Everyone is talking about Big data analytics, Machine Learning and Artificial intelligence these days, but what makes them special? Why are they suddenly hyped up? The following quick snippets attempt to explain their significance.
Big data analytics
The concept is simple – if you build a predictive algorithm, the accuracy of its results will depend on the volume, variety, accuracy and relevance of the data that is fed to the model. The more data goes in, the results become more accurate. The newfound ability to process insanely huge volumes of data instantaneously and cost effectively makes big data analytics hot.
A predictive model is limited by the imagination and knowledge of its developer, unless of course, if it has the ability to build the logic on its own. Simply by looking at previous results, the new ‘machine learning’ algorithms can build the logic to predict the unknowns, without having to explicitly define the logic… and they are turning out to be smarter than the algorithms explicitly defined by humans.
Machines until now did jobs that were humanly impossible, but now they are also learning to do jobs that are humanly possible. High quality natural language processing, sound and image recognition, reinforcement learning etc are not too distant from reality. Seems like future children will have more friendly toys to play with…