Hello to all my dear friends!
In this post, I’ll write down about the understanding of Machine Learning. It is called ML in short. Let’s deep dive into it.
What is Machine Learning?
It is a discipline within Artificial Intelligence that teaches computers how to make predictions based on data. So the computers can learn, analyze, generate insights and further make predictions.
People keep using Machine Learning, Artificial Intelligence, Deep Learning interchangeably but there is a difference. Artificial Intelligence is a bigger circle, that encompasses Machine Learning and Machine Learning further encompasses Deep Learning.
Machine Learning is helping business in Innovation, Marketing and Costs. Google uses it to filter spam emails. Amazon uses it to increase it’s sales, profits. JP Morgan uses it to reduce manual labor thereby reducing cost.
Some concepts within Machine Learning include:
- Regression – It is used to predict continuous numeric variables. Examples: revenue, weight, expenses, mileage, etc.
- Classification – It is a branch of ML algorithms to identify groupings in data, based on prior information that you already have. Example: A e-commerce company wants to which customers churn and which one not. Like using previous data of age and time on page and new customer age and time on page can predict whether he will churn or not.
- Clustering – Unsupervised type of machine learning.
- Association Rule Learning – Amazon, Walmart, Netflix uses this to suggest more products when you are buying one and thereby bundle them.
Real Life Use Cases
- Uber uses regression to have dynamic pricing model to balance customer retention and price maximization.
- Boston Scientific uses regression analysis to identify areas/time frames for further investigation of which batch of medicines is connected to potential failures.
- American Express uses classification to identify frauds
- Salesforce enables option for the client to have classification fields on the data
- Spotify uses clustering to do content based filtering thereby enhancing customer experience
- Data scientists in Bali uses association rule learning to determine which attractions tourists visited most often and when.
- Amazon uses association rule learning to recommend additional items to buy during purchase process