In order to remain competitive, businesses have to be aware of and use new technologies as quickly as possible. One technology that is rapidly spreading throughout the business world is machine learning. In fact, a recent survey reports that over 70% of respondents stated machine learning was important or critical to their business operations. This indicates that your competition is likely already implementing machine learning and you probably need to do so, too.
But let’s tap the breaks for a moment. Before rushing headlong into deploying new technology, it is prudent to first know what it is and how machine learning helps a business achieve its objectives. Let’s answer these questions. First, let’s define exactly what machine learning is and then how it can be used to enhance scalability and improve operations.
What Exactly is Machine Learning?
The ability of a machine to make decisions and/or perform some task(s) based upon learning or acquired knowledge without any appreciable intervention by a human.
Okay, so what does that mean practically? To answer this question we need to define a few other terms with regard to machine learning:
- Data mining. The process of analyzing large sets of data to identify underlying patterns and/or mathematical relationships, which typically requires substantial computing capability.
- Neural networks. Mathematical models based on the topology of the human brain (especially the neurons, synapses and their connectivity), often used for processing and/or analyzing data in order to discover or form classifications.
- Deep learning. A subset or type of machine learning where neural networks are used to perform data mining on large unstructured data sets or data of unknown structure. In many cases for learning and/or classification.
- Unstructured data. Unstructured data is information that does not have a pre-defined data model. Or this data is not organized in a pre-defined manner. It may have an internal structure but isn’t structured by predefined models.
- AI. The theoretical or actual capability of a computer (or machine) to exhibit, display or perform activities that typically are performed by or necessitate human intelligence.
- Autonomous. Able to perform a function or action without human control. There are varying levels of autonomy; such as semi-autonomous (partially controlled by a human) and fully autonomous (no direct human control), which most machine learning falls under.
Now, let’s return to the question of the practicality of machine learning for business. Based on the definitions above, we can define machine learning for business as:
The utilization of an AI technique; such as neural networks to apply deep learning to a business activity or problem with the objective of discovering ways to enhance or improve operations.
Let’s see how this can be done.
How Machine Learning Helps Business Grow and Thrive
Machine learning can be used to help with two areas that demand most of your attention: growth and operations. Just as the implementation of a new strategy or process mandates that your software development is agile, so does machine learning utilization.
