Machine Learning for business

Updated: July 31, 2023

Machine learning is a subset of artificial intelligence (AI) that focuses on developing algorithms and models that enable computers to learn from data and improve their performance on a specific task without being explicitly programmed. Through the use of vast amounts of data and sophisticated statistical techniques, machine learning allows computers to recognize patterns, make predictions, and make data-driven decisions. There are various types of machine learning, including supervised learning, unsupervised learning, and reinforcement learning, each with different applications and approaches. Machine learning is utilized in numerous fields, including image recognition, natural language processing, recommendation systems, and autonomous vehicles. Its continuous evolution and advancements in algorithms and hardware have driven significant breakthroughs in AI, making it an essential technology in the modern era of data-driven innovation.

See also: Top 10 AI Platforms

2019. Amazon launched AI OCR service - Textract


Amazon has introduced a new service called Textract for its Web Services customers, and it can be described as optical character recognition on a highly advanced level. Textract goes beyond mere text extraction from documents, as its name suggests. It possesses the ability to identify various document formats and their contents, allowing for accurate processing. This product has been specifically designed to recognize and extract text from tables and forms found within documents, including scanned receipts, tax paperwork, and inventories. It then generates structured data without requiring human intervention. Textract is capable of processing millions of pages within a matter of hours, thereby reducing document processing costs. What's more, customers can utilize Textract even without prior experience in machine learning.