Machine learning is a subset of artificial intelligence (AI) in which algorithms learn by historical data to predict and uncover

Why is Machine Learning Important?

patterns not easily spotted by humans. For example, machine learning can reveal customers who are likely to churn, likely fraudulent insurance claims, and more. While machine learning has been around since the 1950s While most statistical analysis relies on rule-based decision-making, machine learning excels at tasks that are hard to define with exact step-by-step rules. Machine learning can be applied to numerous business scenarios in which an outcome depends on hundreds of factors — factors that are difficult or impossible for a human to monitor. As a result, businesses use machine learning for predicting loan defaults, understanding factors that lead to customer churn, identifying likely fraudulent transactions, optimizing insurance claims processes, predicting hospital readmission, and many other cases.