What Does Machine Learning Do?
Although the machine learning technology is not new many people still do not have an answer to the question: What Does Machine Learning Do?. This lack of knowledge is not reserved to just everyday people but even professionals even in technology related field do not still have a full grasp of machine learning technology and how it functions. Now, machine learning has gained a lot of momentum in the last decade and so more and more people are starting to understand how the technology works and the various ways it can be applied but there is still a long way to go. With the availability of big data which continues to grow, companies are starting to come up with new and improved ways to analyze the data to make predictions on trends and patterns, consumer behavior, and uncover connections that a hidden to the human eye. Data is becoming more and more valuable and this value comes from the applications of machine learning to this data.
Now programmers and data analysts do not have to go through every data set and tell the machine what to do. Instead, machine learning is able to identify datasets on its own, form and follow patterns and use the existing data to make future predictions. These predictions can be used to make business decisions, or proactive problem solving to avoid catastrophe from occurring. For example, machine learning can be given a data set and it analyzes this data set and follows the pattern or patterns identified and uses it to make future predictions. Some of these patterns cannot be noticed by humans and the ones that can be noticed take a lot of time and tedious work. Machine learning does it more efficiently and in significantly less time. The more data the machine learning program analyzes, the more it learns and the better it gets at identifying patterns. Every mistake it makes becomes a memory in the computer that only helps further its learning abilities. Over time, the machine gets smarter and smarter till it takes over the world Terminator style and tries to end humanity.
The Evolution of Machine Learning
As would be expected, machine learning has evolved over time and has seen huge leaps and bounds in the last decade. The emergence of new and advanced technologies just means there are more ways that machine learning can be applied and improved. The pattern recognition abilities of machine learning and the fact that it can learn from itself thus making it able to execute different tasks without being programmed to do so means that it can be executed in more ways than one in different industries. Machine learning has the ability to adapt to any new data it’s being exposed to. Based on its analysis of data, machine learning can be taught to execute a certain task in faster and more efficient ways.
What Does Machine Learning Do for Entertainment Companies?
Machine learning can be taught to use that data analysis and recognized patterns to make predictions and recommendations. This is very useful for companies like Amazone, Netflix, and Spotify. With machine learning technology, Amazon can make product recommendations based on an individual’s past purchases or past product browsing. Data analysis of customer behavior like this leads to increased customer purchases as Amazon is able to put more customized product recommendations in front of their customers thus increasing the probability that they will make a purchase. For Netflix, the same technology is applied but in movie recommendations based on past movies watched, or movies a user has added to their list or rated positively. For Spotify, they use machine learning to make daily playlist recommendation and radio stations for customers. Pandora does the same thing too. This aspect of machines’ ability to learn from the existing patterns, has numerous applications and is gaining more and more momentum.
What Does Machine Learning Do for the Financial Industry?
Machine learning can be used by financial companies to identify key insights in financial data such as trade patterns and the movement of money within and outside a company. It can be used to identify fraud in quicker and more efficient ways and it can also be sued to identify opportunities for investment and trade. It can also be used for risk and reward analysis.
What Does Machine Learning Do for Marketing and Sales
In terms of marketing, machine learning can be used to analyze purchase histories and use that to make predictions. I already mentioned Amazon above and how they use machine learning to make product recommendations but it does not stop there. Brick and mortar companies also use machine learning to track customer purchases and they use that information for targeted advertising and for target sales pitches.
What Does Machine Learning Do for Transportation and Travel
The future of transportation is eco-friendly cars and self-driving cars. Machine learning plays a huge role in self-driving car new and emerging industry. Many companies are finding ways to master and perfect this technology so that it becomes commercialized. In addition, in the Airline industry airline companies are increasingly using machine learning technology to carry out data analysis and data modeling to make informed decisions and help their customers make smart decisions when they travel. Machine learning can recommend travel destinations, hotels to stay, places to visit etc. More advanced applications will see the machine learning software curating a detailed and customized travel experience and trips for individuals.