Technology is rapidly transforming our world today. Smart and intelligent devices and machines have made our lives much more convenient and comfortable. And the driving factor behind this is Big Data. IBM maintains that 90% of the data that we have at our disposal today has been generated only in last two years! So one can only begin to imagine the extent of massive amounts of data being generated across the world every day, and it is bound to increase in the near future. And to process and analyze all this data into valuable information, we need Machine Learning and Artificial Intelligence.
Machine Learning (ML) is a tool of digital revolution aiming to transform the present computing processes into more efficient, accurate, and cost-effective ones. ML is a branch of computer science that automates analytical model building. The concept of ML is based on creating such systems that could learn from data and identify the data patterns to aid in the decision-making process. In 2015, Gartner published a report stating that over 75% of companies are investing in Big Data.
This graph indicates the share of 2017 IT budgets that were earmarked for machine learning among adopters of machine learning worldwide (as of late 2016).
How Can ML Solve Our Problems?
Machine Learning can help organizations and business in many ways. Let us take a closer look.
Smart machines can analyze vast chunks of data from multiple sources and identify the patterns within. When combined with IoT, ML can transform the face of healthcare. For instance, smart healthcare wearables incorporated with ML algorithms are now enabling doctors to monitor patients within the bounds of their homes. Remote monitoring has, in fact, become a boon for treating elderly patients for whom regular clinic visits can be very inconvenient. By regularly feeding personal data into the system, these smart wearables allow doctors to predict anomalies and take better decisions concerning the health of their patients.
Yes, the online retailers you so love for curating customized recommendations for you, all rely on ML. Machine Learning algorithms learn your preference patterns and display personalized suggestions based on your previous search activity. Furthermore, ML algorithms can be very resourceful in large organizations that often fall short of human staff. Smart machines that have been designed to decipher the meaning of specific interactions (content of emails, delivery notes, etc.) can automate generic replies and help ease the burden on the company staff. This will significantly enhance the customer service experience.
In the field of finance, ML holds tremendous potential. ML algorithms can be designed to monitor potential risks in business, volatility in trade metrics, and even help investors in managing their assets better. This is primarily because ML algorithms can detect potential threats and risks in the system in real-time, and help prevent such occurrences. Also, smart machines can help you to track your spending patterns and offer customized financial advice to you.
The most noticeable contribution of ML and AI has to be voice-interaction software. Apple’s Siri, Amazon Echo’s Alexa, Microsoft’s Cortana, and Google’s Assistant are redefining the entire user experience over devices. With these virtual voice assistants, you can literally control so many activities around you, whether you want to play music, or dim the lights of your room, or know the cricket scores, it’s all possible today, thanks to AI and Machine Learning. With advanced technological innovations, in the future, it may be possible for these virtual voice assistants to be able to understand the various nuances as well as the semantics of human languages.
With so many uses and applications of Machine Learning, it is also becoming one of the most sought-after fields. Today, most of the organization with the power of data are looking to use Machine learning and related techniques to provide their customers with a better experience.
So, if you’re someone who feels the adrenaline rush just by the thought of working on Machine Learning, we recommend you check out our course on the same. From supervised learning, unsupervised learning, to even Deep Learning – our course will help you gather the required knowledge to set your feet firmly in the world of Machine Learning.