ML Use Cases for Business – Recommender

Base Use Case

  • Product Recommendations on Amazon
  • Movie Recommendations on Netflix
  • Video Recommendations / Playlist Generators on YouTube
  • Music Recommendations on Pandora
  • Content Recommendation on Facebook, Twitter and News Sites

Type of Machine Learning – Supervised Learning

Type of Recommendation Systems 

  • Collaborative
  • Content Based
  • Demographic Based
  • Utility Based
  • Knowledge Based
  • Hybrid

Target – A Finite List, Discrete,

Training Data – Historical

Algorithms- Traditional (Regression, Decision Trees), Ensemble, Deep Learning

Challenges

  • Cold Start
  • Real time monitoring
  • Subject awareness of objective

Business Use Cases – Recommend what can be controlled, adjusted to optimize Metric(s)

Banking

  • Rate to optimize Metric(s)

Insurance

  • Premium to optimize Metric(s)

Financial Services

  • Fees to optimize Metric(s)

Healthcare

  • Premium to optimize Metric(s)

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