Machine learning has quietly entered our lives and has become an integral part of our day-today activities. It has become the new white noise that we don’t even realize its presence.
All of us use online platforms to access our emails at-least a dozen times a day. Do we spare a thought as to how the unsolicited emails or spam is filtered out? It is the machine learning algorithms at play. Similarly, the search engines we use to conduct online search, use machine learning algorithms to rank the pages and display the results. When we shop online, we are shown various other products that we may be interested in. This is based on our browsing and shopping behaviors. Machines connect these behavioral patterns to recommend relevant products. Then there are the voice assistants and the self-driving cars. There’s still more—machine learning is all set to disrupt the way you cook. More on this in the next post.
Apart from disrupting our daily lives, machine learning has been embraced with open arms by businesses across industries and sectors. Manufacturing, Energy, Oil and Gas, Healthcare, Aviation, Finance, Retail, and a host of other industries are using machine learning to effectively use all the customer information they possess and put it to good use. Using chatbots powered by machine learning, companies are engaging better with their customers and are assisting them in making instant purchase decisions. This is pretty useful in increasing the sales. Chatbots are increasingly being used to address customer queries and/or grievances in real time, thereby enhancing customer satisfaction.
Machine learning is empowering companies to stop cyber criminals from executing malicious activities that can cause financial losses. Companies can detect and block fraudulent buyers from amongst millions of buyers in a matter of seconds. Governments can minimize wastage of resources and effectively plan sustainable development of their people. Law enforcement agencies can pick up patterns that suggest criminal activity and correlate information from seemingly unrelated sources to build complete digital profiles for monitoring/surveillance and/or proactive action. Similarly, medical practitioners can sift through the medical records of patients in real-time to diagnose the problems and begin the treatment instantaneously, which can prove helpful in saving many lives.
For Competitive Advantage
Machine learning is driven by supervised and unsupervised models. It helps train machines to analyze large volumes of varied data to glean correlations and patterns that are not easily comprehended by humans. Since, machine learning delivers accurate, actionable insights quickly, it enables companies to make real-time decisions and gain competitive advantage.
The article has been written by Neetu Katyal, Content and Marketing Consultant
She can be reached here.