CIOTechOutlook >> Magazine >> August - 2015 issue
Machine Learning: Next-gen approach to track market trends
By
As we know, big data analytics is one of the vital mediums to extract actionable insights for better decision making. Although data scientists play a major role in unlocking the hidden value of big data, results are sometimes erroneous due to manual intervention. To mitigate human errors, automated machine learning technique is considered as a key enabler of future and present. Whether measuring social media campaign effectiveness, effectively predicting sales, detecting fraud, or performing churn analysis, this technology is remaking the way data analysis is done within organizations. As it relies on historical data and algorithms within computer program to observe, learn and come up with innovative solutions; it has now consequently become possible to predict future behavior or market trends. Usually Industries or retailers focus on time based predictions, based on what happened previous year to compare with the present time. In this process, latest forecast data are sometimes difficult to detect as human beings cannot decode and seek fundamental factors that are impacting predictions. This technology makes enterprises and individuals to become a key part without requiring them to directly interface with technical solutions.
Next-gen analytics is happening now and is gaining traction across predictive analytics, geospatial analysis and text analytics and even cyber security. Its applications are forecasted to double in coming three years.
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