Today’s businesses are dealing with an onslaught of challenges, but undoubtedly a major hurdle is the use of data. Every single company and every single industry is struggling with this problem. Cutting-edge companies have realised that data is actually a strategic asset that needs to be harvested for rich insights that can help fuel business growth. They have also recognised that there has to be a culture conducive to turning data into something that’s actionable from the top down.
Until now, most of today’s data creation has been from increasingly powerful mobile devices and the various social media channels. The second wave of data growth, which will significantly increase the data growth is the Internet of Things (IoT). This data will continue to grow as more and more data sources come online over the coming years.
With all this data comes the challenge of integrating all these new and complex data sources across businesses. Here is where the application of machine learning can help.
What is Machine Learning?
Machine Learning (ML) is a class of algorithms that can learn from and make predictions on data. Generally speaking, the more data the better the outcome for machine learning techniques. Machine Learning doesn’t require explicit rules to guide decision-making. It does not require manual construction of “if this, then that.” It will make that determination on its own, based on the data.
Machine Learning is...