How Machine Learning Is Related To Data Mining

Data mining is another term that is often confused with machine learning (ML). Here’s an easy explanation of the two terms, as well as the relationship between the two.

With all the possibilities it presents, machine learning is on many a company’s to-do list for 2018. You could determine the optimal time and number to reach prospects and debtors on, improve cross-sell and upsell rates by offering the perfect next product at the perfect time or you can know when to give which customer a discount or special offer to prevent churn. But the costs of implementation of a machine learning tool in just one business area is high.

Machine learning has the power to transform the world, and it’s not just being used to power chatbots or to recommend your Netflix content. There are many amazing machine learning applications that improves our everyday live, but also makes the world a magical place.

The concept of artificial intelligence (AI) has been around for a while, but with the more recent rise of both machine learning (ML) and deep learning, it’s still a buzzword. These three are often used interchangeably, and thought of as the same thing. However, there is a significant difference between the three, which is valuable to know, especially when using the terms in conversation with people you want to impress!

Machine learning is a hot topic. Although we are interested in the inner workings of machine learning and how to improve our models, we are as interested in how to apply machine learning to improve business’ revenue and ROI. The positive impact on ROI through the application of machine learning techniques is well known to us. Based on our experiences, here are the most influential business applications of machine learning. These are the areas where we would recommend you start introducing ML in your consumer-focused business.