Benefits of machine learning|If you are a popular website, just imagine which are the recent technologies that have created the most buzz? You will mention a few. Artificial intelligence, cloud computing, machine learning, big data analytics etc.
They are the current trending even in business, but not many know about the benefits and applications of these new technologies. In this article, we focus on the benefits of machine learning in the present day.
What is meant by machine learning?
Yes, you have read some articles on the internet, that machine learning can solve business-related problems and this new technology can add value to your business. In fact, in very short terms, machine learning can be best described as a data analysis process which makes use of artificial neural networks to get the job done in the right manner. Let us give the perfect example so that you can understand.
You have a company specializing in laptop repair services in Mumbai. In addition, you have also teamed with the best home improvement company in Mumbai to get more customers. Now, your company being popular, you have a proper customer care service center in place.
The executives attend the calls 24/7. You have installed a chatbot to attend to the queries. So, when a customer calls the helpline, the simple queries will get handled by the Artificial intelligence chatbot, which can act and respond like a human.
The complex queries will get routed to a machine learning chatbot which response by means of artificial neural networks. It can handle even the most difficult questions with precision. Now, do you understand the difference between artificial intelligence and machine learning? Yes, you no doubt, have to note this aspect as one of the benefits of machine learning.
Who does not know about Microsoft, Amazon, and Google? Now, even these brands have launched cloud computing platforms coupled with machine learning. It is stated, that in the future, there will be no servers. All of the data will be stored in huge cloud computing platforms.
Simple Examples of Benefits of Machine Learning
Have you noticed the spam detection feature in the emails? Now, the mail content may come in any form. And the virus or trojans may be embedded in many ways. But still, the mail gets locked in the spam folder. It is because of machine learning. And do you know that this algorithm has the capability to learn on its own? Shall we give an example? Your favorite mail may be Gmail, but it makes use of certain patterns or codes or words in the content on your mail to send it to the spam folder.
The second best example of the benefits of machine learning, you can find in smart CCTV. Let us imagine, you have installed a smart CCTV camera in your home. And only with face recognition, you can gain access. Now you can have a beard or sport an entirely new look. It is because of the various combinations and permutations, done in seconds, that you can gain access.
Enough of examples. Shall we go to the real benefits of machine learning?
Benefits of Machine Learning – Marketing
Let us take the example of your company which provides laptop repair services in Mumbai. Now, you also have a digital marketing team in place. They do make use of review and tracking tools to predict customer behavior. And based on the inputs, you can make changes in prices or offers. The concept is based on machine learning.
Imagine you are a fashion designer in Mumbai. And with digital marketing, you can notice the changes in dress trend. A movie may come, where the heroine worn dress may become a viral phenomenon. If you notice the trend, you can design a dress in tandem with the same and make money.
Or else, you will lose the opportunity. Machine learning can also pinpoint the perfect data needed. For example, you will know the dresses that are worn by a specific age group, the changes in dress done according to weather and many more. This is another benefit of machine learning. In all, prediction becomes easy, and you will keep the new dress ready for the customers.
Benefits of Machine Learning – HealthCare
A diagnosis or medicine given at the right time can save a life. And in recent times, it has been proved, that the cure of a deadly disease can be faster if the symptoms are detected in the first instance.
Let us take an example. You work in a hospital where the machine is designed with machine learning. Being the physician who handles cancer patients, you have to look at numerous reports.
Now, if a person is admitted for the detection of cancer, the analysis has to be very minute. And the machine learning with its artificial neural networks can pinpoint the differences with accuracy. The treatment can then be given as per the requirement. If the patient is in luck, he/she may even get cured.
Benefits of Machine Learning – In the Finance Industry
We have already specified that machine learning can give the perfect result after scanning a lot of factors. Now, imagine the benefits of ML in the finance industry. In stocks, it can predict a crash or profit. Also, for wealth management experts, it can help prepare portfolios of businessmen.
Wrapping Up The Article on Benefits of Machine Learning
There are other benefits also, such as generating content for email marketing, the recommendation of products to the target audience etc. In the future, more day to day activities will involve artificial intelligence and machine learning algorithms or tools.
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