Machine Learning is a significant subfield of Artificial Intelligence, and the most significant current AI trend for business strategy today. Machine learning has been in the making several decades and has recently graduated from computer science labs and specialized applications to become a serious technological trend that promises new capabilities to existing businesses and many exciting startups. The early success of machine learning in image understanding, language processing, and even self-driving cars has inspired the development of services, products, and educational programs designed to put advanced Machine Learning in the reach of every business. As highlighted in an introductory post on Artificial Intelligence, management consulting firm Forrester forecasts that businesses who exploit this technology will rule the insights game, and “steal $1.2 trillion per annum from their less informed peers by 2020”.1 Evaluation of machine learning technology and planning to use this transformative technology will soon become a necessity for businesses at all levels in all sectors.
A scramble is now underway among technology providers to provide you machine learning-enabled products, frameworks for developing your own custom ML solutions, and even the training you need to make savvy decisions for your business where this new technology is concerned. This post will be the first of two to introduce you to this technology trend and the current developments that impact your business planning. In this article we will define machine learning, look at example approaches and applications, current market analyses about the significance of all this, and the emerging resources that business strategists are using to help them make informed decisions. In part two we will survey a range of products and frameworks designed to enable you to put these technologies into use today.
