“Data is abundant and cheap but knowledge is scarce and expensive.”
In last few years, the sources of data capturing have evolved overwhelmingly. No longer companies limit themselves to surveys, questionnaire and other traditional forms of data collection. Smartphones, online browsing activity, drones, cameras are the modern form of data collection devices. And, believe me, that data is enormous.
There is no way a human can look at such huge amounts of data and make sense out of it. Even if it is possible, it would be prone to irresistible errors. Is there a way out ? Yes, Machine Learning has enabled humans to make intelligent real life decision by making relatively less errors.
Have a look at the exciting ~ 4mins video below. It gives an idea of how machine learning is making computers, and many of the things like maps, search, recommending videos, translations, etc. better.