Learn About The Difference Between Statistics and Machine learning
Statistics vs Machine learning – Data is constantly changing and evolving. But it is very important to adapt to these changes because data is a critical aspect of the growth of companies around the globe.
Data is defined as plain facts and statistics that are collected during the everyday operations of a brand/company. While almost all types of companies collect data, it is very important for brands to make sense of that sense.
Without being able to infer any insights and knowledge from the data, it becomes completely useless. That is why even if companies have a lot of information and data, sometimes they lose out because they are not able to sense out of it.
Since its establishment, companies collect a lot of information and data about various things like customer information, product highlights, partner concerns and employee feedback.
This data and information can be effectively used to record and measure a comprehensive range of business function, be it external or internal. On its own data is not very informative, but it is a basis on which companies can take future decisions and develop successful strategies as well.
Customers are the basis on which brands built their name and value in the market. That is why customer data is extremely important as it allows brands to enhance and understand their customers in a number of varied ways.
Data is, therefore, the only way in which companies understand a lot of aspect of company functions like a number of inquiries, income received, expense received among other things.
Data is therefore important for brands to understand customer mindset and expectations. All in all, data is an important element for ensuring continued success and growth of any company, especially in this competitive age and times.
The article on Statistics vs Machine learning is structured as below –
- Statistics vs Machine Learning Infographics
- What is the difference Statistics vs Machine learning?
- A more in-depth look at statistics and its importance in society
- A more in-depth look at machine learning and its importance in society
- Conclusion – Statistics vs Machine learning
Statistics vs Machine Learning Infographics
Are data and information the same? What is the difference Statistics vs Machine learning?
Data and information are two distinct things. While data is raw facts and statistics, information is the same data that is presented in an accurate and timely fashion.
Further, information is specific and organized, generally done with a purpose to give context and understanding to a particular aspect of brand functioning. Another way in which information is different from data is that it is through information that brands can take proper decisions and create campaigns that are creative, effective and engaging.
That is why information is so important as it allows brands to take decisions that can be used by the management to truly empower themselves.
That is why brands strive to collect information about customers and clients so that they can engage with them in an effective fashion. All this being said, it is important to remember that the true value of information lies in its ability to give direction to the company.
For example, if according to the information provided by the customers, there is a lack of customer satisfaction, it is only helpful if the brand changes this perception by offering better value to their products and services.
In short, the information process should form part of a wider review process within the companies, so that it can help them produce better and more profitable outcomes.
Information can, therefore, be collected and analyzed through different means that is machine learning and statistics. Statistics is defined as the study of collection, analysis, interpretation, presentation, and organization of data.
When statistics is applied to a scientific, industrial or societal problem, then the process usually begins with deciding a statistical population or a statistical model process.
From persons living in a country to atoms contained in a crystal, the population can be of diverse types. Dealing with all aspects of data like the planning of data collection to experiments, statistics is a varied and comprehensive field.
Machine learning, on the other hand, is a subfield of computer science that has evolved from the study of computational learning theory in artificial intelligence and pattern recognition.
Arthur Samuel in 1959 defined machine learning as the field of study that gives computers the ability to learn with being programmed in an explicit manner.
This type of learning explores the study and construction of algorithms that can help users to learn and make predictions on data. Such algorithms operate by a model creation and are used to make data-driven prediction rather than following static program instructions.
Image Source: www.pixabay.com
A more in-depth look at Statistics and Machine learning
Statistics plays a very important role in almost every sphere of human activity. From helping to decide the per capita of a country to the employment rate to the number of medical/schooling facilities required in a region, Statistics and Machine learning has a very important role in the functioning of human society.
In current times, statistics holds a very important and critical position in a number of fields including commerce, trade, psychology, chemistry, botany, astronomy among many others.
This is because as a field, statistics has widespread applications in almost all types of areas and sickliness. Here are some important areas where Statistics and Machine learning can be applied in for gathering better information and insights.
- Business: Statistics has a very important and critical role to play in the field of business. This is because brands and companies are extremely competitive, making it difficult for brands to stay ahead of their customer expectations and desires. It is therefore important that brands take quick decisions so that they can take better decisions. Statistics can help brands understand the expectations of the customer and thereby balance their demand and supply in an effective fashion. This means that a lot of the decisions of the brand is dependent on good statistical decisions and insights.
- Economics: Another important area where statistics plays an important role in economics. This is because statistics largely depends upon statistics. This is because national income accounts are important indicators for economists and administrators. Statistical methods are used for the preparation of these accounts and even for collecting and analysis of data. The relationship between supply and demands is studied through statistical analysis and nearly every aspect of economics requires a great and intricate understanding of statistics.
- Mathematics: Statistics is an integral part of all natural and social sciences. The methods of natural sciences are reliable but their conclusions are sometimes not so probably because they are based on incomplete evidence. Statistical help in describing these measurements in a precise manner. A lot of statical methods like probability averages, dispersions, estimation are an integral part of mathematics and are frequently used in this field.
- Banking: Another area where statistics plays an important role in banking. Banks require statistics for a number of reasons and purposes. Almost all banks work on the principle that when one of their customers invest some money in their bank, they will keep it in their bank for some time and not withdraw it. By earning profits from these deposits the bank earns profits and this is the main source of their revenue. The bankers use statistical approaches based on probability to estimate the numbers of depositors and their claims for a certain day, thereby enabling them to function in a smooth and effective manner.
- State Management: Statistics is another area that is essential for the growth and development of any country. This is because statistics are the basis on which policies are drafted in the country. That is why statistical data are widely used for taking administrative decisions. For example, if the government want to raise the pay scales of employees so as to help them to increase their living standards, it is through statistics that government can find the rise in the cost of living. In addition, preparation of federal and provincial government budgets is also depended upon statistics because it helps the officials to estimate the expected expenditures and revenue from different sources. So statistics are very important to help governments perform their duties in a smooth manner.
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A more in-depth look at machine learning and its importance in society
Computers and laptops have taken the entire world by storm and have drastically changed the lives of many people. Let’s visualize a situation for a minute. Let us try to think of a world without computers.
If this happened, people in the medical field would not have found a lot of cures to diseases, because computers have played a vital role in the process of helping medical professionals gain better insights into the world of diseases and health.
Again, movies like Toy Story and Jurassic Park would not have been possible without computers because these movies have made use of computer graphics and animation.
Pharmacies would have a difficult time in keeping track with what medications to give to their patients. Counting votes would be close to impossible without computers and even more importantly space exploration would have still remained a distant dream for all space enthusiasts.
Because of the growing importance of computers, computing technologies have taken on an even bigger role and this has resulted in the ability of machines to automatically apply complex mathematical calculations to big data at a faster and more rapid pace.
Some of the widely publicized examples of machine learning applications that today extremely popular in the world include the following:
- The essence of machine learning is the extremely popular Google self-driven car
- Online recommendation offers that are personalized for platforms like Amazon and Netflix are a result of Machine learning applications that are now suited to understanding the everyday human behavior
- Understanding customer behavior on Twitter for brands and now machine learning with linguistic rule creation is helping brands understand and empower their customers in the public domain
- Fraud detection is an important field where machine learning is helping brands to be safe and effective across all platforms
Today there is a growing interest in machine learning because today the growing volumes and varieties of available data, computational processing have resulted in a need of cheaper and powerful data analysis methods.
This means that machine learning can help us to quickly produce models that can analyze data that are bigger and deliver faster solutions that are accurate and effective, even on a large scale.
All this means that high-value predictions can help economies and brands to make better and smarter decisions not just without human intervention but in the real time as well.
Brands need fast-moving modeling streams to keep up with the demands of the market and they can do this in an effective fashion through the use of machine learning.
While humans can generally create one or two good models a week, machine learning can create thousands of models a week, making brands more effective
and better in the long term as well.
Machine learning is effectively used in various fields like fraud detection, web search results, real-time ads on web pages and mobile devices, text-based sentiment analysis, credit scoring and next-best offers, prediction of equipment failures, new pricing models, network intrusion detection, pattern and image recognition, and email spam filtering among other fields.
Machine learning is therefore very much different from data statistics. In simple terms, while machine learning uses the same algorithms and techniques, there is a major difference between these two Statistics vs Machine learning techniques.
While data mining discovers previously unknown patterns and knowledge, machine learning is used to reproduce known patterns and knowledge.
These patterns are then automatically applied to other data, and then they are used to help the concerned people to take better decisions and actions.
With the increased use of computers, data techniques and machine learning are also rapidly evolving to meet the needs of brands and companies across sectors.
Neural networks have long been used in data mining applications and now with the power of computers, it is possible to create multiple neural networks that have many layers. In machine learning lingo, these are called deep neural networks.
Conclusion – Statistics vs Machine learning
All this means that data irrespective of Statistics vs Machine learning needs to understand and analyzed in a better manner. This is because data insights are critical to the success and failure of brands across categories and investing them is one of the prime requirements of all types of companies.
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