You’ve probably heard people talk about about machine learning and its importance. But do you really know what it is, and how it can help us?
An article in Harvard Business Review advises that, simply expressed:
The only thing you need to know is that machine learning applies statistical models to the data you have in order to make smart predictions about data you don’t have.
Those predictions can help you find signals in the noise and extract value from all the data you’re collecting.
Machine learning has the advantage over humans of being able to process large masses of data very quickly, and unlike humans, computer systems don’t tire or become bored.
The Harvard Business Review article provides the example of how machine learning could be used to identify people likely to suspend their cable subscription service, based on customer database information.
Source: Harvard Business Review.