This review of machine learning covers its key definitions, applications, and the latest developments in the business world.
Machine learning is an area of artificial intelligence (AI) and computer science that focuses on using data and algorithms to mimic the way humans learn, with the goal of steadily improving accuracy.
Machine learning is a crucial part of the rapidly expanding discipline of data science. Algorithms are trained to generate classifications or predictions using statistical approaches, revealing crucial insights in data mining initiatives. Following that, these insights drive decision-making within applications and enterprises, with the goal of influencing important growth KPIs. As big data expands and grows, the demand for data scientists will rise, necessitating their assistance in identifying the most relevant business questions and, as a result, the data needed to answer them.
How does machine learning work?
A machine learning algorithm’s learning system is divided into three sections, according to UC Berkeley.
- A Prediction or Classification Process: Machine learning algorithms are used to create predictions or classifications in general. Your algorithm will generate an estimate about a pattern in the data based on some input data, which can be labeled or unlabeled.
- An Error Function: An error function is used to assess the model’s prediction. If there are known examples, an error function can be used to compare the model’s accuracy.
- An Optimization Process: Weights are modified to lessen the difference between the known example and the model estimate if the model can fit better to the data points in the training set. This evaluates and optimized procedure will be repeated by the algorithm, which will update weights on its own until a certain level of accuracy is reached.
Methods of machine learning
Machine learning classifiers are divided into three groups.
Machine learning that is supervised
The use of labeled datasets to train algorithms that reliably classify data or predict outcomes is characterized as supervised learning, often known as supervised machine learning. As more data is introduced into the model, the weights are adjusted until the model is properly fitted. This happens during the cross-validation process to verify that the model does not overfit or underfit. Organizations can use supervised learning to tackle a range of real-world problems at scale, such as spam classification in a distinct folder from your email. Neural networks, nave Bayes, linear regression, logistic regression, random forest, support vector machine (SVM), and other approaches are used in supervised learning.
Machine learning without supervision
Unsupervised learning, also known as unsupervised machine learning, analyses and clusters unlabeled datasets using machine learning techniques. Without the need for human intervention, these algorithms uncover hidden patterns or data groupings. Because of its capacity to find similarities and differences in data, it’s perfect for exploratory data analysis, cross-selling techniques, consumer segmentation, picture, and pattern recognition. Principal component analysis (PCA) and singular value decomposition (SVD) are two common methodologies for reducing the number of features in a model through the dimensionality reduction process. Neural networks, k-means clustering, probabilistic clustering approaches, and other algorithms are utilized in unsupervised learning.
Learning that is only partially supervised
Between supervised and unsupervised learning, semi-supervised learning is a good compromise. It guides categorization and feature extraction from a larger, unlabeled data set using a smaller labeled data set during training. Semi-supervised learning can overcome the problem of not having enough labeled data to train a supervised learning algorithm (or not being able to afford to label enough data).
Machine learning with reinforcement
Reinforcement machine learning is a behavioral machine learning paradigm that is comparable to supervised learning but does not use sample data to train the algorithm. Using trial and error, this model learns as it goes. To establish the optimal advice or policy for a given situation, a series of successful outcomes will be reinforced.
Use examples for machine learning in the real world
Here are a few instances of machine learning that you might come across on a daily basis:
Speech recognition: Speech recognition is a capability that employs natural language processing (NLP) to convert human speech into a written format. It is also known as automatic speech recognition (ASR), computer speech recognition, or speech-to-text. Many mobile devices have speech recognition built in to conduct voice searches (e.g., Siri) or to improve messaging accessibility.
Customer service: Throughout the customer journey, online chatbots are replacing human workers. They provide personalized advice, cross-selling products, and suggest sizes for users, changing the way we think about customer engagement across websites and social media platforms. They answer frequently asked questions (FAQs) around topics like shipping or providing personalized advice, cross-selling products, or suggesting sizes for users, changing the way we think about customer engagement across websites and social media platforms. Message bots on e-commerce sites with virtual agents, messaging apps like Slack and Facebook Messenger, and duties typically performed by virtual assistants and voice assistants are all examples.
Computer vision: Computer vision is an AI technique that allows computers and systems to extract useful information from digital photos, videos, and other visual inputs and take action based on that knowledge. It differs from picture recognition jobs in that it can make recommendations. Computer vision has applications in photo tagging on social media, radiological imaging in healthcare, and self-driving cars in the automotive sector, all of which are powered by convolutional neural networks.
Recommendation editions: AI algorithms can assist find data trends that can be leveraged to generate more effective cross-selling strategies by using historical consumption behavior data. This is utilized by online businesses to give relevant add-on recommendations to customers throughout the checkout process.
Automated stock trading: AI-driven high-frequency trading platforms, designed to optimize stock portfolios, make hundreds or even millions of deals every day without human interaction.
Machine learning’s difficulties
Machine learning technology has surely made our lives easier as it improves. However, incorporating machine learning into enterprises has created a variety of ethical questions about AI technology. Here are a few examples:
Singularity in technology
Despite the fact that this topic has received a lot of media attention, many experts are unconcerned about AI exceeding human intelligence in the near or immediate future. Nick Bostrum describes superintelligence as “any mind that far excels the best human brains in nearly every discipline, including scientific innovation, general knowledge, and social abilities.” Although Strong AI and superintelligence are not yet a reality in society, the concept poses some intriguing challenges when we explore the deployment of autonomous systems such as self-driving automobiles. It’s impossible to expect a self-driving car to never cause a collision, but who is responsible and liable in those situations? Should we continue to seek self-driving cars, or should we limit the integration of this technology to only semi-autonomous vehicles that increase driver safety? Although the verdict is yet out on this, these are the kinds of ethical debates that are arising as new, inventive AI technology develops.
Impact of AI on Employment
While job loss is a major concern in the public eye when it comes to artificial intelligence, this fear should probably be reframed. The market need for specific job roles shifts with each disruptive new technology. When we look at the automobile industry, for example, many manufacturers, such as General Motors, are moving their focus to electric car production in order to comply with green objectives. Although the energy business will not go away, the source of energy will transition from a gasoline economy to an electric economy. Artificial intelligence should be seen in the same light, with artificial intelligence shifting job demand to other fields. Individuals will be required to assist in the management of these systems as data accumulates and changes on a daily basis. There will still be a need for resources to solve more complicated issues in areas like customer service that are most likely to be affected by job demand shifts. The important aspect of artificial intelligence and its effect on the job market will be helping individuals transition to these new areas of market demand.
Privacy
Data privacy, data protection, and data security are often considered in conjunction with privacy, and these concerns have allowed politicians to make progress in this area in recent years. GDPR law, for example, was enacted in 2016 to protect people’s personal data in the European Union and the European Economic Area by providing them more control over their data. Individual states in the United States are developing rules, such as the California Consumer Privacy Act (CCPA), that compel businesses to notify customers when their data is being collected. Companies have been obliged to reconsider how they retain and use personally identifiable data as a result of the new regulations (PII). Companies have been obliged to reconsider how they retain and use personally identifiable data as a result of the new regulations (PII). As a result, organizations are increasingly prioritizing security efforts in order to minimize any weaknesses and potential for spying, hacking, and cyberattacks.
Discrimination and bias
Bias and discrimination in a variety of intelligent systems have prompted numerous ethical concerns about the use of artificial intelligence. How can we protect ourselves from prejudice and discrimination when the training data itself is prone to bias? While most businesses have good intentions when it comes to automation, Reuters points out some of the unintended downsides of adopting AI into employment methods. Amazon mistakenly disadvantaged potential job candidates for available technical posts by gender in their endeavor to automate and simplify a process, and the project had to be scrapped. As more incidents like this emerge, the Harvard Business Review (link is external to IBM) has raised more serious questions about the use of AI in recruiting practices, such as what data should be available when evaluating a candidate for a post.
Bias and discrimination aren’t just confined to the HR department; they can be found in anything from facial recognition software to social media algorithms.
Businesses have gotten increasingly involved in this dialogue around AI ethics and values as they become more aware of the concerns associated with AI.
Accountability
There is no genuine enforcement mechanism to ensure that ethical AI is implemented because there is no significant legislation to control AI techniques. The present incentives for businesses to follow these principles are the financial consequences of an unethical AI system. To close the gap, ethical frameworks have arisen as a result of a partnership between ethicists and researchers to regulate the development and distribution of AI models in society. At the moment, however, they simply serve as a guide, and research suggests that a combination of divided accountability and a lack of foresight into potential effects isn’t always helpful in minimizing societal harm.
