In this modern, increasingly competitive business market, reliable insights into customers and emergent trends can mean the difference between success and failure. To meet this need, businesses turn to data analytics. Machine learning (ML) applies advanced AI solutions, using data and algorithms to create data models. A model is a mathematical expression that approximates the relationship between the variables that appear in the data and enables the ability to predict one from the other. A very simple example of a model would be a linear relationship that predicts a person’s weight from their gender and their height. Rather than following specific, pre-programmed rules, machine learning mimics the human learning process, improving itself through experience and training.
Using machine learning solutions to build precise models empowers organisations to analyse extremely large, complex data sets, delivering faster, more accurate results at scale. With machine learning, businesses enjoy detailed insight into opportunities, risks, and customer needs. And while this often means improved returns, the true possibilities of machine learning may be almost limitless.