Machine learning enables computers to learn and act without being explicitly programmed. It evolves from the study of pattern recognition and the design and analysis of algorithms to enable learning from data and make possible data-driven predictions or decisions. It is so pervasive today that many of us likely use it several times a day without even knowing it.
In the early stages of analytics development, the companies that benefited most from the new field were information companies and online companies that saw and seized the opportunities of big data before others. The ability to provide much-needed data and information was a clear advantage for these companies.
Companies that invest in machine learning have the potential for long-term benefits. To recap these benefits, companies must rethink how data analytics can create value for them in the context of Machine Learning.
The applicable benefits of machine learning are many and in different areas:
Autonomous vehicles : Machine Learning is essential to the development of truly intelligent cars that can make quick unprogrammed "decisions" based on "observed" data, and to ensuring these cars function safety.
Medical research: Machine Learning can finally help bridge the "knowledge gap" in medicine. It will allow machines to analyze a plethora of patient data with much greater speed than humans are capable of, and suggest diagnoses or treatments that may be overlooked by the physician.
Risk assessments: A machine trained on vast amounts of data and information can make accurate predictions about risk
Climate Change Modeling : Accurate modeling depends on the ability to process a multitude of variable inputs to arrive at the scenario. Machine learning can dramatically increase the speed and accuracy of climate models.
Increases the Efficiency of Predictive Maintenance in the Manufacturing Industry: Manufacturing firms have corrective as well as preventive maintenance practices in place. However, these are often costly and inefficient. This is exactly where ML can be of great help. ML helps in the creation of highly efficient predictive maintenance plans. Following such predictive maintenance plans will minimize the chances of unexpected failures, thereby reducing unnecessary preventive maintenance activities.
All these applications make machine learning a trend for high-value digital innovation. Additionally, ML enables companies to effortlessly discover new trends and patterns from large and diverse data sets.
