Machine learning (ML) and artificial intelligence (AI) are two buzzwords that have reshaped the technology industry.
- Amazon and Amazon Prime bring personalized recommendations on your smartphone.
- Google Maps is able to tell the fastest route to your destination by taking into account all the traffic.
- Taxi booking apps like Ola and Uber are able to tell you the exact time of arrival at the destination.
- When you are just about to tag someone on Facebook, the correct name of the person is already displayed.
- YouTube is able to detect inappropriate content and remove it.
- Unlock the smartphone by simply facing it in front of your face.
There may have been several instances when you may have experienced all these in day-to-day life. These are nothing but examples of machine learning in the real world. Machine learning algorithms are working to make all this possible.
Machine learning and its importance
- Machine learning is a subset or an application of AI in which machines learn from the data provided through various types of algorithms.
- In machine learning, computers (machines) can find hidden insights without being programmed to do so.
- Machine learning is also about pattern recognition, where computers and machines learned from various patterns and performed specific tasks without actually being programmed.
- Researchers are developing algorithms to expose machines to more data so that they can learn progressively and improvise based on the exposure to data and experience.
- The use of machine learning can be witnessed in everyday life. From video surveillance to online interaction with a chatbot, machine learning is everywhere.
- Machine learning has become so closely integrated with daily life that sometimes it even goes unnoticed. For example, the spam filtering option on Gmail, unlocking of smartphone phones using the face.
- Basically, machine learning is a technology in which a machine learns from the inputs it gets in the form of data.
- Machine learning helps to increase productivity and efficiency and save valuable time.
Difference types of machine learning
Although machine learning is a subset of artificial intelligence which involves input of data in a machine. All this data that is being fed into the machine helps it to learn and improve with experience and exposure to more data.
There are three types of machine learning.
- The training data that goes through the machine learning algorithm is known.
- Once trained using known data, the ML model tries to identify unknown data and gives the desired response.
- Unknown (unlabeled) training data.
- Unknown training data is used to train the machine.
- The machine tries to identify a pattern and gives a response.
It is the science of making the right decisions in an environment by an agent to earn maximum reward and avoid being punished.
Machine learning – Transforming the business landscape
The use of machine learning offers dual benefits to businesses and brands – problem-solving and value-addition.
- Make personalized recommendations of products and services based on past customer behavior and buying patterns.
- Improved customer satisfaction by assigning the call to the best suited customer care agent based on previous call records.
- Quick detection of unknown threats to improve cybersecurity.
- Filtering out spam and phishing messages.
- Automates manual and mundane tasks for a business so that employees can focus on performing the tasks which add value to the business.
- Machine learning can help provide valuable insights in a factory, which is useful in predictive maintenance and reduces the risk of unforeseen machine breakdowns.
Use of machine learning by leading businesses and brands in India
- The popular online beauty store ‘Nykaa’ has entered into a collaboration with Verloop.ip to boost customer engagement by solving customer queries and problems using Verloop’s solution that is built on classical machine learning.
- The largest private bank in India ‘HDFC Bank’ is using machine learning technology for fraud prevention and to counter any incoming threats.
- Flipkart, a popular and renowned e-commerce company in India has deployed machine learning algorithms for executing various tasks like customer support, logistics, preventing transaction fraud, pricing, understanding customer behavior, and providing suggestions to customers.
The power and potential of machine learning is infinite. From healthcare to e-commerce, the use of machine learning can be seen in diverse industry verticals. As the digital world is progressing and becoming more advanced, the competition amongst businesses is increasing. Business intelligence powered by machine learning algorithms is soon going to become the need for businesses and brands in order to get an edge over others in highly competitive industries. In the next few years, machine learning is poised to become the next big thing for businesses, especially in data science.