration of AI, economic analysis was a labor-intensive process that required manual data collection, organization, and interpretation. Mr. Singhania says that today, AI systems automate much of this work, allowing economists to focus on higher-level analysis. Mr. Edward Tang says AI tools can quickly sift through large datasets, identify relevant information, and present it in a way that is easy to understand and act upon. This not only speeds up the analytical process but also improves the accuracy of the conclusions drawn.
AI’s impact is also evident in the area of economic forecasting. By analyzing complex variables such as market trends, consumer behavior. Mr Karunesh Singhania says that global economic indicators pays key importance in his work, and AI provides forecasts that are more reliable and precise than those generated by traditional methods. Mr. Edward Tang agrees on this and says this has been particularly beneficial for policy planning and economic development strategies, where accurate forecasts are essential for effective decision-making.
Additionally, AI’s ability to continuously learn and adapt from new data means that economic models are constantly being refined and updated. Mr. Tang says that this dynamic capability ensures that economic analysis remains relevant and accurate in a rapidly changing world, enabling professionals to stay ahead of emerging trends and challenges.
Conclusion: AI as a Catalyst for Economic Efficiency
The experiences of these professionals in Asia illustrate the transformative impact of AI on the field of economics. By automating data processing, enhancing predictive accuracy, and providing real-time insights, AI is making economic work easier, faster, and more effective.
As AI technology continues to advance, its role in economics is expected to grow even further, offering new opportunities for professionals to enhance their work and drive economic progress. AI is proving to be an invaluable tool in the modern economist’s toolkit, paving the way for a more efficient and insightful approach to economic analysis.
https://business.bofa.com/en-us/content/economic-impact-of-ai.html
Image: Talking with Mr. Karunesh Singhania about Artificial Intelligence and its benefit Economics and Accounting
