What is Machine Learning? And How Does It Affect Your Business?

by Klaus on December 13, 2018

in Articles

What is Machine Learning?

In the simplest of explanations, machine learning can be described as the process of computers learning information on their own, with little to no help from human interaction. Additionally, machine learning allows software applications to become more accurate. These processes are similar to that of predictive modeling and data mining.

Machine learning is done by applying artificial intelligence to systems so that they are able to efficiently and automatically improve themselves. The primary focus of this process is to develop computer programs that have access to certain data so that it is able to positively grow.

This can all sound a bit complex at first until you realize that all of your online shopping is a form of machine learning. All of the targeted ads you receive is brought to you through a recommendation engine that has tracked your search history to create a potential shopping list that fits you perfectly.

Through the use of machine learning, developers and users hope to enable computers to learn things themselves, without interaction from humans. Not only will this allow for great technological innovation, but it will help businesses run more efficiently.

The Concept of Machine Learning

While there are hundreds of different machine learning algorithms, they are grouped by either learning style, or by form or function. Each level is determined by how much human guidance they receive from a data analyst. The main role of a data analyst is to determine what variables are needed by each model to accurately develop predictions. The three learning styles include the following:

  • Supervised- requires interaction from a data analyst
  • Unsupervised- requires moderate interaction from a data analyst
  • Semisupervised- requires no interaction from a data analyst

The form or function of each model can range anywhere from classification, to deep learning.  No matter which ways (learning style, form, function) a machine algorithm is paired, they all consist of three elements:

  • Representation- This function is responsible for the language that the computer is compatible with. Before making any assumptions, the machine learning compiles it is retrieved information to try to understand it.
  • Evaluation- This function gives the machine learning a purpose or objective. It allows the computer to retrieve new outputs based on the inputs it is programmed with.  
  • Optimization- This function delivers theories, methods, and application domains

These three components are specifically fused together for each specific algorithm to enable it to efficiently learn and process new data. The makeup of each algorithm is often referred to as “training data”, which is used by the computer to make predictions and decisions without being specifically programmed to do so.

How Machine Learning Helps With Bussiness

Recently, machine learning, also referred to by businesses as Predictive Analytics, has been implemented in the workplace for a vast number of reasons. When looking at the definition of machine learning, it can appear a bit complex. However, machine learning can be as simple as using Siri to search for or take note of things faster. Some other ways machine learning can help around in the workplace include:

1. Customer Service:

Through the use of artificial intelligence, customer satisfaction will skyrocket. Machine learning can help data to be stored and retrieved more efficiently, making the entire business more customer-centric. Additionally, this technology can forward messages, send emails, and sort specific files without the need for human interaction.

Knowing exactly what a customer prefers will help ensure that they continue using your service and share the word about you to others.  

2. Engagement From Employees:

Machine learning can help build stronger bonds and greater work ethic in a business. This can be done by allowing employees to send feedback to employers about their wants, needs, and any concerns they may have.  

When employee satisfaction goes up, the entire workplace becomes more productive. When the workplace becomes more productive, the entire business sees a great increase in profit!

3. Spam:

Machine learning can be used to block certain words, phrases, and IP addresses from reaching your email inbox so that it doesn’t become filled with spam. Not only does this help on a personal level, but it can also help business emails become more focused, and, as a result, more productive.

By blocking out spam, unwanted messages, and unwanted, the entire workplace will run more efficiently.

4. Targeted Ads:

If you’re trying to grow a company and need to get your ads out there, targeted ads may help you achieve this. By tracking search information from different demographics, you can begin to send ads about your business out according to search volume and demand.

For example, let us say you’re a real estate firm trying to sell a home in Miami and you’ve just created an ad. By looking using machine learning, you can view data about who is searching for “homes for sale in Miami” and target your ad accordingly.

5. Face Detection:

Face detection may appear to be a bit far-fetched, but can actually prove to be pretty helpful. This use of machine learning can help business significantly improve security and reduce this risk of running into fraud. This technology has yet to be made 100% accurate and runs similarly to the photo-face detection on facebook.

6. Reduces Physical Restriction

Prior to today’s technological era, many companies suffered as a result of simply not having enough hands to get everything done in the day and not having enough room to store everything they needed. Luckily the world of e-commerce allows businesses much more storage, as well as more technology to get necessary things done in a shorter amount of time.  

No matter the size or success of your business, it is no doubt that machine learning is crucial. However, for newer businesses, it is necessary for you to implement it in your workplace. Not only will it help with efficiency, but it will reel in a better with both your employees and customers. Look into machine learning today to see business growth results almost immediately.

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{ 1 comment… read it below or add one }

Farwah Hassan January 10, 2019 at 16:29

The explanation is fantastic! Thank you for your work!

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