With all the buzz around big data, artificial intelligence, and machine learning (ML), enterprises are now becoming curious about the applications and benefits of machine learning in business. A lot of people have probably heard of ML, but do not really know what exactly it is, what business-related problems it can solve, or the value it can add to their business. ML is a data analysis process which leverages ML algorithms to iteratively learn from the existing data and help computers find hidden insights without being programmed for. With Google, Amazon, and Microsoft Azure launching their Cloud Machine learning platforms, we have seen artificial intelligence and ML gaining prominence in the recent years. Surprisingly, we all have witnessed ML without actually knowing it.
Machine learning is making substantial impacts on businesses around the world, but many organizations struggle to understand where and when to optimally use ML. To enable successful deployments, businesses must first recognize which problems are most amenable to ML and, second, ensure the right processes are in place to evaluate its impact. In general, ML algorithms build relationships between inputs and outputs by leveraging statistical properties of the data. As researchers expose the algorithm to more data, it learns and adapts. Eventually, the relationship becomes accurate enough that the algorithm generalizes to predict outputs from new inputs.
The term "artificial intelligence" conjures images of cyborgs, and complex circuitry has already become a part of everyday business functions at many large companies. Even small businesses are now able to take advantage of this new technology that includes machines learning to stay ahead of rapidly changing information that can affect a company's operations. If you have a small business, it's in your best interest to learn about these new systems that can allow you to stay ahead of the competition more effectually. The term "artificial intelligence" was coined to describe what has become the logical extension of basic computing into methods that utilize the large sets of data, the lower cost of parallel computing and significant advances in algorithms into an advanced ability to classify, reason and interact. It is much like human learning, but depends upon digital systems, to support the process using highly sophisticated algorithms.
Among the most impressive new developments in technology is the field of machine learning (ML). In essence, machine learning teaches an artificial intelligence system to teach itself. While this might sound like the start of a campy sci-fi horror story, the results are quite promising for small business. Machine learning allows an entrepreneur to do many more tasks with the time they have to dedicate to the market, and results in significantly better efficiency when it comes to running the company. Below, 15 professionals from Forbes Technology Council explain how ML can benefit businesses and why entrepreneurs should be eager to adopt it as part of their plans.
For daily updates, subscribe to our newsletter by clicking here. Applying big data in your business is more simple than ever and the costs associated with the technology are dropping. It's not only big corporate players that get to reap the benefits. Small and medium-sized businesses can now also participate and increase their profitability. The idea behind big data is not just about gathering vasts amounts of information but also about analyzing the data in real-time in order to generate insights that serve a company's business goals and answer customer needs.