Data growth has been immense since the creation of the Internet and has only accelerated in the last two decades. Artificial intelligence gives us the opportunity to mimic human intelligence to collect and analyze data quickly and efficiently. Many businesses are exploring how they can implement machine learning to analyze and learn from data autonomously.
What is Machine Learning?
Machine learning is based on algorithms that can learn from data without relying on rules-based programming. The “learning” is accomplished through algorithms which can be categorized as associations, classifications, supervised learning, unsupervised learning, and reinforcement learning.
In associations, the algorithm finds associations between two actions and can assign a probability based on the frequency of that action.
Classifications are machine learning systems that deploy models that can make predictions based on previously analyzed datasets.
Supervised learning uses models to provide the correct output data through rules and input data. The rule is determined by a supervisor or the human who builds the model.
Unsupervised learning removes the human element and allows the model to make associations independent of any rules.
Reinforcement learning focuses on sequential actions required to achieve a goal. Once the reward and possible actions are defined, the model will run through scenarios to achieve the desired outcome.
Machine Learning vs Artificial Intelligence
As stated earlier, machine learning is a subset of artificial intelligence. Often the two buzzwords are used interchangeably, but they have some distinct differences.
Artificial intelligence leads to intelligence. It is used for decision-making to increase the likelihood of success by finding the optimal solution. Machine learning is more focused on knowledge. It is used to increase accuracy by learning from data and developing new insights autonomously.
Machine Learning Trends That Will Benefit Businesses
Predictive Maintenance
Following preventive and corrective maintenance procedures is an inherent part of many manufacturing businesses. With machine learning, companies can increase the efficiency of these processes. One industry that can benefit greatly from machine learning is the construction industry. Machine learning in construction can capture job site data, expand drone capabilities, and streamline project workflows.
Data Entry Automation
With machine learning, businesses can implement data entry automation processes that will eliminate human error, save enormous amounts of time, and keep up with competitors. No more spreadsheets!
Product Upselling
Machine learning can help online retailers upsell products by making recommendations based on consumer purchase history, behavior, and unseen patterns.
Image Recognition
Image recognition has a number of powerful applications that create a great deal of value from a business perspective. Image recognition can be seen in facial recognition features, security and surveillance, object recognition, gesture recognition and many more. Image recognition can be paired with drones to improve land surveying and worker safety.
Conclusion
The AI market will grow to over $5 billion dollar industry by 2022. Because of the potential of artificial intelligence, at Invonto, we see that more business leaders are using AI to power their business operations and be smarter with their data. Developing custom ML algorithms using AI frameworks can expand its capabilities to process specific data that can be used for healthcare, manufacturing, financial among other industries.
Contact us if you want to explore the benefits of AI & ML applications for your business or want to R&D with these emerging technologies.
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