Why Businesses are Leaning towards Machine Learning …
Many companies are slowly waking up each day to the smell of a new coffee. It’s called Machine Learning! Machine Learning is here to stay. It is expected to influence every aspect of life, including the way business decisions will be made in future. It’s already happening.
Machine Learning phenomenon:
Machine Learning is a shortcut for machines or systems to learn the way decisions are made in life, which are based on events and measures. This is done not by coding the rules, instead by discovering them using a mathematical or algorithmic technique. Dredging through historical numeric variables or text data, machine learning helps us to create models that encode the decision-making process so that it can be automated. This is different than the old paradigm of maintaining a rules-based system to create rules or formulas ahead of time to do the decision making.
What are the drivers for Machine Learning to take off? What changed?
Several things. First is the availability of ground truth. Terabytes & Petabytes of data stored in your enterprise data warehouse or data lake holds the key to learning. The advancement of both proprietary and open source architectures (like map/reduce, graph, in memory) is another reason how computation is commoditized. Algorithm development and packaging of that for ease of use is also driving the innovation around Machine Learning.