Machine learning is making substantial impacts on businesses around the world, but many organizations struggle to understand where and when to optimally use ML. To enable successful deployments, businesses must first recognize which problems are most amenable to ML and, second, ensure the right processes are in place to evaluate its impact.
In general, ML algorithms build relationships between inputs and outputs by leveraging statistical properties of the data. As researchers expose the algorithm to more data, it learns and adapts. Eventually, the relationship becomes accurate enough that the algorithm generalizes to predict outputs from new inputs. Companies can use these predictions to uncover new insights and power business automation.
Finding problems ML can solve
So how can you identify a business goal you can address with ML? Here is a typical set of steps to consider.
1. Is the goal substantive, quantifiable, and measurable?
2. Is machine learning the right approach?
3. Do you have the necessary data?
This article originally appeared on venturebeat.com. To read the full article, click here.
Nastel’s AutoPilot fuses machine learning, predictive analytics, anomaly detection, data mining, streaming data analysis and natural language search in a single unified solution. To learn more, click here.