Why Machine Learning Technology Can Be Advantageous To Your Business

What is Machine Learning, Really?

Machine learning is essentially a set of algorithms which allow machines to work like human brains. In a nutshell: the machine can take information based on your activities and remember.

In an article published by SAS entitled: “Machine Learning: What It Is And Why It Matters”, the author, who is undisclosed, writes: “Machine learning is a method of data analysis that automates analytical model building,” the author writes, adding, “Using algorithms that iteratively learn from data, machine learning allows computers to find hidden insights without being explicitly programmed where to look.”

How is Machine Learning Technology Used?

Because of new computing technologies, machine learning today is not like machine learning of the past.

“While many machine learning algorithms have been around for a long time, the ability to automatically apply complex mathematical calculations to big data – over and over, faster and faster – is a recent development.”

Here are some examples of machine learning technology that is widely utilized:

  • The self-driving Google car

  • Amazon and Netflix

  • Knowing what customers are saying about you on Twitter

  • Fraud detection: one of the more obvious, important uses in our world today.

Why Machine Learning Tech Can Be Advantageous To Your Business

Machine learning, which includes predictive analytics, covers cognitive systems that go beyond Big Data Analytics. It give enterprises the capability to not only discover patterns and trends from increasingly large and diverse datasets but also enables them to automate analysis that has traditionally been done by humans, to learn from business-related interactions and deliver evidence based responses.

In an article entitled: “How Real Businesses Are Using Machine Learning”, author and expert Lukas Biewald lists the top benefits machine learning technology can provide when applied to business operations:

  • Finding products faster

    • Successful e-commerce startups from Lyst to Trunk Archive employ machine learning to show high-quality content to their users. Other startups, like Rich Relevance and Edgecase, employ machine-learning strategies to give their commerce customers the benefits of machine learning when their users are browsing for products.

  • Engaging with customers

    • Instead of having users self-select an issue and fill out endless form fields, machine learning can look at the substance of a request and route it to the right place.

  • Understanding customer behavior

    • Companies can scan and analyze chatter over social media to ascertain valuable knowledge on how audiences are receiving its products, and augment accordingly

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