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Posted at: Sep 11, 2019, 8:02 AM; last updated: Sep 11, 2019, 8:53 AM (IST)FUTURE READY: X MACHINE LEARNING AND ARTIFICIAL INTELLIGENCE

Analyse your chances

Analyse your chances

The key to success in any business with the rapidly evolving technology is analysis. Analytical reviews help in optimising business operations and provide useful insights. And this is where Machine Learning and AI (Artificial Intelligence) come in. They use algorithms for making decisions based on logic, facts, and of course, data.  

The process through which machines like computers simulate human intelligence is known as Artificial intelligence (AI) and involves learning, and self-correction. Machine Learning is the process of applying AI, without explicit programming, so that the machine is able to automate the process of learning.

According to Forbes, some of the industries being impacted and revolutionised (offering career opportunities) by these technologies include Cybersecurity, Manufacturing, Construction, Senior care, Cloud computing and DevOps, Retail and fashion, Business Intelligence and Supply chain management 

Current scenario?

As per McKinsey Global Institute, significant advances in both AI and ML will have an impact on productivity. Different strategies and technologies are being experimented with to simplify data in a way that it can be used for practical use. For instance, Philips, a leader in the healthcare industry, is trying Adaptive Intelligence, which helps understand future healthcare needs using the technology. Palo Alto Network relies on ML to detect cyber-threats and get notifications.

AI and ML are helping industries by using Neural Networks with these technologies to ensure accuracy. Alexa or other similar virtual assistants are other examples. Radiologists are using the same for object classification when finding cancer traces and for detecting other illnesses during MRIs. The idea is to use AI, and ML for simplifying computerized, high-volume tasks without fatigue especially those that are repetitive in nature and does not require any human-specific skills. 

Future market predictions

According to a recent report by  Gartner "Artificial Intelligence and Machine Learning have reached a critical tipping point and will increasingly augment and extend virtually every technology enabled service, thing, or application." As ML gets more integrated in business applications, we see this technology being offered as a Cloud-based service known as Machine Learning-as-a-Service (MLaaS). The rise of internet and connected devices through IoT is enabling connected AI systems, that will feed ML algorithms continuously on the basis on newly data that is generated on the internet. Artificial intelligence and machine learning are the new buzz words in silicon valley, opening up plethora of career options for job seekers  who will help in integrating this into legacy businesss.

Innovations in AI and MI

According to McKinsey Global Institute, almost 600 discrete uses for AI across major industries exist. The innovations and the pace at which technology is evolving in this sector is rather astounding. Drones are currently used in for monitoring military operations. As a result they are able to collect information and process them in real time. Theft detection is possible through video surveillance and security cameras that are able to recognize facial features, unusual activity, etc. They create alerts if they notice unusual activity  In a similar way, facial expression recognition is used as passwords. Biometrics like using finger impression for unlocking your smart phone is a simple example.

— Inputs courtesy Hexgn.com

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