What Are the Business Benefits of Machine Learning?
Machine learning is a breed of artificial intelligence technology that allows computers to analyze data, learn from that data, and create its own models and rules based on that information.
This is different from normal computer programs, where humans program a set of rules into software. In standard computer programs, computers operate on input, but cannot “learn from” or create models from that information.
With machine learning, however, algorithms build their own model from input.
While machine learning includes some elements of automation, it does not automate a physical task, such as answering the telephone. Instead, it automates the creation of models from data.
Computers can compute complex formulas and tasks much faster than humans. This is why machine learning algorithms are so effective. They can generate hundreds or thousands of times more models than humans can.
Machine learning is used in a variety of real-world applications, such as:
- Email spam filters
- Recommendation engines on e-commerce sites
- Search engines
- Text analysis
Applying machine learning algorithms to big data opens up new possibilities for businesses.
It can be used for:
- Developing models that evolve with dynamic data
- Gaining insight into existing data
- Making predictions or forecasts based on data
Every business can apply machine learning to learn from, gain insights into, and make predictions from its data.
