6 Types Of Machine Learning For Small Businesses
- May 11, 2023
TABLE OF CONTENTS
- 1 Introduction
- 2 Frequently asked questions
- 3 The 6 Types of machine learning for small businesses
- 4 Conclusion
The human model of learning is one of nature’s most fascinating evolutionary wins. There is nothing more profound than a person’s ability to learn and apply. So much so that in the world of technology, we have a model for it. It is what forms the basis of machine learning, an umbrella of artificial intelligence. In 2023, we will be using AI a lot. It has found its utility in various parts of technology and adoption is trending fast. For businesses of all shapes and sizes to succeed, they must adapt.
One of the best ways they can do that is by using machine learning. You might have heard of the term but might be confused as to what ML really is. We at Teckea have compiled this guide specifically to help you understand the intricacies of machine learning. We will answer some frequently asked questions, break down the 6 types of Machine Learning, and help you figure out which one might be best suited to help optimize your business operations. Machine learning for small business is a good idea. So without further ado, let’s jump in.
Frequently asked questions
What is machine learning?
A specialized subset of artificial intelligence, Machine Learning focuses on harnessing data and algorithms to replicate human learning. Doing this allows machines to become very accurate when making predictions and classifications based on data.
How does it work?
ML works by using the data available to predict and identify patterns, then it uses an error function to test the accuracy, and lastly an optimization process that will help fit the data into a prediction model as best as it can.
How do small businesses use machine learning?
You might not be aware of it but there are already many existing uses of machine learning. For small businesses, this opens up a lot of avenues. To utilize technology that already exists and to optimize it for its workflow. Using machine learning for small business can be done through social media features, chatbots and virtual assistants, image recognition, and product recommendations.
How to implement AI in small business?
There are multiple ways to implement AI in small businesses, however, the best is to start small. By using something as simple as machine learning based virtual assistants, you can get wonderful results.
The 6 Types of machine learning for small businesses
Let’s take a look at the types of machine learning that small businesses can use effectively. Note that out of these 4 are real types and 2 are subtypes, they relate more to use cases.
The most commonly used model by big businesses – supervised machine learning has been helping organizations with real-life problems for the last few years. This type of machine learning relies on human input. The model is fed data and then trained to find patterns and solve issues. They need large-scale data to work accurately, perhaps when we think of machine learning for small business it might not seem useful. However, any data set can be helpful in predicting. Small businesses can use supervised models to predict customer behavior.
Unsupervised machine learning models consist of various other sub-types. There are all kinds of ML models that can have utility based on your business needs. When we think of machine learning for small business the various types of unsupervised models might have a lot of benefits. Neural networks, k-means clustering, and probabilistic clustering are just some of the types. Unsupervised models can help find hidden patterns and find more insights than supervised models. If you wish to learn more about the various subtypes of unsupervised machine learning, click here.
While the above models and types are either entirely hands-off or on, in the real world it is difficult to utilize. Especially for small businesses. Hence there is something called a semi-unsupervised model. Semi-unsupervised models help get the result you want, aka supervised results; and at the same time, it also uses other algorithms to extract insights.
The closest model and type to the human learning system. In this system, the algorithm is required to interact with the environment and get a reward. The reward could be positive or negative. Here the algorithm is exposed to real-time environments and is made to assess it. It can generate a response, typically a binary response. This helps businesses get the right response. We have only mentioned this to help you understand the idea behind reinforcement learning. Typically for machine learning for small business, we don’t include this model. It is far too hard to train and requires lots of computing power along with huge stationary data sets. If you wish to read more, click here.
Perhaps one of the most successful types of machine learning programs that can be utilized by businesses, image recognition uses algorithms that can identify patterns in the image and compares them against a database. Facial recognition uses the same methods.
This is perhaps the most useful type of model, speech recognition is converting spoken language into text. Software and devices such as Google Assistant and Alexa use this model.
So, these are the types of machine learning for small business. While its practical applications may not seem obvious to you yet, there are new avenues opening every day. At Teckea we believe in expanding these horizons and helping businesses recognize the utility of machine learning. Contact us today to learn more about how your business can leverage machine learning in 2023.
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