8 Industries Making the Most of Machine Learning Applications
The AI transformation is here and it is making its way into every industry
It’s quite a stupendous achievement by data scientists to predict the future behaviours and actions with the help of Machine Learning and Artificial Intelligence. Businesses have been proactive in leveraging the power of Machine Learning in order to boost their revenues. Here are five industries in which Machine Learning applications are making a great difference.
Machine Learning Applications in Healthcare Industry
Healthcare industry has made a paradigm shift in healthcare industry. Several reports coming from the industry suggest that machine learning and artificial intelligence have made its impact felt in robot-assisted surgery, virtual nursing assistants and administrative workflow assistance. Diagnosis is another aspect where machine learning has made a great impact. Wearable devices and sensors laced to track your every move, every calorie has helped healthcare professionals analyse date and improve treatment processes.
Machine Learning Applications in Financial Service Industry
Financial institutions like banks and finance consulting firms are making the most of machine learning for two major purposes: Collect data and identify key patterns & insights, and to prevent scams & fraudulent financial activities. Insights can help in promoting investment opportunities and help traders with time and details of companies to invest in. Data mining can play a crucial role in tracking financial history of profiles or employ cyber surveillance to catch any signs of fraud.
Machine Learning Applications in Travel Industry
It’s an interesting segment where machine learning finds diversified usage. GPS has become the mainstay in short as well as long commutes. With the help of machine learning, one can get predicted data on traffic depending on the speed and current location. Estimating the cost of ride while booking cab through mobile apps is possible because of machine learning.
Traveling is also a personal experience. Machine learning and artificial intelligence can help in offering highly customized offers and suggestions based on user experience. It is estimated that 85% of queries in customer care in travel are recurring, which can be automated through natural language processing and artificial intelligence learning.
Machine Learning Applications in Marketing and Sales
Marketing and sales are reaping great benefits from machine learning and artificial intelligence. Tracing your purchase history, browsing preferences, search trend and pushing product recommendations has helped boost revenue like never before. Machine learning helps in predictive analysis on the basis of previous experiences, which is ideal in case of marketing and sales. Customers are able to get preferred products and customized offers, which ultimately boosts sales.
Machine Learning Applications in Transportation
Transportation and machine learning are increasingly becoming interlinked. Self-driving cars are in their initial stage but we all know that they are the future. ML and AI are utilised to develop complex algorithms that help in optimising and collecting data from the surroundings in self-driving cars. It helps in making routes, mapping, navigating for the automated transportation vehicle. It also enables computer vision and sensor fusion which play a major role in self-driving cars for contextual processing of the environment. The result is precision in decision-making of these cars on the roads. Companies like Toyota and BMW are constantly working on AI to develop such products.
Machine Learning Applications in Agriculture
The adoption of machine learning and AI will transform the agriculture industry. AI powered robots will help in fulfilling the labour shortage, evaluating the soil, finding weeds, detecting plan health, etc. Robotics will multiply the productivity by detecting and removing weeds and identify the faults in soil. This will help farmers to determine which crops to plant and where should they plant them.
Google has started working on an AI application that detects what type of crops can grow in different fields, detects diseases, and offers measures to cure them. Another effort is by Microsoft and ICRISAT in the form of the Sowing App which helps farmers to manage their crops from time of planting to water management. The result was a 30% increase in yield, for each hectare.
Machine Learning Applications in Social Media
Social media platforms have ingeniously connected with machine learning in order to track your likes, friends, hobbies and much more. Here’s an example. On Facebook, you receive a lot of relevant friend suggestions, which is all possible because of machine learning and artificial intelligence noticing your friends and profiles you visit. Facebook can also instantly recognize your friend and give a prompt suggestion to tag them while you upload any group picture. It’s all because of AI-powered machine learning.
Machine Learning Applications in Customer Service
Conversational chatbots based on AI have become the new face of customer service. By integrating AI in chatbots, companies are able to answer common customer queries without involving human personnel and resolve them within time. Through Natural Language Processing and Machine Learning, chatbots can initiate an interactive conversation with the users and adapt to it on the basis of their responses. One of the first chatbots was used by the famous DJ Hardwell which gave users information about his tour dates, music, and whereabouts.
Machine Learning is here to stay. As it continuously evolves, it will make our lives easier, relevant and comfortable.