Businesses know that machine learning helps generating great value but again, some still wonder how or maybe in what particular area. Also, one of the most important factor is ‘Time’, if it is the right time to club it with the data strategy.
Let’s explore what you need to know to figure out if machine learning is the right thing for the business or not.
Is it just a catchword and tech bubble? Is the time right for this?
Undoubtedly yes!! This is the right time, now!
Growth in computational power: How do businesses process their data? The performance in microelectronics is rapidly increased which helps in managing more data. Most of the them have switched out their GPUs and CPUs and neural net training like tedious processes. Tech market leaders such as Microsoft, Google and Nvidia are working to build hardware used only for machine learning.
Storage Cost: According to Statistic Brain, a research website. In 2014, the costs reduced to $0.03/Gig from $105,000/Gig in 1985. Saving dollars escalates to more business that too not worrying about the storage.
Market growth and size: It has been reckoned that by 2022, the AI (Artificial Intelligence) market would be worth USD 16.06 Billions growing at the rate of 62%.
Machine learning is everywhere: Alexander Linden, the vice president of Gartner’s research said, “10 years ago, it was hard to find 10 machine learning applications. And now it is hard to look for 10 that are not used.”
Machine learning is definitely not a new thing: Back in 50s, Alan Turing created the “Turing Test” to check if a computer has tendency to fool humans or not. This test was done to determine real intelligence in computer.
Artificial Intelligence experienced hype cycle and have turned into AI spring from AI winter and summer is on the skyline. The flowers started blooming in 80s.
How machine learning can help in business?
It help companies to determine the situations that can be approached with machine learning. All they need to do is start with their data and focus on the areas that produces data (Big Data) and what value can be obtained from that big data.
Machine learning is not a PnP yet, which is basically Plug and Play. It can be used to solve different situations where each situation would require a particular data model, parameters and set to obtain valuable results.
This implies that companies will need a clear and defined objective when starting off. Machine learning is making appreciable changes in different fields within organizations.