We mentioned in the previous section that in the last few years, there have been many attempts at a fresh approach to statistical time-series forecasting using methods like neural networks and Deep Learning.
Machine Learning and Deep Learning are subsets of Artificial intelligence, as discussed here. Deep learning excels at identifying patterns in unstructured data, which most people know as media such as images, sound, video and text.
‘Time’ is the most important factor which ensures success in a business. It’s difficult to keep up with the pace of time. But, technology has developed some powerful methods to enable us to ‘see things’ ahead of time. One such method, which deals with time-based data is Time Series Modeling. As the name suggests, it involves working on time (years, days, hours, minutes) based data, to derive hidden insights to make informed decision making.