A decade ago when people saw the 1st commercial computer in the market, it was only supposed to do what the user would tell it to do. For instance, if you wanted the computer to make a calculation, you needed to provide the commands i.e. details and then the computer would calculate the answer for you. For years, this was the practice and even when the computers become more of a common item in personal and professional lives; it still needed a human to input the data so it can make calculations and show the results. This needed to be changed and when scientists started working on this technique of giving the computer its own brain to think and make decisions, in the beginning, it didn’t seem possible. But with artificial intelligence that we are seeing these days in the computers, nothing seems impossible. Even advanced mobiles phones have the ability to think and make decisions depending on user’s behavior let alone the computers that are super fast and super efficient.
Machine learning is the next step after introducing artificial intelligence. This is what makes a machine or computer able to think without inputting any data and this thinking and decision making only depends on the behavior of the user. For example, with machine learning ability, your computer can suggest movies that you will find interesting or it can suggest a tourist location for you to visit on your next vacation depending on what kind of search queries you made on the computer. This machine learning process is so efficient that it can even think of the possibilities that even humans can’t think. It can not only predict the future behavior of things and programs and algorithms but it can also forecast what a human i.e. user is going to do depending on his past behavior.
The simplest example of machine learning is that when you build a house or building, you think of all the possibilities and disasters that can happen both during and after construction. This includes flood, storms, earthquakes and rain and you do these calculations and measurements based on the details from the past. With machine learning process, you won’t even need to calculate anything but as soon you upload the geographical location and construction plan of the building in a computer, it will automatically calculate what can go wrong with the construction and how to prevent it.
The same practice can be done in finance and accounting where artificial intelligence and machine learning can work together and this can eliminate the use of financial advisors and analysts from this business. This means that soon you won’t need anyone to tell you when to buy stocks and when to sell your shares but it will all be done by the computer and because there won’t be any human involvement in the process, it will eliminate almost all the errors and mistakes. In the banking sector, the transactions will be done quickly and more efficiently with machine learning as it would be able to learn the behavior of account holders and even will be able to make the transactions before the user even knows he needs to transfer the payment.