Machine learning: What every manager should be aware of?

By ridhigrg |Email | Jan 3, 2019 | 16899 Views

So these days you have multiple options of an algorithm that can drive a car? A picture can be scanned! Or in a crowd, you can easily find your face! It seems that these days every company is searching some new uses for adapting algorithms as new data is being encountered. It is said that Machine learning drives everything in every company. To transform the companies there are multiple potentials in machine learning, but when it comes in practice it is ordinary than the robot drivers and chefs.  It is designed for the big data world as it is expected to be the branch of ethics. If executors are willing to bring out the best from the data of the company should have known about it like about the performance, about it and while using watch out. 

Just not the big data, but wide data also
There can be multiple changes made in the data which is available on the enormous scale. To handle the big data you need software and hardware which are advanced. But machine learning is all about how the size of the dataset is adapted by analyzing the data. As big data is wide and well as long and taking an example of how customers database is considered by the online retailers. There are a wide amount of data which is collected as every customer gets the row and if the number of customers is more then the list will be increased. And that is why machine learning tools are designed well so that wide data can be used in a better way. 

Predictions, not causality
Predictions are the leading application of the tools of machine learning. some problems of prediction in business are for customers personalized recommendations are to be made, customers loyalty should be forecasted for a long-term, the performance of employees should be anticipated and for the loan applicants always rate the credit risk. An accurate prediction is required for the decisions of business which are important. Rather than focusing on predictions, you might need the environments model for the right decision. For machine learning recommendations which are personalized are the forecast of humans preferences. These limitations will increase the value of machine learning if you keep them in mind.  

Extraction of the feature
Feature extension is the process which will figure out the variables of models which are to be used. It can be like extracting the raw data and building the new variables through the techniques of machine learning. There are multiple ways of extracting the features and the useful ones are mostly automated. The experts of the domain can be benefited in suggesting features and making sense of clusters which are found by the machine. 

One the model is built by you, much time you are not sure it is making appropriate predictions.  The accuracy of a model is necessary because further this model would be used for making new decisions and you should know that it is reliable. This is done in machine learning having a process called cross-validation. 

While using machine learning what mistakes should you avoid
First one is confusing the prediction model with the causal model. In the problems of prediction, causality is not the priority instead the decision is optimized which mainly depends on the environment which is stable. As the environment which is more stable have the more useful prediction model. It is really important to draw the distinction between the out of the sample and out of context as it will help you to collect the new data which will help the model to perform well. Some parts of a model building seem to be automatic as it takes a human judgment just to figure out the use of the model. And machine learning can be an effective tool when it comes to technical skills and human judgment for making correct decisions and solving the problems of wide data. 

Source: HOB