Self-driving Tesla cars, Spotify-generated playlists of songs you like, computers acting independently on the stock exchange: AI and machine learning have permeated our society and daily lives.
The technology involved is powerful, because it can be trained to recognize patterns and handle new situations. Sounds great, but how can you benefit from AI and machine learning?
Definition in a nutshell
AI is an overarching term with a range of sub categories, one of which is machine learning. Briefly put, the latter means you teach a program to recognize patterns and determine steps to be taken. A real problem solver: based on a wealth of data, a machine learning model can distill relevant information and create a plan of action so you can achieve the desired results. The model remembers patterns and applies these next time so as to classify information and predict outcomes.
AI and machine learning in practice: a few examples
Curious to know how AI and machine learning work in practice? We'll give you a few examples, starting with an experiment we recently conducted. For a game called 'FIFA,' we entered a lot of information regarding each player, such as skills, age, and points scored. Based on this data, the model estimated how much money these players should be making. Incidentally, you can do the same with house prices: enter the surface in square meters so the model can predict the home’s worth.
Another example demonstrates a machine learning model's ability to classify data. Suppose you show the model lots of animal pictures – from elephants to giraffes – entering their characteristics into the system. From that moment on, the model will be able to recognize and classify an elephant, distilling it from a heap of data without your intervention.
On the stock exchange, the unique abilities of machine learning have given rise to an interesting development: share prices are increasingly predicted by machine learning models, allowing software to trade based on this information. And the good news is, this is just one of the many ways in which you can benefit from AI and machine learning!
Want to discuss specific issues you'd like to tackle using the latest possibilities offered by technology? Don't hesitate to contact us. We might just suggest a machine learning solution!