Machine Learning Becomes Mainstream: How to Increase Your Competitive Advantage

You already know that machine learning is essentially a form of data analytics, but where did it come from and how has it evolved to become what it is today? In the past couple of decades, we have seen a rapid expansion and evolution of information technology. In 1995, data storage cost around $1000/GB; by 2014 that cost had plummeted to $0.03/GB (2). With access to larger and larger data sets, data scientists have made major advances in neural networks, which have led to better accuracy in modeling and analytics. As we mentioned earlier, the combination of data and analytics opens up unique opportunities for businesses. Now that machine learning is entering the mainstream, the next step along the path is predictive analytics, which goes above and beyond previous analytics capabilities.