Why Machine Learning Is Essential For Companies
Machine Learning is one of the most important technologies of our era and it has already had substantial impact on our everyday lives, both in our homes and in our workplaces.
Machine Learning is already used for a wide variety of web services that we use every day, such as e-mail filtering, information retrieval, automatic translation, and map navigation. It is also used in our smart phones, in our cars, and also some of our household devices. Soon, Machine Learning will be used to operate our autonomous vehicles, control our home environment and manage all our communications.
Machine Learning is also becoming ubiquitous in the workplace. Machine Learning technology powers software that can match digital ads to users, optimize marketing channels, and even plan entire marketing campaigns. Machine learning algorithms are used to rate credit applications, to decide which employees to hire or fire, to recommend products to buyers, and to predict sales and profits. They can help doctors make diagnoses, or lawyers prepare for cases, and in the future they may even suggest the best way to research new scientific theories. They can be used to power robots that learn to operate on factory floors or sort and carry packages. Machine Learning has already had a strong impact on almost all industries and sectors, especially manufacturing, retail, healthcare and media, as well as government and not-for-profit sectors.
The technology of Machine Learning is going to completely transform our lives and our work, the way major technological innovations such as personal computers, or the internet have done in the past. Every business, large or small, will need to adopt this technology and deploy it to transform its internal environment and its work processes. This means that top management will have to take the lead, and learn the capabilities of this new technology, and figure out how to best use it. Businesses that think they can afford to ignore this technological development are going to find that they are at such a competitive disadvantage that they may not survive very long.
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ABOUT THE AUTHOR: Dr. Debashis Guha (Director – Machine Learning Program)
Dr. Debashis Guha has more than two decades of experience in data analytics and machine learning, with an emphasis on economic and financial applications. He is the founder and CEO of a Bangalore based data analytics company, and has consulted for governments, central banks, multinational corporations and financial institutions across the world, and has taught in both USA and India. Dr. Guha is a graduate of IIT Kharagpur, and has a PhD from Columbia University in New York
