Gone are the days when enterprises used to struggle hard to find value in the massive amount of data generated every day. The introduction of new technologies has made the data extraction and data utilization a painless task. The collection of data is not enough unless you have a robust way for the utilization of that data. Most of the companies are having vast data, but don’t know how to use it. The leading enterprises today incorporate data-driven decisions in their operations.
Now a simple question arises, how do companies use the huge data they have? The answer to this is “Machine Learning”.
Machine learning is a set of an algorithm that deals with vast data to provide actionable insights. It is the best way of utilizing big data for enterprises. Machine learning and big data solutions are applied in various fields like search engines, recommender systems, advertisments, and financial institutions. It uses statistical methods to identify patterns and make predictions based on the vast amount of data.
Another question that arises here is where do this vast data come from? This vast data is called Big Data.
Big data is a huge collection of data sets stored in for analysis, user analytics and data curation purpose. Big data today is a norm in enterprise field and machine learning is becoming an imperative to that norm.
Let’s have a look at how machine learning transforms big data into functional data:
Since ages, companies have had voluminous data to work on, but analyzing such a huge data manually was a complex chore. That’s when the need for machine learning came up. Machine learning effectively utilizes the big data analytics and predicts the consumer behavior. It extracts the value from big data in three steps: collect, analyze and predict.
Machine learning models forecast the future of any product just by creating a mathematical model. The process starts with the collection of data and then analyzes the data to predict the future results. The analysis phase categorizes the big data into different classes using different types of classification algorithms. The past characteristics of the data help in creating a pattern that can predict the future.
Let’s understand the impact of machine learning with Big Data on the businesses:
Big companies are investing in machine learning and big data because they have seen its positive ROI. The reason of popularity of machine learning is the reduction of the manpower. It performs the tasks that the only human resources have been practicing since centuries.
I have a list of attributes to support my views. Following are the attributes of Machine learning that are effectively helping the businesses:
Better product finding
Machine learning techniques provide a better search result to the customers by using their previous search and purchase graph. Most viewed and more searched products are displayed after analyzing the associated data of the customer.
Making user generated content valuable
Machine learning tools help in differentiating nonproductive and productive data for the companies. And it utilizes only useful data and make it available for insights driven decisions. It completes the task of a human in a much faster and robust way.
Understanding the customer behavior
Big data technologies stores the likes and dislike of the customer, its buying pattern, and the list of products searched by the customer. Which can be useful for understanding the behavior of the customer. Once the behavior is analyzed, then targeting and attracting the customer is easy.
Machine learning is effective in identifying the factors that have made a customer leave previously. It continues to learn and adapt as people and their associated pattern change. This makes customer retention a reality.
What are the factors responsible for the fame of machine learning and big data for businesses:
Machine learning and big data tools are a perfect combination for any kind of industry and business for analytics driven approach. Machine learning can provide huge benefits to business when used in an effective way.
Following are the reasons to adopt machine learning for your business:
Faster data processing
Machine learning can effectively process a large amount of data faster than the traditional ways. It has the ability to handle the existing data and newly generated data both together and faster.
Improvement of consumer demand forecasting
By predicting the consumer behavior, it is easy to manage the inventory and services. For the product companies, the better-targeted inventory will lead to less wasted merchandise and unnecessary man hours on the payroll.
Better operational efficiency
Machine learning is improving the efficiency of enterprises by helping in streamlining product development. It can help companies to identify deficiencies and operational hurdles before they cause large losses.
No human error of manual data entry
The gathering and organizing of data automatically can eliminate errors caused by humans during the data entry process.
The amount of data generated today is greater and faster than any time in the history. Now it completely depends on the enterprises how they utilize it. Large enterprises are spending a fortunate amount of money for big data training and Hadoop training for their employees. Businesses can profit a lot from machine learning and big data by decoding the formula of correctly integrating them into their operations. Their predictive and prescriptive tasks together can enhance your customer success. Make it a part of your business strategy to make your business more efficient and productive.