Machine Learning Enables Decision-Making Processes for an Enterprise

Abstract

Business decisions need to be made based on constantly changing data from a variety of sources. The data for business enterprises consists of both internal and external sources. Some managerial decisions are qualitative. Thus, it is necessary to incorporate this knowledge in developing decision support systems. Advancements in the information and communication technology discipline provide the various concepts for designing and developing business models. The concept of machine learning is one of the important concepts provided by the above discipline. Machine learning has become one of the most important elements for adopting innovative ways in understanding the thought process of humans and duplicating this process through computing systems. Machine learning is a form of artificial intelligence that enables a system to learn from data rather than explicit programming. This article gives an overview of the machine learning process and collaborative concepts. A case illustration related to a textile mill in India is discussed in the context of machine learning.