Are you familiar with self-driving cars or online recommendation offer such as those from Amazon and Netflix? Those are just a couple of the the essence and applications of Machine Learning.
Machine learning is a method of data analysis that automates analytical model building. It’s part of artificial intelligence (AI) that is based on the idea that systems can learn from data, identify patterns and make decisions with minimal human intervention, according to SAS.
With the growing volumes and varieties of available data, Machine Learning makes it possible to quickly and automatically produce models that can analyze bigger, more complex data and deliver faster, more accurate results – even on a very large scale. By building these precise models, an organization has a better chance of identifying profitable opportunities – or avoiding unknown risks.
The rise of Machine Learning
Forbes writes two important breakthroughs that led to the emergence of Machine Learning as the vehicle which is driving AI development forward with the speed it currently has.
One of these was the realization – credited to Arthur Samuel in 1959 – that rather than teaching computers everything they need to know about the world and how to carry out tasks, it might be possible to teach them to learn for themselves.
The second, more recently, was the emergence of the internet, and the huge increase in the amount of digital information being generated, stored and made available for analysis.
Once these innovations were in place, engineers realized that rather than teaching computers and machines how to do everything, it would be far more efficient to code them to think like human beings, and then plug them into the internet to give them access to all of the information in the world.
These are the industries adapting Machine Learning today as listed on the SAS website.
Financial services
Banks and other businesses in the financial industry use machine learning technology for two key purposes: to identify important insights in data, and prevent fraud. The insights can identify investment opportunities, or help investors know when to trade. Data mining can also identify clients with high-risk profiles, or use cyber surveillance to pinpoint warning signs of fraud.
Government
Government agencies such as public safety and utilities have a particular need for machine learning since they have multiple sources of data that can be mined for insights. Analyzing sensor data, for example, identifies ways to increase efficiency and save money. Machine learning can also help detect fraud and minimize identity theft.
Health care
Machine learning is a fast-growing trend in the health care industry, thanks to the advent of wearable devices and sensors that can use data to assess a patient’s health in real-time. The technology can also help medical experts analyze data to identify trends or red flags that may lead to improved diagnoses and treatment.
Retail
Websites recommending items you might like based on previous purchases are using machine learning to analyze your buying history. Retailers rely on machine learning to capture data, analyze it and use it to personalize a shopping experience, implement a marketing campaign, supply planning, and for customer insights.
Oil and gas
Finding new energy sources. Analyzing minerals in the ground. Predicting refinery sensor failure. Streamlining oil distribution to make it more efficient and cost-effective. The number of machine learning use cases for this industry is vast – and still expanding.
Transportation
Analyzing data to identify patterns and trends is key to the transportation industry, which relies on making routes more efficient and predicting potential problems to increase profitability. The data analysis and modeling aspects of machine learning are important tools to delivery companies, public transportation, and other transportation organizations.
Take our Advanced Diploma in Data Science and Artificial Intelligence to learn deeper about Machine Learning and Artificial Intelligence. Email us at [email protected] to get started.