Our news and views relating to Data Analytics, Big Data, Machine Learning, and the world of Credit.
We've written many blog posts on the topic of Machine Learning and how it's improving everything from fraud prevention, direct marketing in retail and the customer experience in call centres to getting us to make more impulse purchases online and making holiday and business travel more enjoyable. It's with good reason we've given Machine Learning so much focus on our blog: it is a driving force in what the founder of the World Economic Forum - Klaus Schwab - is calling the Fourth Industrial Revolution. In this blog post we answer some frequently asked questions about Machine Learning, starting with what it is and how it relates to Artificial Intelligence.
As a company passionate about innovation we are regularly evaluating and re-evaluating knowledge – whether it’s our collective own, an employee’s or a client’s. Knowledge is a funny thing. Common sense might suggest that the more one learns about a subject the more confident one becomes. However, this is not entirely true, at least not in the beginning. The Dunning-Kruger Effect The Dunning-Kruger effect (DKE) is a cognitive bias that has been known for some time, but was only formalised in 1999 by two Cornell psychologists. It involves the seemingly contradictory idea that often those with little knowledge on a subject may come across as exceedingly confident about the subject. Conversely those with more knowledge may be less confident.
At Principa we’ve become quite passionate about Artificial Intelligence and Machine Learning. Recently quite a bit has been published in the press about how automated machines should be allowed to get. Most famously perhaps there have been the warnings from the likes of South African born Elon Musk and theoretical physicist Professor Stephen Hawking.