Machine Learning Opens Pathway For Digital Transformation

Machine Learning Opens Pathway For Digital Transformation Dave Fellers As companies face exponentially growing amounts of data that can overwhelm individuals' decision-making ability, machine learning provides a powerful method for helping people improve decision-making bandwidth, responsiveness, accuracy, and consistency of results. But what is machine learning? It is the ability of software systems to learn by studying data to detect patterns and/or by applying known rules to the data for processing. Some of the key areas where machine learning can help are: Categorizing and cataloging information like transactions, accounts, companies, people, etc. Predicting likely outcomes and/or deciding on actions by analyzing identified patterns Identifying previously unknown patterns and relationships within the data Detecting new, anomalous, or unexpected behaviors and events from data Machine learning software systems use specialized algorithms to understand the data and actions being handled by relevant processes and to learn how to improve those processes. As new observations of data, events, responses, and changes in the data environment are analyzed by the algorithms, the machine's performance is improved and refined.