+1 970 315 1300 career@folksit.com
  • 15-Sep-2022 11:29 pm
  • 54 Viewed

ML is growing rapidly because of emerging new computing technologies, and people can get a job as a machine learning engineer if they pursue a machine learning course. The course will let you know about python machine learning and AWS machine learning. You can get many machine learning jobs besides ML engineers.

What is Machine Learning?

Machine learning in business can help increase the scalability of enterprises and improve the performance of companies worldwide. Artificial intelligence tools and many ML algorithms have gained immense popularity among business analysts. Factors such as increasing data volumes, easy access to data, cheaper and faster data processing, and data storage availability have led to a huge boom in machine learning. Therefore, companies are now benefiting from understanding how to leverage machine learning and implement it in their processes.

Amidst the hype around Big Data, artificial intelligence and machine learning (ML), companies have started exploring the business applications and benefits. Many people have heard of ML but don't know exactly what it is, what business problems it solves, and what value it can bring to their business.

AI and ML have gained popularity in recent years after Google, Amazon and Microsoft Azure launched their cloud platforms. Surprisingly, we've all seen ML without realizing it. The most common cases are spam detection by email service providers and image or face tagging on Facebook. Gmail detects selected words or articles to filter spam, while Facebook uses pattern recognition (face recognition) to tag uploaded images automatically. Artificial intelligence and ML offer many benefits to businesses. In this article, we will discuss some of them.

Benefits of Machine learning

Machine learning has many benefits, and many businesses have started using it for their progress and growth. Let us see how machine learning is beneficial for businesses.

Sustainable forecasting value for customers

Predicting customer lifetime value and customer segmentation is one of the key challenges facing retailers today. Enterprises have access to large amounts of data that can be used effectively to derive meaningful insights. ML and data mining can help enterprises predict customer behavior and habits and send the best offers to individual customers based on their browsing and shopping history.

Attentive Maintenance

Industrial enterprises regularly undergo preventive and corrective maintenance, which can be costly and often ineffective. However, companies in this industry can use ML to discover important information and patterns hidden in equipment data. This is known as predictive maintenance, which reduces the risk of unexpected failures and eliminates unnecessary costs. ML architectures can be built using historical data, workflow visualization tools, scalable analytics environments, and feedback loops.

Eliminate Manual Data Entry

Duplicate and inaccurate data are some of the biggest problems that enterprises are facing today. Predictive modeling and ML algorithms can virtually eliminate errors caused by manual data entry, and machine learning applications simplify these processes by leveraging the data they uncover. This allows employees to spend as much time as possible on tasks that benefit a business.

Spam Detection

Machine learning has long been used to detect spam. Traditionally, email service providers have used rule-based methods to filter spam. Today, spam filters use neural networks to develop new rules to detect spam and fake messages.

Product Recommendation

Unsupervised learning facilitates the development of product recommendation systems. Today, most e-commerce websites use machine learning to recommend products. In this case, Machine Learning algorithms use a customer's purchase history combined with an extensive product catalog to identify hidden patterns and group similar products. These products are then recommended to the customer for purchase.

Financial Analysis

With a wealth of quantitative and accurate historical data, financial analytics can now be performed using Machine learning. ML is already being used in finance for portfolio management, algorithmic trading, credit underwriting and fraud detection. However, future applications of ML in finance will include Chabot and other conversational interfaces for security, customer service and sentiment analysis.

Image Recognition

Image recognition, also known as computer vision, extracts numerical and symbolic information from images and other multidimensional data. It includes data mining, ML, pattern recognition, and knowledge discovery in databases. ML is an important aspect of image recognition and is used by companies in many industries, such as healthcare, automotive, etc.

Medical Diagnostics

Advanced medical diagnostics have helped many healthcare providers improve patient health and reduce healthcare costs through the use of better diagnostic tools and effective treatment options. Today, it is used in healthcare to make near-accurate diagnoses, predict readmissions, make medication recommendations, and identify high-risk patients. These predictions and conclusions are based on patient data and symptoms.

Improving CyberSecurity

Machine learning can be used to improve an organization's security, and cybersecurity is one of the key issues which ML can easily resolve. ML enables a new generation of providers to develop new techniques to quickly and effectively detect unknown threats.

Improve Customer Satisfaction

ML can help increase customer retention and provide superior customer service. This is achieved by using call records to analyze customer behaviour, on the basis of which their needs are routed to the most appropriate customer service personnel. This significantly reduces the cost and time spent on customer relationship management. This is why large organizations use predictive algorithms to recommend products to their customers.

Real-time Business Solutions

Businesses depend on accurate information to make the right decisions at the right time. In today's connected world, getting the right information from ever-changing big data would be impossible without modern technology. With machine learning, businesses can transform big data into useful knowledge and information. This information can be integrated into daily business processes and operations to respond to changing market needs or business conditions. Companies using machine learning can therefore stay ahead of the competition and take proactive measures to maintain their competitive advantage in real-time.

Comparison of Machine Learning with Other Technologies

Let us compare deep learning Vs. machine learning and machine learning Vs. AI.

Deep Learning Vs. Machine Learning

Machine learning is a subset and application of artificial intelligence that allows systems to learn and evolve based on their experiences, even if they are not programmed. Machine learning uses data to learn and determine accurate outcomes. Machine learning focuses on creating computer programs that learn from data.

Deep learning is a subset of machine learning and uses recurrent neural networks related to artificial neural networks. The algorithms are built in the same way as machine learning but consist of several layers of algorithms. These algorithmic networks are collectively called artificial neural networks. Simply put, all neural networks are connected to the brain so that they replicate in the same way as the human brain, which is the essence of the concept of deep learning. Algorithms and procedures solve all complex problems.

Machine Learning Vs. AI

Artificial intelligence is as important as a science like mathematics or biology. It studies how to create intelligent programs and machines that can creatively solve problems that were once the responsibility of humans.

Machine learning is a subdiscipline of artificial intelligence that enables systems to learn and evolve automatically based on experience without direct programming. ML uses various algorithms (such as neural networks) to solve problems.

Wrapping Up

These are some of the major benefits of machine learning. Businesses are implementing machine learning in their processes because they need to process a lot of data. This data can then be used to make various decisions. Machine learning helps to collect all the data from various sources and shows it in one place.

FolksIT team is always happy to share the industry trends, latest technology, and software updates and news. Get the latest information just by bookmarking our blog.

Share On