The many advantages of Machine Learning (ML) include eliminating manual data entry, detecting email spam, product recommendations, financial analysis, medical diagnosis, and improving cyber-security. In proposal and contractual business, ML is useful for document content discovery, compilation, and comparison.
What Is Machine Learning?
Machine Learning (ML) is a part of Artificial Intelligence (AI). ML is the ability of computers to learn by using algorithms, which are like digital flowcharts using rules. ML gathers insights from raw data or detects patterns without the computers being specifically pre-programmed towards those goals. ML can be either unsupervised without human intervention or supervised with human intervention. ML is a fast-growing technology being driven by advancements in computing technologies.
Eliminating Manual Data Entry
Most businesses involve customer relationships that require records of those customers. Traditionally, this required constant manual data entry into corporate databases. ML can discover data and eliminate duplication or entry errors using predictive modeling algorithms.
Detecting Email Spam
In use for a while now, ML is used to detect spam in email by making new rules with the use of artificial neural networks. This is a set of algorithms, which mimic animal brain connections, that recognizes hidden relationships in a dataset.
Suggesting Product Recommendations
It is hard to use the Internet without experiencing some form of digital product recommendation. ML is the reason these product recommendations occur at all. E-commerce websites make use of ML, or unsupervised computer learning, to enable specific user recommendations based on their product interest or purchase history online. It makes the best possible match with the company’s product inventory.
Providing Financial Analysis
In financial services, ML is used for portfolio management, trading, loan underwriting, and fraud prevention by analyzing historical financial data. Financial institutions will also use ML for other forms of digital interfacing to ensure excellent customer service and security.
The many benefits of ML are invaluable for modern society. And the advantages will only evolve into greater benefits over time. Workforce tasks are vastly improved, and business information is more easily harnessed. Product marketing is refined, and the production of commodities is more efficient. Vast amounts of raw data, data storage, and faster computation are now readily available for businesses. Now much of life’s thinking and doing in pursuit of set goals can be mechanically accomplished with inhuman efficiency, accuracy, and speed. The technologies of Natural Language Processing (NLP) and Artificial Intelligence (AI) are used in ML. The Content Analytics Platform (CAP), a software application developed and serviced by Scion Analytics, also uses ML to quickly analyze, compile, arrange, and learn document content data that can be leveraged in automation.