What is machine learning, and why is it important?

Businesses have recently been making use of machine learning to boost their outcomes and you should too. This article will describe what machine learning is and why it’s so important.

What is machine learning?

Machine learning is a form of AI that helps software to become more accurate at predicting outcomes without having to be programmed to do so. Machine learning algorithms use historical data as input to predict new output values.

There are many different types of machine learning. The type of machine learning that people choose depends a lot on the type of data they want to predict. Here are a few of the most common:

Supervised learning

This type of machine learning involves data scientists supplying algorithms with labelled training data and defining the variables they want the algorithm to assess for correlations. 

Unsupervised learning

This type of machine learning involves the exact same as the above, except that the algorithms train on unlabelled data instead of labelled training data.

Semi-supervised learning

This type of machine learning is a combination of the above two types. Data scientists give an algorithm mostly labelled training data, but the model itself explores the data on its own and develops its own understanding of the data instead of being told how to do it.

Reinforcement learning

This type of machine learning is typically used to teach a machine how to complete a certain process. Data scientists will program an algorithm to complete a task and show it how to complete the task. Mostly, the algorithm will decide on its own how to get there.

Why is machine learning important?

There are many different possible uses for machine learning, ranging from customer relationship management to virtual assistants and even more.

One of the major advantages of machine learning is that it can aid businesses in understanding their customers to a greater extent. By being able to collect customer data and correlate it with behaviour over a period of time, these algorithms can learn associations and therefore help business teams to tailor the development of goods and services in such a way that they exceed customer expectations.

An increasing number of businesses use machine learning as part of their business models. Google itself uses machine learning to display appropriate advertisements in searches, for example. As machine learning continues to increase in importance to businesses and AI becomes more useful in business settings, it’s likely that machine learning platforms like Xelix will only get more advanced.

With costs of living increasing around the globe, machine learning is playing an important role in saving companies money. Maintenance costs in particular are decreasing as a result of machine learning. This means publishers will need less developers and data scientists and the overall user experience won’t be negatively impacted by this either. Another way that machine learning reduces costs is by acting as a risk management weapon. Since machine learning works via predictive analysis, it leads to cost reduction when it comes to fraud.

And there you have it – all you need to know about what machine learning is, and the benefits of applying it to various departments within businesses of all sizes.