Introduction to Applications of Machine Learning
Machine learning is a subset of Data Science or Artificial Intelligence where machines learn from previous experiences to make a decision instead of deterministic rule-based systems. In the era of the internet where Petabytes of data is flooded over the second, the application and possibilities of machine learning are endless. From streaming your favorite shows online to stabilizing space shuttles, machine learning is everywhere. In this article, we will discuss the applications of machine learning and data science in various fields of operations.
Applications based on Line of Business
Let’s categorized the uses of machine learning based on the line of business
1. Manufacturing
As an Industry Manufacturing is the backbone of any healthy economy.From optimized resource planning to cut short the time to market, Machine learning is helping the transformation of the manufacturing sector.
2. Marketing
In a world of 25 billion-plus connected devices, machine learning plays a vital role in personalized digital marketing. Ads click prediction, showing relevant Ads to customers, identifying target customers, churn analysis, etc. are important applications of machine learning in the marketing sector.
3. Healthcare
Healthcare is probably the sector, where the impact of artificial intelligence will be miraculous. As a sector historically, healthcare is highly dependent on manual intervention and highly skilled professionals. But in today’s world, machine learning enables us to make data-driven decisions that can prevent diseases, helps in better patient diagnosis, faster root cause detection, etc. Tech giants Google, Facebook, Qualcomm, etc. are investing billions in ML-based healthcare research.
4. Digital Media and Entertainment
Machine learning has tremendous applications in digital media, social media and entertainment. Personalized recommendation (i.e Youtube video recommendation), user behavior analysis, spam filtering, social media analysis, and monitoring are some of the most important applications of machine learning.
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5. E-commerce
Advancements in machine learning is also a key stakeholder in today’s e-commerce transformation. When we are browsing an e-commerce site, we can see personalized recommendations, which is achieved through content-based or collaborative filtering. Probably the availability of large scale user data is what keeps e-commerce giants ahead in the race than retailers. Machine learning is also used in fashion designing.Indian E-Commerce giant Myntra has multiple brands that are designed by deep learning systems.
6. Energy
Energy is one of the core sectors where machine learning solutions are bringing huge differences. Power consumption and requirements prediction, dynamic per unit cost maintenance, hardware lifespan analysis are part of machine learning applications in this sector.It is also being used for managing alternate energy resources.
7. Banking and Financial
In a digital economy, machine learning helps banks and other financial organizations to safeguard from frauds, money laundering, illegal financial detection, identifying valuable customers, etc. It also helps financial organizations with stock market predictions, demand forecasting, offering personalized banking solutions to the customers, etc.
8. Automobile
An automobile is another sector where the impact of machine learning is huge. Almost every automobile manufacturers are using artificial intelligence for optimizing fuel consumption, breakdown prediction and even for self-driving. Tesla, Nvidia, etc. are investing a lot over self-driving cars.
9. Customer Service
Almost every organization is using chatbots for customer services. Chatbots are cost-effective and changing the customer service landscape to a large extent. Automated translation and state of the art text to speech and speech to text systems are helping to overcome the language barrier.
10. Governance and Surveillance
Machine learning is reshaping modern Governance and defense systems. With the help of the state of the art deep learning algorithms and infrastructures, security agencies are now enabled with real-time image detection, drone surveillance, automated social network monitoring, etc.
11. Insurance
As an industry Insurance is sitting on a gold mine of data that is traditionally being used only at the application level. With the help of artificial intelligence and machine learning Insurers are now empowered with valuable insights from the data they possess. Machine learning is being used for faster claims recovery, fraud detection, renewal prediction, churn analysis, etc.From New new business today two transactions, it has the potential of being used at every stage of the policy life cycle.
12. Human Resource Management
Though it is at an early age, machine learning is now also being used to manage human resources. Organizations like Amazon, HDFC bank, etc are using bots and video analytics at various phases of their recruitment process. IBM Watson is also used for human resource optimization.
13. Transportation
While using app cab rides, at some point in time you must have observed the dynamic pricing and surge charges.This is also an application of machine learning. User data is also being used to predict the shortest path.
14. Art and Creativity
Machine learning is no longer being used to automate the mundane jobs for humans, it is also being used for creative purposes. Artistic style transfer, text to image synthesis, automated soundtrack, and video creation, image coloring, social media chatbots, etc. are some of the cool applications of machine learning in this sector.
Trends in Machine Learning
From the beginning of the internet era, the applications of machine learning are increasing exponentially. Let’s look at the world wide google trends for machine learning for the period of 2004 to 2019.
Source: https://trends.google.com
Conclusion
Machine learning and artificial intelligence are no longer science fiction or part of Hollywood movies, it’s applications are everywhere in our day to day life. Every innovation has a positive and negative side, machine learning is also not an exception. Though in this article we discussed mainly the positive applications of machine learning, it can also be used as evil. Deep learning systems like Deep Fakes have a huge impact on human life and privacy. As a growing field of study and applications, the need for strong data governance is also emerging as a necessity.
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This is a guide to Applications of Machine Learning. Here we discuss on Applications based on Line of Business and Trends in Machine Learning. You can also go through our other related articles to learn more-
