Machine learning might seem like an enormous adult word that you see in films or even from technology experts. However, guess what? It's possible to understand this even in the age range of 8 to 10, years of age. Not only that, businesses all over the world employ machine learning in order to make more informed decisions, reduce costs and assist people. In this easy-to-follow, friendly guide, I'll talk about the process of machine learning (ML) in the same way you would talk to a gifted fourth grader. Learn the ways ML is used, the reasons why companies are so excited about it, and the ways it can help solve problems that arise every day. Relax unwind, relax and embark on our journey to the realm of machine learning for businesses!

What Is Machine Learning?

Imagine teaching your pet to sit. It's as simple as saying, "Sit!" If your dog does sit, reward it with an incentive. If not, attempt another time. In time, the dog is taught how to tell what "sit" means. Machine learning is similar to it, except instead of teaching dogs the computer, we instruct it. Machines "learns" by looking at instances, much like the way you learn sciences, math or even a new video game.

Simple example

When you display a computer many thousands of images of dogs and cats, at some point, it will declare:

• "This one looks like a cat."
• "That one looks like a dog."

The reason it did this is because of the examples.

Machine learning basically:

1. Give computerized instances
2. Let it look for patterns
3. Let it take decisions

It's pretty cool, don't you think?

Read also: Human Creativity Vs Artificial Intelligence

Why Do Businesses Care About Machine Learning?

Machine learning is a favorite among businesses because it can help them:

• Accelerate your work
• Take smarter decisions
• Make your money
• Learn to understand Customers
• You can predict what's going to happen next.

Machine learning can be described as the business being given an "superbrain" that can crunch numbers, identify patterns and resolve problems faster than human.

Consider this situation

An owner of a shop would like to know:

• What toys are the most popular?
• The most popular places for customers to visit are
• What toys do children like buying with their parents

Instead of guessing, machine-learning will find answers through the study of thousands of purchase documents. It's like having a powerful assistance system that never stops working.

How Machine Learning Really Works

In order to understand the way ML is working, we'll use an example.

Story: The Smart Cookie Shop

Your business is a cookies shop. Each day, customers go in to buy various types of cookies:

• Chocolate chip
• Vanilla
• Strawberry
• Peanut butter
• Mint

It is important to know:

• Which of the cookies is most successful in selling?
• What kind of cookies do kids love?
• What are the most popular cookies for parents?
• When do people purchase cookies?

Instead of examining the information manually, you provide everything to a machine learning software.

Tell the machine:

"Here is my revenue for this past year. Do you have a look and share with me the patterns you observe?"

The computer analyzes everything, and could even track several thousand sales.

It then says:

• "Kids love chocolate chip cookies after school."
• "Parents buy strawberry cookies in the morning."
• "Mint cookies sell the least."

Then you'll know what you need to bake up more. It is possible that you will stop baking mint-flavored cookies since fewer customers are interested in the cookies. It is precisely what business employ machine learning to do-to discovering patterns that may not be obvious initially.

Types of Machine Learning

There are three main types you must know about: supervised learning, unsupervised learning and reinforcement learning. We'll explain these types with tales!

1. Supervised Learning (Learning by answers)

It's like having an instructor giving students worksheets that include the answers.

Examples: You show your computer lots of photos of fruit that are that are labeled as:

• "Apple"
• "Banana"
• "Orange"

Machine learning is based on the correct answers, and is able to recognize images.

A business example
A banking institution employs supervision to assess which person is safe for lending to.

2. Unsupervised Learning

The machine here is given nothing--only illustrations. The machine must find patterns for itself, exactly as an investigator.

For instance:
You give the computer-generated images of animals however you don't tag them.

They might be part of the same group:

• "Group 1: Cats"
• "Group 2: Dogs"
• "Group 3: Birds"

Though it's never ever heard the words "cat" or "dog."

Business case study:
A store utilizes this method to determine certain groups of customers, like those who buy snacks every day or those who enjoy sports items.

3. Reinforcement Learning

It's like playing video games. Try various things. If you do very well, you earn points. If you fail the test, you forfeit points. The machine learns the most effective method to win.

Example for business:
Robots in factories discover the best way to travel without bumping against any object.

Everyday Examples of Machine Learning in Business

Machine learning is everywhere, even where you don't even notice it. Below are some easy examples:

Example 1: Online Stores (Amazon, Walmart, etc. )

Have you noticed how many online retailers offer items such as:

• "You might enjoy this ..."
• "Customers also purchased ..."

Machine learning! It analyzes the things you enjoy, what you purchase, as well as the things that similar customers like.

Example 2: Movie & Video Apps (Netflix, YouTube)

Machine learning can suggest videos to watch that you may like by reading:

• What have you seen?
• What else did users like about
• If you stop or pause video

This is the reason Netflix appears to "know" your taste so effectively.

Example 3: Banks

Machine learning can be used by banks for:

• Stop fraudulent transactions
• Choose who is eligible for loans.
• Help prevent fraud

If something is suspicious, ML alerts the bank immediately.

Example 4: Hospitals

Machine learning is used by doctors to:

• Read X-rays
• Detected the presence of diseases
• Health issues can be detected earlier

ML can save lives.

Example 5: Social Media (Facebook, Instagram, TikTok)

Machine learning decides:

• What are the posts that you follow?
• What ads you get
• What are the videos that show first?

This is why your feed will feel individual.

Read also: AI Autonomous Vehicle Industry Opportunities And Future Growth

Why Machine Learning Is Becoming a "Must-Have" for Businesses

ML isn't only a tool that is cool, it's now vital.

Here's why:

1. Businesses get smarter

They see patterns and trends that human eyes could miss.

2. The speed of decisions increases

ML is able to analyze a large number of data elements in just a few minutes.

3. The customers are happy

ML assists companies in understanding what customers want.

4. It saves lots of cash

The business can be more careful and make better plans.

5. Businesses expand

ML illustrates what's functioning and what's not.

How Kids Can Understand Machine Learning

If you'd like to become the next ML specialist, here are some ways you can practice.

Activity 1: Sorting Game

Make a mixture of things:

• Coins
• Buttons
• Blocks
• Erasers

Sort them according to:

• Size
• Color
• Shape

Unsupervised learning is exactly what it is.

Activity 2: Guess the Rule

Make a rule such as:

• "All red toys go in box A."
• "All big toys go in box B."

Try to figure out the formula. It's supervised learning.

Activity 3: Game Rewards

You can play a video game. Test different approaches. Learn from mistakes. Improve over time. This is called reinforcement learning.

What a Beginner Should Learn to Understand Machine Learning

If you're still younger (or an inexperienced user) You can begin taking classes in machine learning. The following list is simple:

1. Math basics are taught.

• Addition
• Patterns
• Graphs
• Simple probability

ML utilizes math to identify patterns.

2. Know what data means.

Data means information--like:

• Names
• Scores
• Prices
• Colors
• Ages

ML requires data in the same that plants require sunlight.

3. Get a basic understanding of coding (optional however useful)

It is possible to start by using simple instruments like

• Scratch
• Code.org
• Python for children

This helps you think like computers.

4. Take a look at actual-world examples

Check out your home or your school

• What is the way Google Maps know the fastest route?
• How do you let TikTok determine which videos you love?

The questions will help to think like the ML engineer.

How Businesses Use Machine Learning Step-by-Step

Imagine a business wants to utilize ML. What should they do? Here's the most straightforward explanation:

Step 1: Gather Data

Take note of details:

• Sales
• Customer age
• Prices
• Preferences

More data = better learning.

Step 2: Clean the Data

Get rid of duplicates, errors or any missing pieces. Clean data = accurate results.

Step 3: Choose the Type of ML

Are they looking for:

• Predictions? (supervised)
• Patterns? (unsupervised)
• Improvement over time? (reinforcement)

Step 4: Train the Machine

You can give the computer plenty of scenarios. Learn from it.

Step 5: Test the Machine

Examine if the program gives accurate responses. If not, you can improve it.

Step 6: Use It in Real Life

The company is now using the ML technology to:

• Predict sales
• Recommendations for items
• Find out if there are any issues

Plus much and more!

Machine Learning Myths

Let's debunk some of the myths!

Myth 1. Machine learning can be magical.

Nope! Math + data = computers.

Myth 2. Machines are more intelligent than human beings

They're only skilled in specific areas. They don't have the ability to feel or think.

Myth 3. ML will be able to take over every job

It helps them be more efficient and productive.

Myth #4: ML is just reserved for the most brilliant techies

Any child, no matter how old -- can comprehend the fundamentals.

What the Future Looks Like With Machine Learning

Future businesses will be using ML to do almost all things.

Future examples:

• Autonomous vehicles that can are self-driving
• Stores that do not have cashiers
• Robots that collaborate alongside humans
• Personalized medicine
• Smart cities that help save energy

Learning ML today is similar to getting into reading
it is going to be extremely vital as you progress in your life.

Read also: AI-Powered Business Ideas for Students: Smart Startup Guide

A Fun Story: The Robot That Helped a Lemonade Stand

Let's wrap up with a charming tale.

The Lemonade Stand That Became Super Smart

Lucy has a stand at a lemonade shop. Each day, she wonders:

• Can I create more lemonade?
• What time do most people visit?
• What is the most popular flavor for kids?
• How many cups do I need to make?

Lucy has become bored of speculating. She then builds a tiny robot called Lemo.

She explains to Lemo:

"I need help understanding my customers."

Lemo collects data:

• Weather
• The number of customers
• Time of day
• My favorite flavor
• How many cups were sold?

After a week, Lemo says:

• "Kids come most at 3 PM after school."
• "People buy more lemonade on hot days."
• "Strawberry lemonade is the bestseller."
• "Make 60 cups on sunny days, 25 on cloudy days."

Lucy adheres to Lemo's recommendations. The lemonade stand she runs becomes most sought-after in the town. Lucy is able to earn more cash and squanders much less lemonade. This is machine learning at work, helping businesses grow through being clever with data.

Final Thoughts: You Can Learn Machine Learning Too

Understanding the basics of machine learning to use in business may sound daunting and intimidating at first, yet it's really trying to help computers learn through examples just as you! If businesses employ machine learning, they are able to take better decisions, learn about individuals better and tackle challenges faster.

If you're just between 8 and 10 years old, you are aware that machine learning can help shops select the most appropriate products, enables apps to show the most popular videos and also helps doctors take the care of patients. This is like giving companies a computer that doesn't ever get exhausted.

What's the best thing about it? Everybody can learn machine learning, including children. You just need determination and an eagerness to learn more about how things work. Therefore, continue exploring and studying, and eventually you may make use of machine learning to create some amazing technology for the entire world!