Problem Solving in Businesses with Machine Learning and AI

What is Machine Learning?

Machine learning in simple terms is a kind of artificial intelligence (AI) that enables software applications to become more accurate when predicting outcomes without being explicitly programmed to do so.

Over time, there have been ads for machine learning and artificial intelligence everywhere, most depicting what can be achieved in all fields, including problem-solving techniques. Artificial intelligence is the force driving the future of tech and machine learning is just one of the many ways.

Below, we will look at some solutions machine learning and AI provide.

Machine Learning Sorts Things into Categories.

This is known as classification. Visitors to your websites can be grouped into buckets based on their click patterns, giving you an idea of their various interests and helping you make business decisions. If given some personal data, machine learning can group them into having an illness or not. Network traffic can be deemed malicious or not, and emails can also easily be classified as spam or not. Machines which are likely to fail soon can be identified and maintenance performed prior to failure based on vibration, current consumption or other measurements.

Face Detection

It is very challenging to come up with a set of rules that would enable machines to detect faces, taking into consideration all the varying skin colors, angles of view, hair, facial hair, etc. But an algorithm can be trained to detect faces. Many tools for facial detection and recognition are open source.

Fraudulent Transactions

Fraudulent banking transactions are very popular in today’s world. But it is not possible considering cost and efficiency to follow-up on every transaction for fraud, resulting in a poor customer service experience.

Machine Learning in finance can auto generate highly accurate predictive maintenance models to figure out and prioritize possible fraudulent activities. Organizations can then build a data-based queue and look into high priority incidents.

Demand Forecasting

The concept of demand forecasting is applied in several industries, from retail and e-commerce to manufacturing and transportation. Historical data is fed to Machine Learning algorithms and models to predict the number of services, products and more.

It enables organizations to effectively gather and process data from the entire supply chain, reducing overhead and increasing efficiency.

Machine learning highly applies in several areas of business problems and solutions. Machine learning business problems can be resolved using a variety of learning patterns and techniques that are achievable with continuous learning or trial and error.

Speech Recognition

There is no single combination of sounds to specifically signal human speech. Pronunciations differ among persons, but machine learning can figure out speech patterns and help in converting speech to text.

Entertainment

People have different tastes, and they change with time. Large entertainment companies use engagement and viewer ratings from a large collection of items i.e., products, songs, to gauge what a particular user might want to purchase, watch or listen to next.

However, to deploy machine learning accurately in your company, it is necessary to have a trustworthy partner with deep-domain knowledge. The most successful enterprises of the future will likely be those which best adapt to the new capabilities of machines and blend them with parts of the enterprise that are uniquely human.

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