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AutoML (Machine Learning) in 2020

Posted on April 3, 2020April 3, 2020 by Dexlab

AutoML, with its ability to perform data pre-processing, ETL tasks, and transformation, is likely to become the most sought after development in computing sciences for more reasons than one.

Data scientists with competent skills who can work on big data, advanced analytics, and predictive models are few and hard to find. However, AutoML programs have made life easier for businesses and organisations by coming to the rescue of lesser skilled professionals.

Bridging the skill gap, AutoML is helping lesser skilled professionals build models using the best diagnostic and predictive analytics tools.

“AutoML packages like auto-sk learn can automatically do the model selection, scoring, and hyperparameter optimisation. Services like Amazon Forecast and Google’s Cloud AutoML also help in determining the algorithm to fit best with the data,” says a report.

With time, the amount of data generated by computer systems will have grown exponentially, and “the world of analytics, AI, machine learning and data science will see a wave of data and training. And, with the increasing amount of data, here’s why AutoML might be the most used technology in 2020.”

Hastening The ML Process

It takes human beings a longer time to build ML models than it takes automatic systems to, and accuracy is not always at par on the part of human beings. It would take less time for AutoML to construct a model and businesses are slowly preferring to use automated machine learning to amplify their predictive power for the need for insights from big data is only growing.

“An ML process typically consists of data pre-processing, feature selection, feature extraction, feature engineering, algorithm selection, and hyperparameter tuning. These take up more time to implement and require considerable expertise; AutoML, on the other hand, removes the trouble of going through some of these tedious processes.”

Addressing The Skills Gap

AutoMLis helping bridge the skills gap, especially in non-tech companies or companies with less data science expertise. “With the launch of Cloud AutoML, based on Neural Architecture Search (NAS) and transfer learning, Google believes that it has the potential to make the existing AI/ML experts more productive along with helping the less skilled engineered to build a powerful AI system.”

AutoML, also, hasmade machine learning a democraticsystem. It has helped “to carry out processes like hyperparameter tuning, selection of algorithms, and finding the appropriate model — as these tasks are tedious and at the same time complex.”

Bettering Scalability

Machine Learning requires massive amounts of data to work on and training a model takes a long time, especially if the model is big. “AutoML, on the other hand, makes it easy to handle data, train model, evaluate, experiment, and even deploy the model for different use cases as it takes on the task to find the best algorithm for the task to be done.”

To enrol in a course on AutoML, do peruse the DexLab Analytics website today. DexLab Analytcis is a premiere Machine Learning training institute in Delhi and NCR.

How Company Leaders and Data Scientists Work Together

Posted on April 1, 2020May 23, 2020 by Dexlab

Business leaders across platforms are hungrily eyeing data-driven decision making for its ability to transform businesses. But what needs to be taken into account is the opinion of data scientists in the core company teams for they are the experts in the field and whatever they have to say regarding data driven decisions should be the final word in these matters.

“The ideal scenario is all parties in complete alignment. This can be envisioned as a perfect rectangle, with business leaders’ expectations at the top, fully supported by a foundation of data science capabilities — for example, when data science and AI can achieve management’s goal of reducing customer retention costs by automating identification and outreach to at-risk customers,”says a report.

The much sought after rectangle, however, is rarely achieved. “A more workable shape is the rhombus, depicting the push-and-pull of expectations and deliverables.”

Using the power of your company’s data.

Business leaders must have patience with developments on the part of data scientists for what they expect is usually not in sync with the deliverables on the ground.

“Over the last few years, an automaker, for example, dove into data science on leadership’s blind faith that analytics could revolutionize the driver experience. After much trial and error, the results fell far short of adding anything meaningful to what drivers found valuable behind the wheel of a car.”

Appreciate Small Improvements

Also, what must be appreciated are small improvements made impactful. For instance, “slight increases in profitability per customer or conversion rates” are things that should be taken into account despite the fact that they might be modest gains in comparison to what business leaders had invested in analytics. “Applied over a large population of customers, however, those small improvements can yield big results. Moreover, these improvements can lead to gains elsewhere, such as eliminating ineffective business initiatives.”

Healthy Competition

However, it is advisable for business leaders to constantly push their data scientists to strive for more deliverables and improve their tally with a framework of healthy competition in place. In fact, big companies form data science centers of excellence, “while also creating a healthy competitive atmosphere that encourages data scientists to push each other to find the best tools, strategies, and techniques for solving problems and implementing solutions.”

Here are three ways to inspire data scientists

Both sides must work together –Take the example of a data science team with expertise in building models to improve customers’ shopping experiences. “Business leaders might assume that a natural next step is to use AI to enhance all customer service needs.”However, AI and machine learning cannot answer the ‘why’ or ‘how’ of the data insights. Human beings have to delve into those aspects by studying the AI output. And on the other hand, data scientists also must understand why business leaders expect so much from them and how to achieve a middle path with regard to expectations and deliverables.
Gain from past successes and achievements – “There is value in small data projects to build capabilities and understanding and to help foster a data-driven culture.”The best policy for firms to follow is to initially keep modest expectations. After executing and implementing the analytics projects, they should conduct a brutally honest anatomy of the successes and failures, and then build business expectations at the same time as analytics investment.
Let data scientists spell out the delivery of analytics results – “Communication around what is reasonable and deliverable given current capabilities must come from the data scientists — not the frontline marketing person in an agency or the business unit leader.” Before signing any contract or deal with a client, it is advisable to allow the client to have a discussion with the data scientists so that there is no conflict of ideas between what the data science team spells out and what the marketing team has in mind. For this, data scientists will have to work on their soft skills and improve their ability to “speak business” regarding specific projects.

Application of AI in 8 Business Functions

Posted on March 31, 2020March 31, 2020 by Dexlab

Artificial Intelligence has made advancements in various sectors of the economy. But it has not yet taken the business world by storm. Business leaders, however, are excited about implementing AI in their companies’ business functions to start reaping its benefits. Here is a list of ways in which AI and machine learning will impact business functions across the globe.

Marketing

AI can assist in working out business strategies as well as implementing them. “Already AI sorts customers according to interest or demography, can target ads to them based on browsing history, powers recommendation engines, and is a critical tool to give customers what they want exactly when they want it,” says a report. Also, AI is being used as a marketing tool in the form of chatbots. These chatbotshelp solve problems, suggest products or services, and support sales. Artificial intelligence also helps marketers build and make adjustments to marketing campaigns according to consumer behavior analyzed accurately by AI systems.

Sales

AI improves sales functions by improving forecasting, predicting customer needs, and improving communication.

Research and Development

AI can help analyze a large amount of information in industries like healthcare, pharmaceuticals, finance, and more. It can help us research problems and find solutions to them efficiently and accurately. “AI can automate many tasks, but it will also open the door to novel discoveries, ways of improving products and services as well as accomplishing tasks. Artificial intelligence helps R&D activities be more strategic and effective.”

IT Operations

Also known as AIOps, AI for IT operations is the application of AI and machine learning to IT operations in an organization. “AI is commonly used for IT system log file error analysis, with IT systems management functions as well as to automate many routine processes.”AI helps alert the IT team so they can fix problems before the IT systems crash. AIOps helps the IT component of businesses improve system performance and services.

Human Resources

AI can help human resource acquisition by effectively scouting for talented workers and prospective hires. “AI can help human resources departments with data-based decision-making and make candidate screening and the recruitment process easier. Chatbots can also be used to answer many common questions about company policies and benefits.”

Contact Centers and Customer Experience

The contact centers of an organization serve as important points of data collection “that can be used to learn more about customers, predict customer intent, and improve the “next best action” for the customer for better customer engagement.” The unstructured data collected from contact centers can also be studies and analyzed by machine learning systems to uncover customer trends and then improve products and services. Also, AI helps improve customer experience by offering loyalty points to customers and recommending what they can shop for according to their preferences.

Manufacturing

Companies like Heineken use data analytics at every stage of the manufacturing process from the supply chain to tracking inventory on store shelves. “Predictive intelligence can not only anticipate demand and ramp production up or down, but sensors on equipment can predict maintenance needs. AI helps flag areas of concern in the manufacturing process before costly issues erupt.”

Accounting and Finance

Human finance professionals will be freed of repetitive tasks so they can focus on more serious activities while the use of AI in accounting will reduce errors. “AI is also able to provide real-time status of financial matters to organizations because it can monitor communication through natural language processing.”

To know more, do peruse the DexLab Analytics website. DexLab Analytics is a premiere artificial intelligence training institute in Gurgaon.

Why Machine Learning Matters

Posted on March 30, 2020March 30, 2020 by Dexlab

Machine Learning, a subset of artificial intelligence, is a process of data analysis that automates analytical model building. It is a branch of artificial intelligence based on the idea that computing systems can learn from data, identify patterns in them and make intelligent decisions with minimal human intervention.

Importance of Machine Learning

The growth in volumes of data sets, and cheaper and more powerful computational processing and affordable data storage has triggered resurgence in interest in machine learning.

“All of these things mean it’s possible to quickly and automatically produce models that can analyze bigger, more complex data and deliver faster, more accurate results – even on a very large scale. And by building precise models, an organization has a better chance of identifying profitable opportunities – or avoiding unknown risks,” a report says.

Uses of Machine Learning

Machine Learning has been adopted by several key industries working with large amounts of data. Machine Learning helps businesses grow by gleaning actionable insights from these data sets.

Financial services

Machine Learning has revolutionised the banking sector giving financial institutions and banks the opportunity to “identify important insights in data, and prevent fraud.” The business insights can help companies identify investment opportunities or help investors know when to trade. “Data mining can also identify clients with high-risk profiles, or use cyber-surveillance to pinpoint warning signs of fraud.”

Government

Governmentsown an unimaginable amount of data and they can use this to their advantage. With the help of machine learning, they can mine data sets for insights. “Analyzing sensor data, for example, identifies ways to increase efficiency and save money. Machine learning can also help detect fraud and minimize identity theft.”

Health care

Machine Learning has helped the healthcare industry evolve thanks to wearable devices and sensors that can use data to assess a patient’s health in real time and improve diagnosis and treatment.

Retail

Machine Learning helps study and analyse customers’ purchase history and recommends what items a customer is likely to prefer buying. It predicts buying patterns and tastes and choices. It helps retailers offer a personalised experience to shoppers, implement a marketing campaign, optimize prices and plan merchandise supply.

Oil and gas

“Finding new energy sources. Analyzing minerals in the ground. Predicting refinery sensor failure. Streamlining oil distribution to make it more efficient and cost-effective. The number of machine learning use cases for this industry is vast – and still expanding.”

Transportation

“Analyzing data to identify patterns and trends is key to the transportation industry, which relies on making routes more efficient and predicting potential problems to increase profitability. The data analysis and modeling aspects of machine learning are important tools to delivery companies, public transportation and other transportation organizations.”

For more on Machine Learning algorithms and artificial intelligence, do checkout the DexLab Analytics blog section. DexLab Analytics is a premiere institute of Machine Learning training in Delhi which trains professionals and students in all aspects of the technological science through both online classes and classes conducted in the National Capital Region.

Machine Learning Algorithms in Self-Driving Cars

Posted on March 27, 2020March 27, 2020 by Dexlab

Machine Learning algorithms have revolutionized sectors like automation in ways one could have hardly imagined a few years ago. For instance, take the self-driving car. According to a report, with“the integration of sensor data processing in a centralized electronic control unit (ECU) in a car, it is imperative to increase the use of machine learning to perform new tasks. Potential applications include driving scenario classification or driver condition evaluation via data fusion from different internal and external sensors – such as cameras, radars, LIDAR or the Internet of Things.”

An expert explains how machine learning algorithms are used in autonomous cars. Supervised and unsupervised algorithms are used to perceive information through the car’s infotainment system. For instance, the system can relay information about the driver’s health status and direct the vehicle to a nearby hospital if something is found to be wrong. “This machine learning-based application can also incorporate the driver’s gesture and speech recognition, and language translation.”

The algorithms can be classified into two major categories on the basis of their learning ability- supervised algorithm and an unsupervised algorithm.

Supervised algorithms “learn using a training dataset, and keep on learning until they reach the desired level of confidence (minimization of probability error).” They can be sub-classified into classification, regression and dimension reduction or anomaly detection.

Unsupervised algorithms “try to make sense of the available data. That means an algorithm develops a relationship within the available data set to identify patterns, or divides the data set into subgroups based on the level of similarity between them.” Unsupervised algorithms can be largely sub-classified into clustering and association rule learning.

The third set of machine learning algorithms falls somewhere between supervised and unsupervised learning. Reinforcement learning has sparse and time-delayed labels – the future rewards. “Based only on those rewards, the agent has to learn to behave in the environment.”

One of the main tasks of any machine learning algorithm in the self-driving car is continuous rendering of the surrounding environment and the prediction of possible changes to those surroundings. These tasks are mainly divided into four sub-tasks:

Object detection
Object Identification or recognition
Object classification
Object localization and prediction of movement

Machine learning algorithms can be loosely divided into four categories: regression algorithms, pattern recognition, cluster algorithms and decision matrix algorithms. One category of machine learning algorithms can be used to execute two or more different subtasks. For example, regression algorithms can be used for object detection as well as for object localization or prediction of movement.

Regression Algorithms

This type of algorithm is used to predict events. “Regression analysis estimates the relationship between two or more variables, compare the effects of variables measured on different scales and are mostly driven by three metrics, namely:

The number of independent variables
The type of dependent variables
The shape of the regression line.”

Pattern Recognition Algorithms (Classification)

“In ADAS, the images obtained through sensors possess all types of environmental data; filtering of the images is required to recognize instances of an object category by ruling out the irrelevant data points. Pattern recognition algorithms are good at ruling out these unusual data points. Recognition of patterns in a data set is an important step before classifying the objects. These types of algorithms can also be defined as data reduction algorithms.”

Clustering

Sometimes the images gathered by the system are unclear and it is difficult to detect and locate objects in them. It is also possible that the classification algorithms may miss the object and fail to classify and report it to the system because the images are low-resolution, with very few data points or discontinuous data. “This type of algorithm is good at discovering structure from data points. Like regression, it describes the class of problem and the class of methods.” The most commonly used type of algorithm is K-means, Multi-class Neural Network.”

Decision Matrix Algorithms

“This type of algorithm is good at systematically identifying, analyzing, and rating the performance of relationships between sets of values and information. These algorithms are mainly used for decision-making. Whether a car needs to take a left turn or it needs to brake depends on the level of confidence the algorithms have on the classification, recognition and prediction of the next movement of objects.”

Check out the course structure at DexLab Analytics, a premiere artificial intelligence institute and machine learning institute in Delhi for more on the subject.

The AI Revolution in The Education Sector

Posted on March 23, 2020March 24, 2020 by Dexlab

Artificial Intelligence (AI) is revolutionizing innumerable aspects of our lives, education being one of them. AI has transformed the way we learn, the relationship between the student and the teacher and the very manner in which our curriculum is perceived. This article, the third part of a series on the applications of artificial intelligence, delineates how AI has come to transform the education sector, as we know it.

The biggest contribution of AI to the education sector has been towards enhancing and streamlining the system of teaching students with varying needs across the spectrum, from elementary schools to adult learning centers. Students can be mentally developed in the left side of the brain with more analytical skills or they can be mentally developed in the right side of the brain with more creative and literary skills. Likewise, there may be students with different interests and passions. A strictly uniform curriculum does not suit all students of the same class because people differ in their learning ability and interests.

AI-Enabled Hyper-Personalization

AI is thus being used to customise curricula according to specific needs of each student of a single class. This is being done through the power of machine learning via a method called hyper-personalization. The AI powered system studies and examines the profile of a student and prescribes suitable curricula for her/him. According to a report, it is expected that by the year 2024 onwards, almost 50 percent of learning management tools will be powered by AI capabilities. These AI-enabled e-Learning tools will touch over $6 Billion in market size by 2024.

Smart Learning Tools

Machine Learning and AI are also defining the way hyperper sonalized and on-demand digital content is created to digitise the learning environment. Now students do not have to rote-learn chapter after chapter from textbooks. They are absorbing learning material in the form of condensed bits of information in the form of smaller study guides, chapter summaries, flashcards, as well as short smart notes designed for better reading and comprehension. Learning is therefore becoming gradually paperless. AI systems also have an online interactive interface that helps in putting in place a system of feedback from students to professors regarding areas they are facing trouble understanding.

Digital Conversations

AI systems are also being used to develop the system of tutoring with personalized conversational education assistants. These autonomous conversational agents are capable of answering questions, providing assistance with learning or assignments, and strengthening concepts by throwing up additional information and learning material to reinforce the curriculum. “These intelligent assistants are also enhancing adaptive learning features so that each of the students can learn at their own pace or time frames”.

Adoption of Voice Assistants

In addition, educators are relying heavily on using voice assistants in the classroom environment. Voice assistants such as Amazon Alexa, Google Home, Apple Siri, and Microsoft Cortana have transformed the way students interact with their study material. In the higher education environment, universities and colleges are distributing voice assistants to students in place of traditionally printed handbooks or hard-to-navigate websites.

Assisting Educators

AI powered systems are not only helping students with course work, they are also empowering teachers with teaching material and new innovative ways to educationally express themselves. It is easier to explain a theory with the help of picture cues and graphical representation than mere definitions. The Internet has become a treasure trove of teaching material for teachers to borrow from. Also, teachers are burdened with responsibilities “such as essay evaluation, grading of exams…ordering and managing classroom materials, booking and managing field trips, responding to parents, assisting with conversation and second-language related issues…Educators often spend up to 50% of their time on non-teaching tasks.”AI powered systems can help streamline these tasks and handle repetitive and routine work, digitise interaction with parents and guardians and leave educators with more time to teach students.

When it comes to higher learning, in India at least, more and more artificial intelligence and machine learning institutes are opening up. DexLab Analytics is a premiere artificial intelligence course in Delhi that trains professionals in both AI and machine learning.

Netflix develops in own data science management tool and open sources it

Posted on January 28, 2020May 23, 2020 by Dexlab

Netflix in December last year introduced its own python framework called Metaflow. It was developed to apply to data science with a vision to make scalability a seamless proposition. Metaflow’s biggest strength is that it makes running the pipeline (constructed as a series of steps in a graph) easily movable from a stationary machine to cloud platforms (currently only the Amazon Web Services (AWS)).

What does Metaflow really do? Well, it primarily “provides a layer of abstraction” on computing resources. What it translates to is the fact that a programmer can concentrate on writing/working code while Metaflow will handle the aspect which ensures the code runs on machines.

Metaflow manages and oversees Python data science projects addressing the entire data science workflow (from prototype to model deployment), works with various machine learning libraries and amalgamates with AWS.

Machine learning and data science projects require systems to follow and track the trajectory and development of the code, data, and models. Doing this task manually is prone to mistakes and errors. Moreover, source code management tools like Git are not at all well-suited to doing these tasks.

Metaflow provides Python Application Programming Interfaces (APIs) to the entire stack of technologies in a data science workflow, from access to the data, versioning, model training, scheduling, and model deployment, says a report.

Netflix built Metaflow to provide its own data scientists and developers with “a unified API to the infrastructure stack that is required to execute data science projects, from prototype to production,” and to “focus on the widest variety of ML use cases, many of which are small or medium-sized, which many companies face on a day to day basis”, Metaflow’s introductory documentation says.

Metaflow is not biased. It does not favor any one machine learning framework or data science library over another. The video-streaming giant deploys machine learning across all aspects of its business, from screenplay analysis, to optimizing production schedules and pricing. It is bent on using Python to the best limits the programming language can stretch. For the best Data Science Courses in Gurgaon or Python training institute in Delhi, you can check out the Dexlab Analytics courses online.

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Banking Business and Banking Instruments

Posted on May 26, 2016May 23, 2020 by Dexlab

Having discussed some amount of mandatory regulatory compliances for banks over the past couple of blogs, let us now focus on the bank’s lines of business. Understanding the different banking products is inevitable for credit risk management and analytics. One has to be well versed with the nature of banking products before they step in to develop model for any of them. Each banking product has its own characteristics and its own set of risk exposure. Hence, understanding these products is the top priority. In this blog we discuss three of the major banking products: Checking Accounts, Savings accounts and Certificate of Deposits.

Checking Accounts: This is a transactional deposit account held at a financial institution that allows for withdrawal and deposits. Money held in a checking account is liquid, and can be easily withdrawn using checks, automated cash machines, and electronic debits among other methods. It allows for numerous withdrawals, unlimited deposits etc. These accounts are known as current accounts in UK. These are often loss leaders for large commercial banks since they become highly commotized. Because money held in checking accounts is so liquid, aggregate balances nationwide are used in the calculation of M1 money supply. Continue reading “Banking Business and Banking Instruments”

Success factors for Business Intelligence program

Posted on September 28, 2015May 23, 2020 by Dexlab

To implement a successful Business Intelligence program, one needs to understand the dimensions that are critical to success of the BI program. Here we will discuss six critical success factors for the BI program.

Critical Dimension 1 – Strong Executive Support

If there is one dimension or critical attribute that has major influence on successfully implementing the BI program would be strong executive support. If there is any lack of enthusiasm at the top will filter downwards. A key component of obtaining strong executive support is a convincing and detailed business case for BI.

Critical Dimension 2 – Key Stakeholder Identification

Early identification and prioritisation of the key stakeholders are crucial. If we do not know who will benefit from a BI solution, it is unlikely that we can persuade anyone that is in their best interest to support the BI initiative.

Critical Dimension 3 – Creation of Business Intelligence Competency Center (BICC) Many organizations have created a separate BICC to manage the lifecycle of analytics processes. Organizations must keep in mind while creating a BICC is that the need of Business Intelligence. They should ask all the strategic and tactical question before creating a BICC. Some of the key objective of BICC shall be

Maximise the efficiency, deployment and quality of BI across all lines of business.
Deliver more value at less cost and in less time through more successful BI deployments.

Also read: Business Intelligence: Now Every Person Can Use Data to Make Better Decisions

Critical Dimension 4 – Clear Outcome Identification

This dimension determines what outcomes the organization desires, and whether they are tactical or strategic.

Knowledge – What knowledge is needed for desired outcomes and where is it?
Information – What information structures can be identified from knowledge gathering and how can these same structures be beneficial.
Data – What sources of raw data are needed to populate the information structures?

Pursuing the answers to these questions requires both logic and creativity. We also need specific information at various steps in the BI process.

Also read: Trends to Watch Out – Global Self-service Business Intelligence (BI) Market 2017

Critical Dimension 5 – Integrating CSFs (Critical Success Factors) and KPIs to Business Drivers

Many business initiatives aim to obtain benefits – greater efficiency, quicker access to information that are hard to quantify. We can easily accept that greater efficiency is a good thing, but trying to quantify its precise cash value to the organization can be a challenge. These benefits are essentially intangible but need to be measured.

Therefore, when identifying these key values, they can be classified as “driving” strategy, organization or operations.

Strategic Drivers Influence:

Market attractiveness
Competitive strengths
Market share

Organisational Drivers Influence:

Culture
Training and development

Operational Drivers Influence:

Customer satisfaction
Product Excellence

Also read: Role of R In Business Intelligence

Critical Dimension 6 – Analytics Awareness

Organizations have a tendency to measure what is easy to measure – internal transactional data. Extending the sensitivity of the organization to external and internal data presents a fuller picture to decision makers of the organization and the competitive environment. If measures are appropriate, the organisation can start to improve the processes.

When the above mentioned six critical dimension of BI solution are place. Organizations can benefit the value from the BI solutions are exponential in manner.

For better implementation of BI Program, why not take up effective market risk courses offered by DexLab Analytics! Market Risk Analytics is a growing field of study; for more details visit the site.

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