The can making machine learning and data mining, a component of machine learning, are crucial tools in the process to glean insights from massive datasets held by companies and researchers today. There are two main reasons for this:
Scale of data: Companies are faced with massive volumes and varieties of data that need to be processed. Processing power is more efficient and readily available. Models that can be programmed to process data on their own, determine conclusions, and identify patterns are invaluable.
Unexpected findings: Since machine learning algorithms update autonomously, the analytical accuracy improves with each run as it teaches itself from the datasets it analyzes. This iterative nature of learning is unique and valuable because it occurs without human intervention, providing the ability to uncover hidden insights without being specifically programmed to do so.
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