Searching for the Right Algorithms

In the last few decades, data from different sources have become more accessible and consumable, and companies have started looking for ways to use machine learning (ML) techniques to optimize business metrics, pursue new opportunities, and grow revenues (Lazzeri 2019). Not only has data become more available, but there has also been an explosion of machine learning and artificial intelligence applications that enable companies to build sophisticated, intelligent, and data-driven solutions. Machine learning, a term that encompasses a range of algorithmic approaches from statistical methods such as regressions to neural networks, has rapidly advanced to the forefront of analytics (Tambe 2012).