Watching a movie on Netflix, paying your friend by PayPal or misspelling a word on search engine are common incidents in our day to day life. If a loophole occurs in any of the above activities correct results emerge as concept of machine learning takes over. Business houses are exploring new ways of machine learning to provide a satisfying experience to their users. Does your organization need to join them?
Concept of machine learning
Before interpreting machine learning and benefits it can provide to your business, let us figure out what machine learning is in the first place. MI in ecommerce industry is a popular practice. To interpret in simple terms, machine learning is all about numbers and statistics. Computer algorithms interpret patterns in data sets and highlight possible outcomes. Pretty much on the same lines when an email program can scan through the mails you receive and classify them as spam. On a subject line words could be an indicator of the manner of classification.
The concept of machine learning is popular, means an algorithm can learn, and new information emerges on the pattern of outputs. Spammers are bound to change tactics, machine is likely to pick up new patterns and classify dubious messages as spam.
In spite of numerous benefits of machine learning there are considerable challenges in implementation of the same. Firstly you need to identify an algorithm for a problem you need solving. Clustering algorithm can identify a restaurant customer is likely to dine in or dine out, but pretty much difficult to point whether rising menu can have an impact on the sale prices. Regression algorithm can address impact on the various price changes to figure out sales figures after price changes. A possible predicted set of outcomes cannot be revealed in such cases.
A possibility of over fitting of data might emerge which advocates the system in understanding a data and interpreting possible outcomes. The ability to learn generalized and predicts outcomes on new data are lost. The model predicts inconsistent outcomes and virtually a useless situation arises. Machine learning companies in ecommerce are ware of such trends and guard from the same.
In reality a lot of problems cannot be solved via machine learning. A prediction on what can be solved is not possible, so process of application of machine learning to a data is a never ending process. In hindsight an organization keeps on chasing a problem but would never be able to derive a functional model. So a possibility on when to quit becomes key.
Would it be feasible for your organization to adopt machine learning?
Implementation in a proper manner will keep a lot of problems at bay via machine learning. User behaviour patterns are interpreted that helps your organization grow. Organizations are soaking in the glory of data and your organization is no different to this. Each and everything from inventory, customer demographics along with user information has an impact on organizational growth and customer behaviour.