We've heard these terms get thrown around a lot and I bet we all have somewhat of an idea of what these are. At very least we use them in our lives occasionally. Consumer products like Google Home, Alexa, Siri, and the little paper clip that used to pop in Microsoft Word can all be considered Artificial Intelligence (AI). These little "personalities" are smart, they help us in our daily lives: run searches for us, order pizza for us, and even ask if we need help. So I think the real question is what is machine learning and how is it different?
Machine learning is basically what it sounds like. It's a machine that can teach itself or at very least learn over time. AI that we are familiar with are pre programmed to do specific tasks and those tasks expand usually through software updates (just like new features on your phone). But machine learning is predominately programmed to a broader focus but has capabilities to teach itself new tasks (not to say that it doesn't also get updates).
For example there is a map game that is tested with these types of programs. Basically, there are objects on a map and and the computer is supposed to find them based on directions given. In this scenario AI would be pre-programmed with what North East South and West are maybe coupled with the ability to run objects through a database to determine what is what. Essentially, they can look up what an object is and then determine the directions to get to the object with 100% accuracy (as long as the object exists in the database). Machine learning on the other hand can start with a blank slate and learn from trial and error, failing at first but then learning what North East South and West are and even asking what objects are through language learned.
So what does this mean for white collar jobs? Bad news folks...but maybe not for a while. For now, middle-men are in trouble. Third party services are at risk for machine learning to take over. This makes sense considering middle-men typically offer a connection more than an actual product or service. Third parties connect 2 groups together in an efficient manner but it's being recognized that AI and/or machine learning can do it more efficiently and the costs to do so are becoming more affordable.
Take Uber for example. Their app shows a map of nearby drivers through GPS and always gives you the option to be picked up by the nearest driver. Uber is currently moving this system to third party logistics. Instead of having a consultant call a truck to ship your goods and collecting commission both from you and the truck driver Uber steps in and gives you a map of the nearest trucks allowing you to easily do what you used to pay someone else to do. Machine learning gets thrown into the mix by linking more than one shipping destination and minimizing distance driven, maximizing cargo delivered, all while providing a cheaper rate to both parties.
Another industry that is being affected right now is financial technology (fintech). It's one thing to ask AI to automatically give you all the ratios you want and then pick stocks based on your analysis and criteria for those ratios, but what if you could ask a broader question? What stock will make me money? Machine learning could find statistics and ratios that link up better than what you originally thought. So not only would it calculate and find all the ratios you are interested about but it could suggest more and even perform the analysis without you based off of what it has learned (decades of news, financial statements, and performance history).
Again, we may be in the heyday of AI, but we are only scratching the surface of machine learning. Right now you don't need to fear for your job, but it might be a good idea to stay ahead of the curve and learn to work with machine learning before it starts replacing jobs. I think right now we are at the equivalent to when machines started automating production factories - which shifted jobs from the floor to repairmen for the machines.
Links:
https://www.linkedin.com/pulse/uber-freight-its-just-truck-drivers-whose-jobs-risk-john-mcdermott
https://letstalkpayments.com/15-players-that-use-machine-learning-in-fintech-space/