Master machine learning for your business’ future
According to Deloitte, 61 percent of top executives around the world are having artificial intelligence (AI) trained into their IT departments – with the AI software market expected to grow to $59.8 million by 2025. This field of business analytics should be focused on and utilised by all business owners, with no company or organisation exempt from the benefits that AI provides.
By understanding AI, you and your business will be able to use AI’s subset, machine learning, across a wide range of workplace sectors and industries. Machine learning isn’t a science-fiction buzzword, it’s an important asset that has real-world implications for you and your business’ future.
What’s the difference between AI and machine learning?
It’s important to clarify that machine learning is not a synonym for AI. It’s an entirely different subset of AI, and has its own process. Dating back to the late 1950s when IBM’s Arthur L. Samuel created the first machine learning application, to play checkers, machine learning essentially trains machines and technologies to learn.
AI refers to a more adaptive programming capability, whereas machine learning is in fact a more specific building of a machine to process data, and to continue learning a specific process. Machine learning does not require constant supervision, and is used to perform a more precise task, as opposed to the more generic behaviour of an AI system.
What industries does machine learning impact?
Machine learning can impact a wide range of industries, learning human behaviour to impact:
- Media use. Both Spotify and Netflix use machine learning to develop curated playlists and suggestions based on previous listening/viewing
- Speech recognition software utilises machine learning to understand words spoken in an audio file and convert it to the most accurate text
- Financial services. Machine learning can help banks perform market analysis or track spending patterns of customers to calculate monthly spending allotment.
These are just a few examples of machine learning helping businesses gather important data and streamline workflow.
How can your business utilise machine learning for now, and the future?
Your business is able to maximise growth from now into the future, by having your programmers use machine learning to:
- Automate processes by sending emails to customers and employees
- Optimise sales. It can help analyse customer data, predict lead scoring and undertake sales forecasting
- Provide customer service. It can recognise customer enquiries for a virtual digital assistant or chatbot
- Perform security features. Helping to identify threats or viruses early in their attacks, finding small blips or irregularities that can be easily missed.
Finding out more about machine learning
If you want to make a major investment in your business’ future, the 100 percent online Master of Data Science degree at the University of New South Wales can help you discover more. You’ll develop skills in machine learning, database systems and statistics, and learn the foundational skills that will benefit your business’ future, whatever industry you operate in.