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.

1. How Machine Learning
Is Saving Major Sectors
Time And Money

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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.

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5 Industries leveraging
Machine Learning

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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.

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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.

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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%

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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.

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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.

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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.

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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