How machine learning accelerates the process of data analysis

 How machine learning accelerates the process of data analysis

According to a survey carried out by the International Data Group (IDG), small and mid sized businesses manage an average 47.81 terabytes of data and the amount is supposed to grow by 50% in 12 to 18 months. While many businesses do not even realize the sheer magnitude of information at their disposal, 67% of them spend upwards of $ 10,000 on data analytics. So, if you are planning to take a data analytics course in Gurgaon, we say, good decision. But before you do, it is better to look further and explore your growth options, particularly in the field of machine learning. 

Now, when we say data analytics for a business in today’s day and age, we usually refer to descriptive analysis. It is a stream of analytics that focuses on ‘describing’ the meaning of the numbers at hand pertaining to various business functions. However, in order to beat the competition and stay ahead of the curve, companies often need to shift gear and invest in predictive and prescriptive analysis. Machine learning brings an important advantage in this regard. Let us explore how.

A few functions of machine learning that help analysts

Before we dive deep into how machine learning influences specific tasks, let us gather some information about various generic functions of machine learning that come in handy for analysts trying to make the most of the data at hand to create better marketing, sales, or production strategies.

Image recognition

There is a deep neural process of recognizing an image, a written letter, or a face by analyzing the intensity of pixels in the image, however, that is not for us to discuss in this post. We will focus on the functional side of it.

A company might be sitting on a gold mine of hand written information on paper but it could take knowledge workers hours to digitize that information. The image processing functionalities of machine learning can be used to recognize the written information, digitize it, and then analyze it for patterns and insights.

Similarly, an algorithm can be used to analyze the damage sustained by a car while verifying an  insurance claim. The importance of image classification in radiology is tremendous, and the use of facial recognition is known to all of us.

Speech recognition

Beyond the cute applications used for audio transcription, speech recognition has incredible potential in customer service. An AI agent that can speak to and respond to a customer in real time is the future of the industry. The best part is, the AI driven customer executive has instant access to all the information needed to serve the customer. And the entire experience can be recorded, analyzed, and used for betterment of the system almost instantly.

Learning associations

Ever wondered how Amazon puts forward perfect additional offers when you buy or search something. It is the game of association learning, where machine learning algorithms are used to spot associations between apparently unrelated objects. For example, it may just be recognized that a person who buys an electric kettle, and a box of tea dips, is also likely to order a floor mat. The associations may seem far fetched, but they have solid numbers behind them, and we have machine learning to thank.  

Some use cases of machine learning for analytics

Data analysts have one of the toughest as well as the most important jobs in the business world right now. Not only do they need to collect, clean, and analyze massive amounts of data, they need to do it fast, and be able to connect their findings to the business needs of a company. Machine learning has taken a lot of burden off the shoulders of analysts. Let us see how.

ML accelerates all aspects of big data analysis

Be it data labeling, segmenting, or simulating an analytical scenario, machine learning can lend a hand in every aspect of data analytics.

Market research is easier with ML

Machine learning algorithms are actively used to find patterns in customer behaviour and to associate the behavioral patterns with different circumstances. It helps businesses identify their consumer bases as well as curate tactics to target them better.

Personalized recommendations have become an integral part of E-Commerce, and it is all ML

The combination of big data and machine learning builds a connection between customer behaviour and context. It helps a seller recommend the right product at the right time, be it an appliance or an online show.

The list can grow significantly longer, but you have got the idea by now. If you are applying for a data analytics course in Gurgaon, machine learning is the obvious next step.  

briellearia

Related post