Machine Learning technology has attained a distinctive fame in the recent years. Nowadays, Amazon, Google and Microsoft are developing their own Machine Learning Platforms. We don’t even realise that how Machine Learning has taken over our lives – we are using it almost every day! Let us take an example of Siri and Cortana which are voice recognition systems. They use machine learning and deep neural networks to imitate human interactions. Below are some of the critical business problems solved by Machine Learning.
1. Product Suggestions
Machine Learning technology have an ability to recognize those particular products which the customer will be keen and inclined to purchase and is decided on the basis of the past purchasing actions. The Machine Learning algorithm identifies a hidden pattern among the different products and concentrates on grouping similar products into groups. A model of this decision process would allow a program to make suggestions to a customer and drive product purchases. E-Commerce companies like Myntra, Amazon and Flipkart have this feature.
2. Data Entry
Manual data entry increases the chance of errors and duplications while automatic process avoids such problems. Now, the data entry process is getting automated with help of Machine Learning algorithms and predictive modelling algorithms are significantly enhancing such situations. The machines have got the capability to learn to perform all the documentation and data entry tasks.
Machine Learning technology helps in making an accurate diagnosis, suggests best medicines and also helps to identify high-risk patients. These predictions are based on the data of medical test results, patient’s medical histories and symptoms shown by a patient. The main objective of the Machine Learning is to enhance the patient’s health and pre-empt diagnosis without making a hole in their pockets.
4. Identifying Spam
The oldest function performed by the Machine Learning was identifying the spam, which is done by the neural networks in its spam filters. Neural networks are quite similar to the brain, they have the ability to identify the junk emails and messages and the spam filters generate distinct rules by themselves using the Machine Learning.
5. Image recognition
Image recognition and computer vision to be more specific is integral to a number of upcoming technologies from high-profile approaches that provide numerical or symbolic information from images based on the data. It is being used in technology seen in driverless cars, healthcare, building smart factories that can detect errors and variations on the assembly line, to develop a software or for running a marketing campaign.
6. Financial analysis
Machine Learning technology can solve financial problems by allowing regular evaluations of data for analysis and detection of irregularities and differences to improve the accuracy of the models. For example, Machine Learning in finance is used for fraud detection, portfolio management, loan underwriting and also uses algorithmic trading.
All the above business problems are industry-specific that can be alleviated by Machine Learning. The Machine Learning programs make the analysis part easier and it also helps businesses to identify risks and deliver better service.