How Well Are You Utilizing Machine Learning to Improve Your Statistical Models or Algorithms?
What if computers can be trained to “learn on the job”?
Over the past few years, the computer sciences specialty of Machine Learning has come a long way.
Today, computers can be programmed to spot statistical differences within the data that will give the computer the ability to label, represent numerically, and improve a statistical model.
What is the Machine Learning Process?
- The computer is programmed with an algorithm.
- The computer learns the data.
- The computer learns how to label new data based on former input.
- The Computer builds the prediction model.
- The computer is fed or acquires new data.
- The Computer labels new data.
- The computer uses new data to improve the prediction model.
The last three steps repeat, creating a continuous learning environment for the computer.
With every added data point, the computer becomes better at categorizing and labeling the data while simultaneously increasing the accuracy of the prediction model.
How Does a Machine Learn?
- Unsupervised Learning – uses unlabelled data that the machine puts into groups based on datapoint similarities
- Supervised Learning – uses labeled data to train the software-based model
- Reinforcement Learning – uses user feedback in identifying and labeling specific data points from which the machine extrapolates to identifying and labeling other data points
What Is the Business Benefit of Machine Learning?
Machine Learning isn’t simply a theoretical exercise done in the confines of a university computer lab. We passed that threshold long ago. Now, Machine Learning is at use in everyday computing experiences and when put into the realm of business, produces significant benefits.
- Predicting, Providing, and Improving Customer Experience
- Improving IT Security
- Detecting Spam
- Predicting IT Maintenance and Manufacturing Maintenance
- Eliminating Manual Entry Requirements
- Predicting the Lifetime Value of a Customer
- Simplifies the Marketing of Products (Sales Forecasting)
- Advancing Image Recognition Software
- Aiding Medical Diagnosis
- Supercharging Financial Analysis
How Can Your Business Leverage the Power of Machine Learning?
Because Machine Learning is a newer aspect of computer sciences, there really is no limit to what can be achieved with the right data and algorithm. Here are a few ways that businesses in a wide swath of industries are utilizing Machine Learning within their business model.
- Sales Data Analysis
- Productivity Analysis
- Dynamic Pricing Capability
- eLearning – Virtual Training
- Language Translation
- Fraud Detection
- Digital Personalization
- Product Recommendations for Customers
- Competition Analysis