"Computers are able to see, hear, and learn. Welcome to the future." - Dave Waters
Have you heard the term machine learning floating around lately? That's probably because it's one of the top technology buzzwords of 2019. Although the idea has been around for a while, the evolution of machine learning has gained more momentum in the past few years.
Artificial intelligence is an area of computer science that makes it possible for computers to learn and adapt and mimic human-like actions. Machine learning is a subset of artificial intelligence that trains systems to discover patterns in data and make decisions based on that data with minimal human intervention. Since this technology uses an iterative learning approach, learning can also be automated to produce reliable results.
Machine learning can provide organizations with a faster and more effective means of managing data while identifying profitably opportunities and potential risks. This eliminates the need for human involvement in data tracking and management, which can significantly improve efficiency and productivity in the workplace.
Data-driven decisions made through machine learning can help companies in a variety of ways, through:
1. Real-Time Decision Making – This technology sifts through large sets of data and turns it into knowledge, which can be integrated into business operations and respond to changes.
2. Enhancing Security – Machine learning allows for the proactive identification of cyber threats and adaptation to new problems.
3. Reducing Expenses – Automation of administrative tasks can eliminate the need for a larger number of staff members and provide customer support at a lower cost.
Data is the foundation of all business, and so machine learning technology can be used across countless industries from financial institutions to health care. Take a look at the following examples of how machine learning is being used in different industries:
- Health Care – uses wearable devices to track patient's health
- Retail – analyzes customer buying history to make recommendations for future purchases
- Transportation – improves route efficiency and predicts delivery issues
- Financial Services – prevents fraud and discovers investment possibilities