Machine Learning and Your Business

Posted on: January 30, 2017 by Goodrich & Watson

Being a business owner in 2017 means that you have to be familiar with a variety of different lingos and cyber vocabulary. From tweeting to cyber liability to virtual reality, technology has essentially created a whole new world that business owners must master. In addition to these common themes, “machine learning” is evolving and changing the way we do business. So, will machine learning affect your business structure? Well, before you can answer that you have to understand what it is. As we explore this new technological trend, ensure your business is equipped with a comprehensive Virginia Small Business Insurance Program.

What is machine learning, anyway?

According to Forbes, 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). While data in itself doesn’t serve much purpose to a business, using it to yield actionable insight through strategic analyzation is paramount to a business’s success. Learning how to use machine learning to benefit your business will provide a great payoff!

Who actually uses machine learning?

While you might not believe in the benefits and success that machine learning can bring, look to Amazon for a prime example.

Retail giant Amazon uses machine learning to customize suggested items to its members. This might seem unfathomable as Amazon sells tens of millions of products to over 200 million customers. However, with the implementation of machine learning, they are able to analyze data and create custom recommendations to boost sales. Without the use of this technology, it would be virtually impossible for Amazon and its employees to accomplish this. So, if you’ve ever shopped on Amazon, you’ve been exposed to machine learning, likely without your knowledge!

About Goodrich & Watson

At Goodrich and Watson, we know how important your business is to you, and we want to help you protect it. We understand that you want the best coverage for your investment and plan on giving you just that. Not only do we care about ensuring you, but we care about developing great relationships with you. For more information on finding the right homeowner’s insurance plan for you, call us today at (888) 829-5004.

Posted in: blog Business Insurance

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