What is machine learning? Simply put, machine learning comprises algorithms that lend themselves to predictions. Predictions. Not plans, not estimates, not flawed opinion. Predictions. These algorithms support business decisions by using curated data to producing reliable and repeatable results to uncover insights and learning from historical relationships and trends. However, they do this by using a tsunami of data. Not a slide deck or a position paper an honest to goodness tsunami of data!
The value of machine learning is
- Speed – machine learning is what serves up your ads in Google search. Just think, when you search, Google has to find what you are looking for, but at the same time figure out the best ad for the search term. Google must also use whatever algorithms have collected about you to provide the optimum ad. This all has to happen in less than a second. Business intelligence in real time.
- Accuracy – machine learning provides high confidence predictions. Like the forecast probability of rain, machine learning makes its decisions based on higher probabilities. Machine learning iterates until it finds the most likely path. Give the system more data to train on, the probabilities will go up.
- Scale – machine learning actually thrives on the largest data sets. Big data is not the issue, it is the coal car for machine learning.
- Insight – machine learning can actually uncover insights into the way you operate that has been obscured. Patterns are the main learning mechanism, thus uncovering patterns is exactly what you would expect a machine learning system to accomplish.
- Accessibility – most machine learning interfaces will be chatbot or virtual assistants. Reports and dashboards will give way to natural language conversations.
- Disruption – with new insights and running at increased speed, enterprises will have the confidence to take new risks to disrupt the marketplace.
This short video from Google is a great resource to learn: What is Machine Learning?