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Overview of Machine Learning Tools

The Machine Age of Customer Insight

ISBN: 978-1-83909-697-6, eISBN: 978-1-83909-694-5

Publication date: 15 March 2021

Abstract

Machine learning and artificial intelligence (AI) have arisen as the availability of larger data sources, statistical methods, and computing power have rapidly and simultaneously evolved. The transformation is leading to a revolution that will affect virtually every industry. Businesses that are slow to adopt modern data practices are likely to be left behind with little chance to catch up.

The purpose of this chapter is to provide a brief overview of machine learning and AI in the business setting. In addition to providing historical context, the chapter also provides justification for AI investment, even in industries in which data is not the core business function. The means by which computers learn is de-mystified and various algorithms and evaluation methods are presented. Lastly, the chapter considers various ethical and practical consequences of machine learning algorithms after implementation.

Keywords

Citation

Lantz, B. (2021), "Overview of Machine Learning Tools", Einhorn, M., Löffler, M., de Bellis, E., Herrmann, A. and Burghartz, P. (Ed.) The Machine Age of Customer Insight, Emerald Publishing Limited, Leeds, pp. 79-90. https://doi.org/10.1108/978-1-83909-694-520211008

Publisher

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Emerald Publishing Limited

Copyright © 2021 Emerald Publishing Limited