What Is Machine Learning?
There is a lot of talk about Machine Learning but what exactly is it? Machine Learning is a method of data analysis that automates analytical model building to classify an event or predict an outcome. The model is self-learning and improves itself by observing the newer data thus increasing the effectiveness of the model.
Machine learning allows computers to find hidden insights without being explicitly programmed. There are different ways of applying Machine learning. Some of the Key learning styles used for developing machine learning algorithms include Supervised Learning, Unsupervised Learning, Semi-supervised Learning, Neural Networks and Deep Learning.
What Are The Benefits Of Using ML?
Machine Learning allows you to manage large and small data sizes. In recent years, the volume of data and variation in data quality has posed the need for more automated techniques to analyse data. As such, Machine learning can process both small and large amounts of data at a much faster rate.
Machine Learning also allows you to manage the increasing need for accuracy of insights within your business. Machine Learning techniques identify linear and non-linear patterns in data and are able to give a higher level of accuracy to predictions.
In addition, Machine Learning allows you to manage the need for self-learning capability. Models based on traditional techniques are static and unable to adapt to changing patterns in data. Machine Learning based models self-learn and emerge when necessary, with no compromise to precision.
Lastly, Machine Learning allows you to deal with low event rates. Situations with low event rates like credit default are hard to model by traditional techniques.
Machine Learning Delivers Better Results
Machine Learning techniques are extremely powerful and give much better results for most analytical problems.
Applying Machine Learning To Your Business:
Machine Learning techniques work with your own and external data sets including CRM, transactional, response data, marketing performance and any other important data sources. It uses algorithms that interrogate large data sets to look for patterns of behaviour down to n=1.
It then uses that manipulated data to predict what that customer is most likely to do in response to the engagement activity being generated. The critical piece is that Machine Learning learns from the data and the customer behaviour. And the beauty is that it’s all automated and the algorithms adapt to the behaviour of the customer.
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