Real-world supervised learning applications
In the past, data science and machine learning were used exclusively for academic research purposes. However, over the past decade, this field has found its use in actual business applications to help businesses find their competitive edge, improve overall business performance, and become profitable. In this section, we will look at some real-world applications of machine learning.
Regression applications
Some of the applications of machine learning regression models and how they help improve business performance will be presented in this section.
Customer lifetime value estimation
In any retail or CPG kind of business where customer churn is a huge factor, it is necessary to direct marketing spend at those customers who are profitable. In non-subscription kinds of businesses, typically 20% of the customer base generates up to 80% of revenue. Machine learning models can be leveraged to model and predict each customer's lifetime...
