“Machine Intelligence is the last intervention that humanity will ever need to make”- Nick Bostrom
Machine learning is a branch of Artificial Intelligence which unable machines to store the data and learn from them. So that in future or when needed they can draw certain patterns and help in decision making with any human intervention.
It is like computers or machines can also perform activities exactly like humans without any intervention from their side. Machines can learn things without being programmed for a particular activity or task.
For examples: Netflix recommendations are based on machine learning, Medical records for better automation in healthcare, Real-time chatbot agents, etc. They learn from your interest and show you the desired results according to your interest, Self-driving cars, etc.
Making it more clear definition for machine learning is: “Machine Learning at its most basic is the practice of using algorithms to parse data, learn from it, and then make a determination or prediction about something in the world.”
Machine learning is a branch of artificial intelligence, however, both have different aspects which they specifically deal with. As artificial intelligence is the ability of a machine to think and work as a human does. For example speech recognition, learning and problem-solving ability etc. And if we talk about machine learning it a subset of artificial learning that trains a machine on how to learn without being exactly programmed.
It has become a very significant technological part of every organizations. As it is assisting organizations with expanding effectiveness, improve client connections, and lift deals. That is why every company is looking for machine learning solutions for their growth.
How machine learning is helping businesses grow?
- Knowing customer preferences: Companies have access to massive amounts of data that is being used by them to generate various business insights. Machine learning and data mining together assist businesses in predicting their customer behaviors and purchasing patterns based on their browsing and purchase histories. Based on those behaviors and patterns companies offer customers services or products.
- Helps in forecast failures or errors: Through the machine, learning companies can generate insights and patterns. Which let them detect risks and errors expected in their projects, hence help them in rectifying them and save cost. For example Manufacturing unit can use machine learning to know about insights related to factory data that will be used for increasing efficiency by removing errors or wrong practices.
- Manual data entry is no longer required: Storing and maintaining a huge amount of data is something every organization needs to perform. However, segmenting the duplicate data or copied data stored due to manual errors, from useful data is one of the major issue. Here, machine learning can play major role as it helps to avoid the errors caused during manual data entry. Additionally, employees energy can be utilized in some more efficient way.
- Recommendations: Many companies are using machine learning to know customer needs and purchasing behaviour. Machine learning predicts the customer behaviour or patterns through browsing histories which help it to provide them with the customer with recommendations of products or services which company has build for that specific segment of customers, increasing customer satisfaction.
- Enhanced security: Cybersecurity is one of the biggest concerns of organizations today. However, machine learning is coming up with advanced securities which are efficient and much better in detecting the threats. Machine Learning solutions let organisation have better security for users.
Concluding, it is estimated by the International Data Corporation that spending on machine learning will reach $77.6 billion by 2022. Machine learning is assisting businesses to grow by increasing sales through better customer experience but it is also helping them to enhance their efficiency and effectiveness.