As a Central Florida Small Business owner in the new millennium, your vocabulary has probably expanded significantly. Cyber liability, virtual reality, geolocation, retweet … these are a few examples of relatively new business-speakisms you’ve probably heard of. One that you may not have heard of (yet) is “machine learning.” Will machine learning change your business? Before you can answer that, you need to know what it is.
What is Machine Learning?
Basically, machine learning is when computers use complex algorithms to process huge amounts of data and then make predictions. Machine learning falls under the “artificial intelligence” (AI) umbrella (another term that’s probably relatively new to your vocabulary.) According to Forbes, proper use of AI can transform a business. Data on its own isn’t necessarily helpful to a business. Data that is analyzed in a strategic way to yield actionable insight and advice business owners can use is helpful. If you can tap into machine learning, it absolutely can change your business for the better!
Real-world Example of How One Company Is Using Machine Learning
If you’re skeptical about exactly what machine learning can do for your business, perhaps take a cue from the following business that has enthusiastically embraced this new technology.
Retail giant Amazon sells tens of millions of products to more than 200 million customers. In other words, Amazon generates tons of data. If you’ve ever shopped on Amazon, you’re aware that you receive product recommendations specifically tailored to your interests. There is no way Amazon’s employees could cull through data and create recommendations for every customer. Amazon uses machine learning to analyze data and create these customer recommendations. If you’re an Amazon shopper, you’ve been exposed to machine learning – probably without realizing it!
Some business owners enthusiastically embrace new technologies like artificial intelligence and machine learning. Others are slower to warm to these concepts. Regardless, there is one thing that all business owners agree is valuable and necessary for the success of their businesses: insurance. For all of your business insurance needs, contact us at Newman Crane & Associates Insurance, (407) 859-3691.