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The Untapped Potential Of Machine Learning For Data-Intensive Businesses

Nov 14, 2024 - forbes.com
The article discusses the potential of machine learning (ML) in data-intensive industries such as healthcare, finance, and legal services. It suggests that while these sectors have been slow to adopt ML due to security concerns, recent advancements in data privacy technologies like encrypted machine learning (EML) and fully homomorphic encryption (FHE) are helping to overcome these barriers. These technologies allow businesses to perform ML on encrypted data, ensuring security throughout the process.

The article provides a five-step guide for businesses to get started with ML. These steps include identifying a clear use case for ML, building a strong data foundation, understanding how EML can protect sensitive data, choosing scalable and secure ML platforms, and fostering a culture of cross-functional collaboration. The author concludes by emphasizing that careful planning, embracing privacy-enhancing technologies, and building strong cross-functional teams can help businesses unlock the true value of ML while maintaining high standards of data security and compliance.

Key takeaways:

  • Machine learning can transform data-intensive businesses, but it requires careful planning, embracing privacy-enhancing technologies, and building strong cross-functional teams.
  • Encrypted machine learning (EML) and fully homomorphic encryption (FHE) can help businesses perform machine learning on encrypted data, ensuring security throughout the process.
  • Building a strong data foundation is crucial for machine learning success. This includes data consolidation, compliance with regulations, and advanced encryption techniques for data security.
  • Choosing scalable and secure machine learning platforms is essential. Key considerations include data privacy features, scalability and flexibility, integration with existing tools, and community support and documentation.
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