Transformative Marketing with Machine Learning (ML)

Machine learning (ML) can be defined as computational methods that use experience to improve performance or to make accurate predictions (Mohri et al., 2018). By considering past information (i.e., referred to as experience), machines gain the ability to learn while they perform, thereby showing performance improvement. Past information can be in the form of collected data or information actively sourced through interaction with the environment. Learning quality depends on the volume and quality of data; the key outcome is predictions about key variables of interest. Simply put, ML deals with the process of training machines to learn over time (Kumar, 2021).