Machine Learning (ML) is a type of artificial intelligence that allows software applications to become more accurate at predicting outcomes without being explicitly programmed to do so. It works by using algorithms and statistical models to analyze and draw inferences from patterns in data.
Think of it like teaching a child through experience. Just as a child learns to identify objects by being shown examples, machine learning systems learn by being fed large amounts of data. Over time, these systems find patterns and relationships in the data, enabling them to make predictions or decisions when they’re presented with new, similar data.
For business leaders in SMEs, the practical upshot is this: machine learning can help you make better decisions and predictions based on your company’s data. This could be anything from predicting which products will be bestsellers, to identifying inefficiencies in your supply chain, or even understanding your customers’ behavior better to serve them more effectively. It’s like having a super-powered analyst on your team who’s constantly learning and improving.
In essence, machine learning gives businesses the tools to uncover insights in their data that they might not have found otherwise, helping drive strategic decisions and giving them a competitive edge.
Contact us, to know how you can use it!