Machine Learning Uses Businesses Should Take Note Of
In recent times, digitalization has revolutionized the ways businesses operate. As we look towards the future, machine learning will make as much if not more of an impact. With this in mind lots of modern companies offering artificial intelligence solutions encourage industries to recognize machine learning’s potential and think big about the opportunities it offers for the growth and delivery of better service experience to their customers. Let’s take a look at the noteworthy applications of machine learning you may want to adopt to get your business to the next level.
- To explore other benefits machine learning may present to your business, read the full article here.
Fraud Detection
Machine learning enables computers to learn without being explicitly programmed and has valuable applications right across the world of financial services. A good example is in the bank’s fraud and risk department. Here the field of fraud detection has historically used ‘if…then’ rules. If a credit card is used abroad, then a cardholder receives a message asking them to verify their identity. Machine learning enables the industry to move away from this in favor of a more sophisticated approach. By giving machines access to customer data relating to both fraudulent and normal together with their age, location, transaction history like typical transactions and their frequency, and other information collected by a bank, machine learning can identify more reliable patterns and build up a clearer picture of transactions that are likely to be fraudulent. Better information about fraud enables greater accuracy in its identification, which in turn enables a bank to enhance both its service and its customer experience.
Beyond fraud, however, machine learning has many other useful applications.
Image Recognition
The neural network takes a default library of images. To distinguish one thing from another, the system needs to analyze each image pixel by pixel and figure out what features are characteristic of this or that object. Thus, machines learn to identify images and discern between objects. Each neuron arrives after a conclusion after analyzing and validating an image’s content. The network in its turn ties up these results with the conclusions made by other neurons and finally offers a thorough analysis. A great example of this is the facial recognition technology, which allows identifying and grouping people’s faces with high accuracy. Such technology comes in handy for a variety of industries, including security, marketing, financial, automotive, and engineering sectors.
Social Media Analysis
Machine learning can analyze millions of posts on a variety of social media platforms. It can scout for required information, read through posts, scan images, and check out updates. Machine learning enables systems both to recognize the direct meaning of the words and understand connotations behind them. This makes it possible for businesses to conduct thorough sentiment analysis and reach desired audiences more efficiently. What’s more, machine learning goes a long way towards helping businesses to stay ahead of the curve, monitor their products’ popularity, brand health, keep up with clients’ feedback, and improve their online reputation.
Smart Assistants
With machine learning, smart assistants can analyze personal data, process voice requests, automate daily chores, and adapt to ever-changing user needs. Smart assistants collect required data to enhance their pattern recognition skills and thus help users to cope with everyday tasks and solve problems in a more efficient and timely manner.
Upgrading SEO Strategies
It’s a rare online business that doesn’t want to drive more traffic to their websites or social media accounts. To improve their Google rankings, brands often resort to dubious strategies unaware of machine’s learning. Not to fall into the same trap, you may boost your ranking by harnessing machine learning’s potential right now. Machine learning algorithms can analyze user habits and preferences after analyzing search statistics. The rating algorithms don’t rely on mega tags and keywords as compared to SEO services. By taking in the context of the page, machine learning will help you better understand the interests of your target audience and establish meaningful and long-term connections with them.
Ability to Recognize Dynamic Speech Patterns
Your users may use slang, dialects, and idioms. To stay flexible the system needs to learn all these altered versions. This is where machine learning comes in. Unlike its human counterparts who are physically unable to teach millions of speech variations to software, machine learning offers avenues to complete this task. If the system trains itself, the task becomes more manageable.
They are only some of the benefits your business can reap if you employ machine learning techniques. There is much more to this branch of AI that cannot be covered in one article. With machine learning changing people’s lives on a day-to-day basis, even more uses and applications will emerge soon and will bring more opportunities for businesses. Make sure not to miss out on them!
