Machine learning (ML) is widely used as a predictive technology in fields such as transportation, finance, healthcare, advertising, travel, and several manufacturing industries across the globe. Machine learning and predictive analytics aid companies in making better decisions by anticipating what will happen.
ML and predictive analytics predict future outcomes through the analysis of current and past data. The two terms machine learning and predictive analytics are sometimes used interchangeably, and although related, they are two different disciplines.
Machine learning can be applied to various applications, while predictive analytics focuses on forecasting specific variables and scenarios. Combining predictive analytics with machine learning is a powerful way for financial companies to gain value from the massive amount of data generated and collected through business operations.
We will go through these two concepts and how they can be used to improve processes and be a foundation for a company’s underlying abilities.
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