How is Machine Learning Helping Businesses Grow?March 31, 2018
Machine learning (ML) technologies represent one of the exciting new aspects of the digital age. These technologies are premised on sophisticated algorithms that empower modern enterprises to tackle a variety of business problems. Computers and digital systems that use ML are designed to gain experience from various processes and apply certain rules and data sets to perform complex calculations.
Also Read : Future of Machine Learning in India
Modern machine learning systems also leverage the use of cloud technologies in a bid to maximize speed and cost-effectiveness.
- Recent advances in the commercialization of cloud computing services allow business organizations to utilize huge offerings in compute and storage services. Large cloud players are offering modern enterprises an opportunity to use cloud computing solutions powered by machine learning technologies. These systems are also “creating new opportunities for innovators to offload labour-intensive research and analysis to the cloud.”
- Machine learning systems are enabling business decision makers to visualize data more efficiently. The use of these technologies enables business analysts and business managers to access and utilize data analysis paradigms. This means that machine learning systems are essentially crunching huge volumes of data and electronic information and presenting patterns, analysis, and insights to modern businesses. This personnel can analyze these patterns to quickly initiate business decisions in response to evolving market conditions.
- Digital technologies have emerged as a major enabler in modern societies. Machine learning and artificial intelligence technologies are no exceptions. Cloud-based machine learning algorithms can process current data from business environments to predict future consumer requirements, market trends, etc. This enables business organizations to process unprecedented amounts of data in the ultimate pursuit of growing and expanding their commercial footprints. Companies and brands that can effectively anticipate future requirements are better positioned for future market performance.
- Certain industries such as logistics and transportation can gain clear benefits by implementing machine learning technologies. Vehicles can be fitted with digital devices and transmission systems that generate data regarding the performance of vehicle systems and sub-systems. Analysis of such data can help vehicle designers and engineers to refine and improve the performance of each vehicle over time. Higher mileage from each vehicle and fewer maintenance hours can help these businesses to earn larger profits.
- Machine learning algorithms can help the banking and insurance industry to spot and prevent instances of fraud. Certain insurance service providers are using the technology to scan the faces of loan applicants and insurance policy applicants. These algorithms have access to huge databases that enable them to detect any scope or intent of fraud ahead of time. Thus, machine learning systems help these service providers to expand the scope of their business while cutting scope for malfeasance and thereby reducing losses. Such use of machine learning technologies is expected to gain momentum in time.
- Artificial intelligence technologies and machine learning algorithms are helping businesses to make decisions that are more efficient. Retailers can use these technologies to analyze sales data from the past and other points of market information to control their inventories and supplies. This approach removes the scope of guesswork in certain aspects of business operations while creating scope for efficient operations and greater profits.
Related Article : Skills Required to Learn Machine Learning