Among the disruptive technologies, Machine Learning is an amazing innovation. It is the ability imparted on machines to learn and perform on the basis of data and over time such machines develop themselves without human intervention. This is a massive boost in operations requiring automation and is also a great help for organizations in the era of IR 4.0.
There are several types of ML such as Supervised Learning, Unsupervised Learning and Reinforcement Learning helps a machine to learn from provided data, improve its ability and take smart decisions all by itself. Just like us humans learning from experience and this has brought machines closer to us!
Why ML is important to business organizations?
Business organizations must have data-based strategy in place as major economies are going digital. Data is an extremely valuable asset in the digital space and no company big or small can ignore the huge potential of data. Furthermore, the fourth industrial revolution demands increasing use of disruptive technologies. Hence it is vital for companies to invest on technologies like ML and utilize it effectively!
Machine Learning has a great potential for businesses looking to implement data driven strategies. Data scientists of leading companies have been already utilizing ML for solving complicated problems. Moreover, with the advent of IoT, there is a lot of data available and data scientists working for business corporations can effectively use ML. For instance, several companies are using ML models to develop virtual assistants and Chatbots while others are employing ML experts to seek more growth opportunities or increase efficiency of the entire organization!
This has caused an unforeseen demand of professionals skilled in ML all over the globe. Moreover, in several big economies like that of India there is an acute shortage of talents in ML and thus, the demand is comparatively very high.
Let us take a look at a typical scenario where ML has been a game changer!
In the world of Banking, fraudulent activities and corrupt practices has been a problem since long. The digital transaction system too has been suffering owing to innovative hacks every-day and it is a real bummer for not only banks but also millions of customers world-wide. Interestingly ML has been providing a great solution problem. Banks today have ML implemented systems in place which can flag fraudulent transactions in real time and with ease!
The ML system called COIN used by JP Morgan Chase to reduce the time taken for reviewing documents, getting rid of human errors and preventing fraudulent activities and has been highly successful.
The Indian government too is working on a project called ‘Project Insight’ based on Big data and Machine Learning to catch Tax-evaders with ease.
In Healthcare too ML is extremely useful. Several researches have already shown how ML implemented computer systems are very useful to diagnose rare diseases based on historical data and sometimes have given better results compared to the human experts! This is huge for countries like India where there is a shortage of trained medical professionals and can be extremely useful.
ML is being used to fight COVID-19!
The COVID-19 which appeared in China last year is now a global pandemic and a major threat to all of us. Interesting ML is being used effectively to fight the disease and researchers are hopeful that it will lead to critical success. A Machine Learning based prognostic model with clinical data in Wuhan, China is being used to predict the criticality in Patients with severe COVID-19 infections!
The model is based on XGBoost machine learning algorithm and the three indices-based algorithm model has been able predict the mortality risk and present a route for doctors to identify critical cases from severe cases. The model is a great help to doctors for early detection and intervention so that deaths can be reduced! (source: medrxiv)
Should you opt for a career in ML in India?
If you are wondering that whether a career in ML in India is a valid option then wonder no more. India has been aggressively digitalizing all its industrial sectors and a great demand for ML experts have emerged in the country. Moreover, due to a lack of talents it is more than likely the demand will continue to soar. So why not go for machine learning courses in India and take advantage of the situation. By opting for machine learning courses in India you can also get a lot of opportunities in all over the globe!
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I really appreciate the work you have done, you explained everything in such an amazing and simple way.