Machine learning: the new 'big thing' for competitive advantage

While machine learning (ML) has existed for a long time, the business world's focus on it may seem like an overnight development. The technology has been steadily growing since the early days of big data. However, the ability to give machines access to big data and allow them to apply complex mathematical calculations repetitively, while learning for themselves, is a new development. The key objective of this article is to propose a conceptual model for successful implementation of ML in organisations. This article also covers some of the potential benefits of ML, and provides a guide to some of the opportunities that are available for using ML in various businesses. Furthermore, this study reviews key attributes of successful ML platforms and illustrates how to overcome some of the key implementation challenges. Finally, this study highlights some of the successful implementations of ML solutions used in the manufacturing and service industry.