8 B. Mohanta et al.

organization. It’s not sufficient if an organization only grows, smartness is needed

to challenge the possible V.U.C.A. factors. Today’s techno park revolution is the
possible solution to these challenges as it introduces automation, cyber-physical sys-
tems, intelligent interactive systems (IISs) and Internet of Things (IoT) concept that
includes big data analysis and cognitive computing in different industries through
different machine learning algorithms. Machines are trained with different machine
learning techniques in accordance to the V.U.C.A. parameters.
The smart business concept enhances the intelligent interactive interconnections
between machines, devices, sensors and people to communicate smartly through
IoT systems. The cyber-physical systems provide technical assistance to humans to
tackle the adverse conditions of V.U.C.A. factors of business risks. Information trans-
parency and decentralized decision making power are the two major characteristics of
cyber-physical systems that automated the process flow in an organization. Today’s
machines are trained by expert machine learning techniques (rules); that includes
software packages so that proper decision can be taken. Markets like ecommerce,
stocks which are highly competitive, volatile etc.; and ever changing dynamic learn-
ing of machines by using machine learning techniques, post data analysis through
V.U.C.A. will be highly profitable.
The continuous attempt to survive in today’s competitive era has led to the rise
of innovative solutions in the form of technologies and services. In other words, we
can say innovative solutions in the form of smart products and services are driving
the global competitive markets which lead to the fourth industrial revolution named
as Industry 4.0. Big Data fuels the realization of Industry 4.0 and dealing with Big
Data poses several crucial challenges due to its inherent complexities.

1.3 Applied Machine Learning

ML comes under data science which can be considered as an umbrella term cover-
ing all aspect of data processing like data analysis, preparation and useful decision
making in an organization. It is a branch of artificial intelligence, gives machines
the ability to learn by their own without human intervention. Machines can adapt
automation without being explicitly programmed and act according to that. Online
shopping’s recommender system is a real time live application of ML used by almost
everyone.
Figure 3 depicts the generalized machine learning process flow. The process starts
from dataset identification and proper analysis of the identified dataset. Based on the
V.U.C.A. factors, types of machine learning algorithms are adopted and an analytical
model is formed to train the identified test dataset. Lastly the model is executed to
get the desired results.
a. Data collection: This is the first and most important step of ML work flow. Here,
relevant data are collected according to the problem statement. The data collected
should be accurate one as per the problem requirement to maintain the integrity