Machine Learning (ML) has given a whole new meaning to data. It has, in all true sense, completely transformed the way we look at data and information. Even a minute detail can be very important for a business, and this is what this technology has made us realize. It has also become the foundation of various other new technologies and is supporting them to grow – Artificial Intelligence and Chatbots are the perfect examples.
It has already entered various sectors from healthcare to transportation and even sales and marketing. It is also being used by governments to simplify the way processes and the information is being handled. It just needs to be adopted by more and more organizations to bring a change. Considering the trend, that day is not very far when machine learning enters every business domain.
In this article, we shall discuss few advantages of Machine Learning and areas where it is or can make a huge difference.
- ML is being used to provide a personalized shopping experience by capturing and analyzing customer data. It is indeed the future of Retail
- Agencies like public safety and utilities have sources of data that can be mined for insights. It can generate insight and can be used to provide customized service to end users
- Customer information like past purchases etc is being used by websites to promote similar items
- It is useful in detecting fraud and minimizing identity theft. Sensor data can help identify ways to increase efficiency and save money
- Analyzing data and identifying patterns is what helps in making effective route planning and predicting potential problems
- Wearable devices and sensors are a huge source of data, ML can be used to find potential threats and suggest preventive measures
- Experts use it to identify trends that can help to improve diagnoses and treatment
- ML is helpful in understanding a student’s strengths and weaknesses and developing a plan according to their understanding. Their past results and capabilities can be mapped to provide an effective study routine
Machine Learning can indeed be a game changer and be very useful in proving very useful insights that can prove to be very critical for many businesses. It can help them find their competitive advantage which can help them lead in their respective business domain.