Benefits of Machine Learning

Machine Learning! This term is booming these days and is becoming increasingly popular, with its applications in various industries ranging from transport to healthcare. Even if you are not totally related to the field of computer science, you probably might have heard this term. Nowadays, there are many such use cases, in which we are experiencing or using Machine Learning either knowingly, or unknowingly.

So, when Machine Learning is booming so much, there should be some reasons, and some benefits, due to why people are applying/using Machine Learning, and it is making their lives easier.

Understanding this, we have come up with some interesting benefits of Machine Learning, so that you can simply go through them, and understand what are the benefits of Machine Learning. We will also try to understand what is Machine Learning in super simple words, so that it becomes easy to understand, and easy to visualize.

Benefits of Machine Learning

What is Machine Learning?

Before we move to understand the benefits of Machine Learning, let’s understand what is Machine Learning, and that too, in simple words. Consider that there is some kid, who cannot differentiate between different animals. So, the kid does not know which animal is a cat, which is a dog, etc. So, we just need to train the kid, so that it can differentiate between animals as cats and not a cat.

So, we can show a lot of pictures of animals to the kid, and for every image, if the image is of a cat, then we say that this is a cat, and otherwise, we say it is not a cat. After showing a number of images, if we show some unseen images to the kid, it would easily differentiate between a cat and not a cat.

So, all we did here was provide data to the kid, and the kid was able to learn from the data so that it can make predictions in the future. Similarly to this, we can understand this as if we are providing data to the machine, and it learns from the data, to make future predictions, or to take decisions, without being explicitly programmed.

There is a lot to learn and explore in the field of Machine Learning, but what you just read was a simple example, so that you can get a broad picture, and a little curiosity, about Machine Learning.

Machine Learning enables machines to learn from the data, and make predictions, or take decisions, without being explicitly programmed. Machine Learning is a Subset of Artificial Intelligence.

There are different types of Machine Learning – Supervised Learning, Unsupervised Learning, Semi–Supervised Learning, and Reinforcement Learning. You can explore more about these different types of Machine Learning, but in this topic, we are more interested in knowing about the benefits of Machine Learning, so let’s move towards this!

Benefits of Machine Learning

Machine Learning is being used in many different areas, like transport, healthcare, finance, entertainment, e–commerce, etc. There are many benefits of Machine learning, which are going to be the subject of our focus now. So now, let’s get into it.

• Easy Identification of Trends and Patterns

With Machine Learning, we can work on large volumes of data, and discover trends and patterns, which can be hard to be found for humans. For example, if we consider some E–commerce websites like Amazon or Flipkart, they use Machine Learning to study customer behavior and purchase history of the users, so that they can show relevant products, and the right deals to the customers. This results in effective marketing for the companies.

• More Accurate Predictions

When given appropriate data, and trained on the right model, we can get more accurate predictions from the model. These “more” accurate predictions are something that businesses and other people want. The predictions can be about anything, like the placement package, or price of the house, the price of some stock, etc. So, using the historical data, Machine learning algorithms can identify the trends in the data, and evaluate the likely outcomes.

• Improving over time

Machine Learning algorithms are said to learn from experience. This means they can improve in efficiency and accuracy, which helps them make better decisions. This is very beneficial in cases when the data keeps growing and keeps changing, where continuous learning and continuous improvement matter a lot.

• Faster Decision Making

As the title says, machines learn from the data and then make some decisions on the basis of learning. The amount of data can be too much at times, but for machines, it is relatively faster and easier to learn from the data, and find patterns, and structures, so that it can act upon the new data. This significantly fastens and improves the decision-making process, and due to this, it helps companies a lot.

• Personalized Experience for the customers

Giving personalized experience to customers is also very important in today’s competitive market. Many different platforms, related to entertainment, online shopping, or online food ordering services use Machine Learning, to analyze user behavior, and do personalized recommendations for the customer. This can be better for the companies, to gain more sales, by recommending some related products to the customers, based on different parameters, like the search history, overall user behavior, or the association rules for the product.

• Boosting speed and efficiency of work

With Machine learning, things get accurate, and faster. This allows business individuals to apply Machine learning wherever possible to

their businesses, so that the repetitive tasks can be accelerated, and the human power won’t be engaged in the repetitive tasks, and be shifted to some other value-adding activities.

• No need for Human Intervention

This is pretty much self-explanatory, but not literally all the time. Here, machines are enabled to learn from the data, and then make predictions, or take some decisions, based on the learning. Also, they can improve over time. So, to a much extent, many tasks can be automated, by applying Machine Learning, especially the ones, which involve repetitive tasks.

Conclusion

So, these were some of the advantages of Machine Learning, and due to these, Machine learning is super widely used in various areas, like transportation, e–commerce, finance, entertainment, healthcare, etc. In the future, there can be more possibilities, and more opportunities when it comes to applications of Machine learning, in more areas.

With machine learning, many such things are possible these days, which seemed to be impossible earlier. So, you can explore more about Machine learning, and its miracles.

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