In the 1980s, we’ve dismissed the idea of Smart Homes as something that was impossible. Now, we have homes whose lights turn on and off at the press of the button, whose gate and garage doors opens and closes with the use of a remote, and everything else in between. Now, we’re faced with the prospect of machines doing the learning themselves instead of us programming them to do something. Impossible? Not so.
The concept of machine learning is derived from the discipline of Artificial Intelligence. Simply put, machine learning is the ability of a machine to improve how it does its set task by utilizing empirical data. When exposed to data, the machine itself analyzes it, makes a prediction, and executes.
The idea of predictive search as seen on Google and in every application that has a search feature is only one of the early indication of the results of machine learning. Popular streaming platform Netflix, collects search information encoded by users and uses such information in order to line up customized streaming titles for its users. But how will machine learning impact business in general?
Right now, almost every company engaged in marketing seeks to automate processes that are considered routine. Email marketing automation is a common example where prompt emails are being sent to customers as an automatic response to specific set of behaviors in every step of a funnel journey.
A set of data that takes hundreds of hours to be reviewed may take minutes with the presence of machine algorithms. This will impact how businesses manage and retrieve, business information.
One key element in business decisions is analysis. Such analysis must often be backed by verifiable data from various sources. From such analysis, patterns emerge, and gaps and opportunities are identified, allowing business to decide on their next move. This process normally takes hours or days to complete but with machine learning, it may only take a few minutes.
Some of the routine processes in the manufacturing industry are now being slowly replaced by machines. This effectively cuts down labor hours and places humans on supervisory and maintenance roles to ensure that these machines continue to fulfill their desired functions.