Demand for Artificial Intelligence (AI) and Machine Learning (ML) experts vastly exceeds the supply. Know what exactly it is and how Machine learning algorithms can analyse complex frameworks and institutional complexities.
Updated Aug 12, 2023 | 09:25 AM IST
IIT Delhi Professor on Machine Learning tools
Machine learning algorithms can analyse complex frameworks and institutional complexities and have found a footing in critical sectors like finance and banking. A study on ‘Utilization of Artificial Intelligence in the Banking Sector’ suggested that 80 percent of American institutions believe the banking industry will reap the benefits of AI tools by using them in risk analysis and improving their financial intelligence.
Machine Learning’s advanced algorithms also allow businesses to identify patterns, trends, financial data, price optimisation, fraud detection, etc., to establish governance frameworks and understand compliance risks. It equips strategists, managers, and leaders to gain insights and conceal noise within the data. According to research, ‘AI-driven decision making in business Analytics’ speak on the scarcity of highly skilled ML professionals, and the demand for them vastly exceeds the supply.
Due to the accelerating globalisation and the attempt for businesses to find their true North, ML is getting widely integrated across diverse sectors like healthcare, manufacturing, retail, supply chain, logistics, etc., and has become an indispensable part of organisation’s strategies. It has also led conversations across tech-creators to make ML user-friendly and popularise AutoML for various models to reduce dependency and bridge the demand-supply gap. With AutoML, organisations can seamlessly analyse new data and predict better outcomes for smaller tasks.
Among the most prominent sectors, ML has found a growing influence in entertainment and e-commerce. With numerous OTT applications accessed by millions of users, ML is driving personalisation and helping customers make choices basis on the genres, languages, etc., thus garnering sizable traction and following on such platforms. In the E-Commerce and Logistics industry, ML algorithms can predict demand, identify the fastest routes, and optimise delivery schedules. Similarly, in the manufacturing industry, machine learning can identify inefficiencies, improve predictive maintenance, and reduce downtime.
These productive predictions for the industries have led to a significant demand for professionals to create innovative tools, boost transformation and mitigate potential risk clouding this sector. A World Economic Forum (WEF) study revealed the Indian job market to grow an estimated 22 percent over the next five years, and AI, ML, and Data Analysts and Scientists leading demand. The report also mentioned 69 million new jobs are to be created, with 83 million losing their sheen by 2027. It also stated that populous countries like India and China will drive talent availability in hiring.
Duration: 6 Months
Programme Start Date: 30th September 2023
(The article has been authored by Professor Manav R. Bhatnagar, Department of Electrical Engineering, Indian Institute of Technology Delhi)
