Machine Learning is pretty easy to understand, because it simply means the ability of machines to improve their performance autonomously, without help of interference from human developers. In other words – the ability to learn.
The term has been around for over 50 years, but it’s only in the last few years that Machine Learning has become accessible and available to almost any company that would like to take advantage of this technology.
This is groundbreaking for everyone, but even more so for business. Machine Learning systems are such good learners, that they can achieve superhuman levels of efficiency at tasks that humans can do with an objectively very limited level of performance, like diagnosing illness or detecting fraudulent behavior.
The AI / Machine Learning transformation is as huge for business as the industrial revolution was, some would say that even more so. Even though the best functionalities are yet to come, these technologies are already being used in thousands of companies around the world.
What are the industries that AI and Machine Learning can disrupt the most? The innovations will happen in health care, law firms, marketing, insurance, entertainment, finance, transportation, manufacturing, retail, and pretty much every other industry there is.
As is with most novel technologies, experts and commentators often get too excited about the possibilities that they create. But with Machine Learning it truly seems hard to imagine any industry that is impossible to improve with artificial intelligence.
Not only that, but the power of this innovative technology is so great, that it has the potential to transform everything about the way we live our everyday lives, as well as the way we do business.
The pace of progress in AI and Machine Learning is astounding. The most impressive advances so far have been made in the areas of perception, cognition and problem solving. This includes, but isn’t limited to, voice recognition and image recognition.
Google is probably the leader at Machine Learning technologies, and applying ML to optimize their business. Security companies use it to detect malicious code created by hackers. PayPal uses this technology to get rid of money laundering on its platform. Not to mention the various companies which are using it to earn money through automated trading on financial markets, or banks which use it to make credit decisions.