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Machine Learning Is Saving Major Sectors Time and Money

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Machine Learning has come a long way since the advent of technology. It helps businesses to analyze complicated data and reveal hidden patterns by identifying user preferences. Here's how Machine Learning is saving time and money in various companies.

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Machine Learning Is Saving Major Sectors Time and Money

  1. 1. How Machine Learning Is Saving Major Sectors Time And Money
  2. 2. rockinterview.in How Machine Learning Is Shaping Our World Artificial Intelligence has come a long way since the first machine learning software was developed in 1972. Machine Learning is a branch of Artificial Intelligence that is helping businesses analyze bigger and more complex data to uncover hidden patterns, identify customer preferences. We now interact with different forms of machine learning every day. Some ways in which AI is touching our lives include: Interacting with a customer service chatbot to get answers to your questions. Helping self-driving cars to navigate complex roads. Controlling road traffic on our over crowded roads. Detect frauds in banking transactions.
  3. 3. rockinterview.in 5 Industries leveraging Machine Learning
  4. 4. rockinterview.in How Machine Learning Is Transforming Healthcare Machine Learning is helping establish patient diagnosis based on answers to a set of pre-populated questions. This eliminates the need for doctors to diagnose every patient that visits them. Drug Research and Discovery is another important application of AI in healthcare. AI has the potential to significantly cut the cost and time to bring new drugs in the market. Machine Learning can also be used to analyze data from consumer wearables and other medical devices to better understand the day-to-day patterns of their patients to promote a healthy lifestyle and early detection of diseases. According to a Juniper forecast, the success rate of bot interactions in the healthcare sector (those completed without relocation to a human operator) will move from 12% currently, to over 75% in 2022.
  5. 5. rockinterview.in Saving Time And Money In Financial Sector It is a well-known fact that financial services sector uses machine learning to identify fraud by analyzing spending patterns, location and client behaviour. Machine Learning is also used to identify trading or investment opportunities, manage portfolios based on customer’s profile and risk tolerance. Another lesser known opportunity that machine learning has opened up is in automating repetitive and mundane tasks just like JP Morgan Chase & Co. JP Morgan Chase & Co., a financial services company has created a new software using machine learning which interprets commercial-loan agreements in seconds. This parsing of financial deals used to consume 360,000 hours of lawyers and loan officers time earlier.
  6. 6. rockinterview.in Personalisation And Customer Service For Retail And E-commerce Machine Learning is helping businesses that operate solely online or offline or in a hybrid way that allows customers to shop both online or in a brick and mortar store. On the e-Commerce front, Machine Learning is being used to recommend the right product at the right time to a customer based on their online behaviour. Customer Data is used to identify customer segments that have similar traits for segmentation and enhanced targeting. Machine Learning is also used for Price Optimization by taking into consideration the location, buying preferences of customers, seasonality, and competitor prices. According to McKinsey Global Institute, AI has the potential to provide a boost in additional value above and beyond traditional analytics technique in the Retail sector by 87%
  7. 7. rockinterview.in From Self-learning Cars To Better Vehicle Maintenance Automotive Industry is adopting machine learning to improve their operations, marketing and customer experience. Automotive manufacturers can monitor and share information regarding potential vehicle or part failures with dealerships thus, reducing the maintenance costs. Machine Learning is also being used to offer better personalization and personal assistance. The user’s personality traits can be used to create user profiles which when combined with speech recognition can be used to offer unique experiences. Jaguar Land Rover are developing technology to create world’s first self-learning car. The car will learn the driver’s habits and preferences such as if they listen to a radio station and implements the choices automatically.
  8. 8. rockinterview.in Machine Learning Makes Farming Smart And Precise Farming is becoming smarter with Machine Learning. Precision Farming which uses real-time and historical data to make decisions such as how much pesticides to use, finding and eliminating early signs of diseases. Machine Learning is also helping farmers predict yield and crop quality. Crop yields can be predicted based on historical data about crops, weather along with computer vision technologies. Diseases and weed can be detected in the crops at low cost without any environmental issues based on field images. A vegetable picking robot that uses machine learning to identify and harvest lettuce, which is a commonplace, but challenging, agricultural crop has been developed by engineers.
  9. 9. rockinterview.in Conclusion Any company that deals with a large enough data set can use Machine Learning to make predictions, gain insights and improve relationships with customers and suppliers. Machine Learning is expected to play a more prominent role in our day to day lives. Machine Learning is a specialised skill and developers who learn about it can not only get paid well, but also help businesses save time and money.
  10. 10. rockinterview.in Sources https://www.juniperresearch.com/press/press-releases/chatbots-a-game-changer-for-ba nking-healthcare https://www.bloomberg.com/news/articles/2017-02-28/jpmorgan-marshals-an-army-of-d evelopers-to-automate-high-finance https://www.mckinsey.com/featured-insights/artificial-intelligence/notes-from-the-ai-fronti er-applications-and-value-of-deep-learning https://www.landrover.com/experiences/news/self-driving-car.html https://www.sciencedaily.com/releases/2019/07/190707215819.htm

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