Machine learning involves using artificial intelligence and algorithms to make predictions. The machine learning model is trained on a set of data to learn to recognize underlying trends and patterns – this serves as the basis for insights it provides on new data.
While machine learning may seem like an abstract concept that only data scientists use, it is something we interact with daily.
Do you watch Netflix or shop on Amazon? Well, both of these companies use machine learning and artificial intelligence to make predictions about what you like based on your browsing and shopping history. The data they collect is analyzed in the algorithm, and then the model predicts which show you should watch next!
The key to automated machine learning is that the model learns from examples. Netflix is not able to give you a good recommendation for other shows you may like if they don’t have sample data from your watch history to base it off of.
Artificial intelligence learns by taking information from a data set that has undergone feature engineering – where only the relevant information is included – and uses it to create a foundation for pattern recognition.
This technology has been around since the 1950s but was previously cost-prohibitive. Technological advancements in cloud computing and data mining have allowed businesses across industries to utilize automated machine learning as part of their everyday processes – arming them with insights that can drive strategic decisions.
Machine learning is one of the best ways for businesses to gain insights about how their customers behave and regarding trends in their industry. A study by McKinsey found that artificial intelligence is poised to create $50 trillion of value by 2025, and companies that are not willing to embrace data-driven decision making are likely to fall behind.
It can be used in industries like banking and healthcare, even retail. Banks use automated machine learning models to interpret data and prevent fraud, while those in the healthcare industry can utilize technology to improve patient treatments.
Machine learning is a game-changer for retail, and the insights it provides has allowed companies like Amazon to target ads to consumers and boost their revenues.
It doesn’t matter if you only have BI analysts, IT leaders, or executives wanting to leverage machine learning or if you have a team of in-house data scientists looking to be more impactful with their analytic output. Any organization looking to start or advance their AI journey can benefit from machine learning.
At LogicPlum, our goal is to make machine learning models accessible to any business. We understand that hiring a team of data scientists is time-consuming and expensive, so we will give you access to some of the most sophisticated models in the industry with just the click of a button.
Our experts will help you test and develop algorithms that will help solve your unique business problems while providing insights and reports that will allow you to feel confident in the predictions made.