Why Machine Learning is Important for Business
Machine Learning consists of algorithms that learn from data without being explicitly programmed as well as without human intervention. Machine learning helps identify patterns in the data and make better predictions in the future based on the data we provide. Machine Learning facilitates us in many ways. It can provide solutions to complex business problems, can make product recommendations, helps government officials to formulate better policies, and facilitates health care organizations to make diagnoses, etc.
The Importance of Machine Learning
Data is considered the oil of the 21st Century, with a massive amount of data being produced daily from various sources such as websites, businesses, social networks, and electronic media, etc.
According to research 2.5 quintillion bytes of data are created each day and its production is growing at a fast pace. It is also estimated by the researchers that over time 1.7 MB of data will be created every second. The data generated could be in multiple forms such as structured, semi-structured and unstructured.
The unstructured or raw data isn’t valuable but the value is created when the data is gathered and processed completely and can extract meaningful insights out of it. Machine learning helps to extract meaningful information from a complex and huge set of data and feeds it to a machine learning model so that it learns automatically and also improves performance in the future.
Machine Learning helps in many ways such as;
· It facilitates businesses to take better data driven strategic decisions for their business
· It helps healthcare organizations in the diagnosis of diseases and prescribing medicines
· Government agencies can formulate policies based on the predictions made by the machine learning model
· Fraudulent Purchase Transactions can be easily detected using the machine learning model
· It can recommend products to customers based on their purchase history and choices they make on a website
Machine Learning Business Benefits
Data is considered the backbone of business. In today’s time business customers can generate a massive amount of data. Machine learning can extract valuable insights out of the and it helps to solve many complex business problems. It enhances a businesses capabilities and improves business operations for companies. Machine Learning can benefit various businesses such as:
Efficiency and time is key to success for this sector. The machine learning model can predict and optimize routes for public transport. It can estimate departure and arrival times. Machine Learning can predict potential problems that can occur within a particular route so that suitable measures can be taken and much more.
Machine Learning brought a revolution to the field of E-commerce. It helps to predict the choice of customer by analyzing the buying and search history of it. They can formulate policies by their sales. The ML model can recommend various products along with the purchase of a particular product for example, a USB stick along with a laptop, baby clothes along with baby products. This could result in higher sales which in turn generates more profit.
Oil and Gas
ML can help to predict various energy sources and can help to predict the deposition of minerals. It can make predictions regarding possible failures in the refinery so that effective and preventive measures can be taken. It also helps to predict the market situation and distribution of it along with setting the cost.
ML can help identify investors for investment opportunities. It can play a key role to convince investors and identify potential risks and threats in a business to invest. Along with this, Machine Learning can help identify fraudulent transactions and anomalies. It can assess potential risks for loans and insurance.
With the availability of devices that can monitor pulse rate, heart beat, blood pressure, oxygen level and number of steps etc. Doctors can assess their patients in real-time with the data available. In addition to this, ML can predict potential health problems and anomalies with the data available.
Ai and Machine learning have transformed businesses. The availability of a massive amount of data, affordable storage methods and powerful processing methods enables machine learning to boom. Many industries are incorporating Machine learning as it has the capability to analyze massive and complex data while delivering faster and more accurate results.