Data is one of the most demanded commodities today. With the world becoming heavily digitalized, digital information transforms businesses and enables them to make critical decisions. Data is ubiquitous, making data science one of the most sought-after careers. Artificial intelligence and machine learning come under the larger purview of data science, wherein their purpose is to employ insights from data. With big data’s reach expanding, organizations are creating conscious data science strategies to make informed decisions. The use of artificial intelligence and human dependency on machines has grown naturally from the data-driven world.
Yet what are these fields, and why are they relevant today?
Data science comprises handling and analyzing data. The information extracted is then used by businesses to make sense of their functioning and bridge the gaps by addressing it immediately. Data science gives insight into the existing patterns and trends through visualizations, and that is what makes it so powerful today. Data science is relevant because making sense of data will reduce uncertainty and confusion for most organizations. Data is valuable – so much that it is being considered the oil of the 21st century. The analyzed information can help make discoveries, improve the effectiveness of operations, create better customer experiences, and be used across all fields. The role of a data scientist in the growing influence for information technology becomes of paramount importance.
Artificial intelligence comes under the larger ambit of data science, where technology and automation are being used to assist businesses to manage their data. Artificial intelligence is transforming and evolving every second, and it is enabling people to rethink the integration of information, data analysis, and decision making. The amount of data generated today is more than what a human can absorb. Automation is highly efficient at interpreting information. While there is often an idea that artificial intelligence will take over jobs, it needs human intelligence to use the decoded data and make decisions. Therefore, the co-working of humans and automation is most suited for better outcomes.
Machine learning as part of artificial intelligence, is an area of computational science that looks into using machines to interpret patterns and structures in data. “It allows the user to feed the machine with large amounts of data to analyze and recommend data-driven inputs. BOTs like Plutus employed at the bottom of the pyramid in Accounts is trained to capture, understand the data and take faster action”, Aloysius Deepak, Chief Automation Officer at Finance Tech Unlimited. Machine learning is vital because it can unlock corporate and customer data and guide decisions that can keep people and organizations ahead in the race.
Why do we need them in the future?
The simple answer is that the world is looking towards a more technologically driven world, hoping for a space for humans and machines to co-exist. Data is increasingly becoming the lifeline of all businesses, no matter the type of career. Data science, artificial intelligence, and machine learning are among the most extensive employing fields and form for extremely lucrative job markets. The value these fields offer, in tech spaces as well as fields unrelated to technology like business, is significant, and therefore, understanding them is not only helpful but also essential.
Data, AI & ML being a hot topic of interest, we invite you to listen to the industry experts of how real-life applications are made possible for Humans and Technology to co-exist in the second episode of our webinar series – The Technology Crystal Ball.
Artificial Intelligence. Human Brilliance – Co-work for better outcomes
We did the webinar on 17th September 2021