Machine Learning 101: Your Questions Answered
Machine learning technology may sound like something from the future, but the reality is that it is here today and it has the ability to significantly improve the way your business is performing. No matter what industry you’re in, there is a good chance you could benefit from implementing machine learning. If you don’t know what it is or why it’s helpful, read on to learn how it can make you money.
How Does Machine Learning Work?
Machine learning is a process where data is analyzed by running data through a computer modeling structure. The process is run repeated multiple times building fuller understanding with each pass.
What’s the Difference Between Supervised and Unsupervised?
There are two types of machine learning, supervised and unsupervised, and the difference primarily relates to how much information is provided before learning. For a supervised process, there are established rules, such as real-world results which you are attempting to match your output to. With unsupervised machine learning, the data is entered raw and the algorithm is left to make its own extrapolations and conclusions.
Where is Machine Learning Used?
Machine learning is used in all sorts of phases of a business’ operation. Machine learning models may be used to identify trends in consumers to better target marketing plans, or to better estimate supply needs to minimize wasteful spending in the production process. Everything from weather prognosticating to deep dives on sales data can be accomplished with machine learning.
Why is Machine Learning Used?
The primary reason machine learning is preferable to human extrapolation is efficiency. Because a computer can operate at such a higher speed than a human, a machine learning algorithm is able to perform many more regressions in the same period of time. This allows for models with higher accuracy which, in turn, means the operation you are acting on is more effective at improving your business.
Does My Business Need Machine Learning?
There are few businesses in the modern economy which would not benefit from machine learning tools in some capacity. The good news is that while it will likely be widespread in the not-too-distant future, many businesses are still neglecting machine learning so you have the chance to get a leg up.
If you’re ready to take your business to a new level, consider investing in machine learning tools today. The sooner you implement them the sooner you’ll be ready to make positive changes in your daily operations to reap the rewards of increased profit.