Updated: Jun 14, 2020
We are all familiar with machine learning in our everyday lives. Both Amazon and Netflix use machine learning to learn our preferences and provide a better shopping and movie experience.
Artificial intelligence (AI) has stormed the world today. It is an umbrella term that includes multiple technologies, such as Analytics, machine learning, deep learning, and computer vision, natural language processing (NLP), machine reasoning, and strong AI.
Organizations are using machine learning for various insights they want to know about consumers, products, vendors and take actions which will help grow the business, increase the consumer satisfaction or decrease the costs.
Here are some top use cases for machine learning:
Predicting & preventing cyber-attacks: With WannaCry making havoc in many organizations, machine learning algorithms have become extremely important to look for patterns in how the data is accessed, and report anomalies that could predict security breaches.
Algorithmic Trading: Today many of financial trading decisions are made using algorithmic trading at higher speed, to make huge profits.
Fraud Detection: This is still one of the key issues in all the financial transactions. With the help of deep learning/artificial intelligence, the identification and prediction of frauds have become more accurate.
Recommendation Engines: In this digital age, every business is trying hyper-personalization using recommendation engines to give you a right offer at right time.
Predictive Maintenance: With embedded sensors as the Internet of Things, many of the heavy industrial machinery manufacturers are applying machine learning to predict the failures in advance, to avoid the costly downtime and improve efficiency.
Text Classification: Machine Learning with NLP is used to detect spam, define the topic of a news article or document categorization.
Predict patient’s readmission rates: By taking into consideration patient’s history, length of stay in hospitals, lab results, doctor’s notes, hospitals now can predict readmission to avoid penalties and improve patient care.
Imaging Analytics: Machine learning can supplement the skills of doctors by identifying subtle changes in imaging scans more quickly, which can lead to earlier and more accurate diagnoses.
Sentiment Analysis: Today, it is important to know consumer emotions while they are interacting with your business and use that for improving customer satisfaction. Nestle, Toyota is spending huge money and efforts on keeping their customer’s happy.
Detecting drug reactions: With Association analysis on healthcare data like-the drugs taken by patients, history & vitals of each patient, good or bad drug effects etc; drug manufacturers identify the combination of patient characteristics and medications that lead to adverse side effects of the drugs.
Credit Scoring & Risk Analytics: Using machine learning to score the creditworthiness of cardholders, defaulters, and risk analytics.
Recruitment for Clinical Trials: Patients are identified to enroll into clinical trials based on history, drug effects
With today’s advanced cognitive computing capabilities, image/speech recognition, language translation using NLP has become a reality which is used in very innovative use cases.
Machine learning is nothing new to us but today it has become the brain of digital transformation. In future, machine learning will be like air and water as an essential part of our lives.