Machine-learning is quickly becoming a business buzzword to many business owners, much like “blockchain” has in the past few years. However, its original meaning has almost been lost to the constant hype surrounding it. Truthfully, most people don’t even understand what machine-learning is. In this article, we will clear up some misconceptions and explain what machine-learning is, why it’s important and how it can apply to your business.
What is machine learning?
Machine-learning is essentially a system of data analysis that is reliant on artificial intelligence. The concept is based on the idea that systems can analyze and learn from sets of data by recognizing patterns with minimal human intervention. This sounds like an incredibly abstract concept at first, and that’s why many people find it difficult to relate it to their businesses.
Machine-learning is based on algorithms that are defined by programmers. These algorithms read sets of data in predefined ways, and, then, based on the information analyzed, they can slowly change the variables that affect the algorithms until the system reaches the desired outcome.
A simple example of this process would be recommendation offers from websites that you purchase from. If you’ve ever searched the internet to buy a specific item, you might notice you’ll get adverts for similar types of items. This is a basic form of machine-learning that takes your input (your browsing history) and attempts to sell you similar products.
Why is Machine-Learning Important?
Machine-learning has the ability to read through large and complex sets of data with minimal human interaction. For instance, if you have a lot of data collected from weeks of customer interaction, you can use it to parse that data and gain valuable insights about the trends or changes that your customers are going through. These actionable insights provide your business with an efficient means of growing your business and tackling difficult challenges.
However, a complex process like this requires the use of machine learning consultants. Experts that understand it can suggest how to use artificial intelligence to take advantage of these concepts in the context of your business’s position and circumstances. The same machine-learning principles typically can’t be applied to two different businesses, hence why you need personalized solutions that are unique to your workflow.
How to Take Advantage of Machine-Learning
Whether you have a fresh new business or a long-standing company, machine-learning is something that can apply to your business at any stage. However, it’s often best to apply these principles to your company at an early stage so that your business can take advantage of larger sets of data over a long period of time.
Implementing machine-learning to your business requires that you consult specialists to find out how you can start tracking and recording important data. From the sets of data you generate, you can then gain valuable insights that can fuel actionable data that makes business decisions easier.