Democratizing Machine Learning Algorithms for Integrated Data-Sharing
On Artificial Intelligence and Ethics
The Tango of AI and Big Data
Transforming the Art Museum in the 21st Century.
Machine Learning: Enabling New Capabilities in Health and Beyond
Shiva Amiri, PhD, Director Research Infrastructure, 23andMe
Revolutionizing Disease Predictions Using Machine Learning
Ylan Kazi, Vice President, Data Science + Machine Learning, UnitedHealthcare
How AI and Machine Learning are Reinventing Healthcare Sector
Julius Bogdan, Director of Analytics and Data Innovation, SCL Health
Consequences of Augmented Machine Learning Decision-Making
Justin Smith, PhD, Director of Data Analytics, Sanford Health
Potential of Machine Learning to Combat Business Challenges
Risk management personnel are voracious data consumers, so they use this knowledge to develop more profound market insights and evaluate risk factors. They learn more about the marketing, acquisition and the various account management strategies and also anticipate and mitigate threats in real time. These professionals gather more information concerning an organization, its customer's needs, and the competitors' weakness.
The job isn’t limited to this as credit decisions, risk assessment models and marketing forecast demands better, faster, and current data. Large data sets beef up the data’s power as it assists in comparing and contrasting existing behavior with historical results across a broader pool of variables. The access to more data from internal and external sources further produces better outcomes. Data analysts and research managers need on-demand access to the more extensive, high-quality and structured data for analysis and research purposes.
The blue-chip companies are thankful for the recent innovations. The latest machine learning and predictive analytics are available to the broader market and enable risk managers from various financial institutions to incorporate machine learning tools into big data systems and optimally use these opportunities.
Stepping out of the comfort zone
Risk managers prefer staying in their comfort zone and utilize advantages of big data capabilities such as machine learning which uses the internal data for predictive analysis rather than reaching out for external assistance. Internal data is scrutinized, better comprehended and managed but the new markets demand to venture beyond the familiar territory.
Leveraging external data can be tedious. Evaluation of this data, getting budget approvals, and filtering the information takes time, and by the time one receives the report, the situation may be changed. Regulatory and privacy compliance is again a hurdle for risk managers. Using demographic and marketing information with credit data can offer tremendous analytical insight, but this credit data would increase the regulatory burden with more potential for misuse.
Welcome Machine learning into data analytics
Cloud-based solutions are the new option in integrating machine learning technology in a distributive environment so that it can handle massive data sets with advanced modeling to predict the schema of incoming data sets. The combination of clients’ internal data with vast data repositories will include access to historical credit data, file tradeline data, public records, and consumer credit scores. However, after this amalgamation, companies can now benchmark their data against themselves and their competitions of course. They can now compare and contrast the various product lines, and understand how to impact the current paths of business and base their strategies accordingly.