Machine learning can be applied to a wide range of business issues, from fraud detection and customer targeting and product recommendation to real-time industry monitoring, sentiment analysis and medical diagnostics. In this article, I’ll walk you through the machine learning use cases.
Machine Learning Use Cases
Machine learning can solve problems that cannot be handled manually due to the huge amount of data to be processed.
When applied to large data sets, machine learning can sometimes find relationships so subtle that no manual examination would ever discover them. And when many “weak” relationships are combined, they become powerful predictors.
The process of learning from the data and then using the knowledge gained to inform future decisions is extremely powerful. Indeed, machine learning is rapidly becoming the engine of the modern data-driven economy.
The table below describes widely used machine learning techniques and some of their practical applications. This list is not exhaustive, as potential machine learning use cases can span multiple pages.
|Problems||Description||Machine Learning Use Cases|
|Classification||Determine the discrete class to which each individual belongs, based on the input data.||Spam filtering, sentiment analysis, fraud detection, customer ad targeting, churn rate prediction, support case reporting, content personalization, manufacturing defect detection, customer segmentation, event discovery, genomics, drug efficacy.|
|Regression||Predict real-value output for each individual, based on input data.||Market prediction, demand forecast, price estimation, ad bid optimization, risk management, asset management, weather forecast, sports forecast.|
|Recommendation||Predict which alternatives a user would prefer.||Product recommendation, recruiting, Netflix price, online dating, content recommendation.|
|Imputation||Infer missing input data values.||Incomplete patient medical records, missing client data, census data.|
So these were some practical examples of Machine Learning. I hope you liked this article on the practical Use Cases of Machine Learning. Feel free to ask your valuable questions in the comments section below.