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Machine learning is a technique of analyzing data that automates analytical model building. It is a field of study that gives computers the ability to learn without being specifically programmed to do so. It consists of using algorithms that iteratively learn from data, make predictions, uncover hidden insights without even being programmed where to look. As these analytical models are exposed to new data, they are able to independently adapt. They learn from previous computations to produce reliable, repeatable decisions and results.
Mathematical calculations to big data
Machine learning is evolving over time. Its ability to automatically apply complex mathematical calculations to big data – over and over, faster and faster – is a recent phenomenon. What this means is that now it’s possible to automatically produce models that can analyze bigger, more complex data and deliver faster, more accurate results – even on a very large scale. This leads to improved predictions that help make better decisions and take more effective actions in real time without human intervention.
What this translates to is that the pace of learning goes beyond the capacity of humans to understand and learn. Hence once machine learning gets implemented across systems, human beings will be unable to process new information and will lose control. Machine learning systems will increasingly become the masters of analyzing data, creating and running various models and test scenarios, and then executing actions in real-time.
Impact of machine learning
For companies adopting digital transformation today, i.e. in the first wave of digital transformation, the impact of machine learning comes mainly from SMAC (social, mobile, analytic and cloud) and IoT related technologies. The effects of these technologies are very powerful and are expected to increase significantly over the next few years. Over the next 5-10 years or so – i.e. in the age of hyper-transformation – it is believed that this effect will go up maybe 4 to 5 times. This period will transform and enhance the changes from the age of digital transformation and take it to the extent of operating at a speed going beyond human time into digital time with automation, artificial intelligence and algorithms ruling the world.
It is predicted that the new hyper age will happen as a result of technology progressing to the extent of adding the following technologies and utilizing them to maximize business results:
- IoT/Sensors (continuing)
- Digital currency
- Artificial intelligence/Machine Learning
- Telepresence technology (Skype, FaceTime, Hangouts, etc.)
- Robotic Process Automation (software)
- Robots (that manipulates physical objects)
- GIS (geospatial information systems)
- Virtual Reality
- 3D Printing