Although it sounds like a futuristic feature, and at first glance, not something really relevant to your company, machine learning can help enhance your business’ scalability and improve your business operations. In fact, businesses on a global scale are eager to know about the applications and benefits of machine learning and how it can help them improve their business. Thinking about the possibility of advancing your business and delivering more improved services to your customers? Or simply wondering how can machine learning help you access better insights into your customer base? We are here to help.
What is Machine Learning?
First introduced in the late 1950s by IBM researcher Arthur Samuel, machine learning was, among its other applications, used in a game of Checkers. Since then, this type of technology has developed significantly, and its application is widespread. But what is really machine learning?
In simple terms, it is the study of algorithms and models which enable computers to perform tasks without having explicit instructions. It does what humans and animals naturally do, learn from experience by the information they have acquired or have learned from the external environment. The aim of machine learning is to enable computers to learn automatically and perform actions without human intervening or assisting in the process.
As a discipline of Artificial Intelligence (AI), machine learning can predict the system output without previously knowing the system behaviour model. This is possible due to the ability of algorithms to simulate human learning capabilities, process the information within the system and create a knowledge base. This essentially means they improve automatically through experience and can provide precise output established on new input.
Seeing how this type of technology is reaching the stage of maturity, business organizations can take advantage in many ways.
How Does Machine Learning Benefit Businesses?
The reduced cost of data storage has opened up opportunities for organisations to access large volumes of data. Owing to Machine Learning technologies these substantial volumes of data that conceal the patterns of valuable knowledge that can lead to sizable profits are now attainable to businesses.
Machine Learning is not for big corporations to use only. Small startups can also use Machine Learning through services such as cloud computing, for example. This would allow them to supply their end-users with more developed and improved services with no prior investment into the essential infrastructure resources.
So far, there are multiple areas where the Machine Learning is established as a vital technique to find solutions in areas such as these:
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Computational finance In the field of computational finance, Machine Learning can be used to give input in areas such as credit scoring, algorithmic trading, portfolio management, loan underwriting and fraud detection. This technology can also be of use if you want to detect any anomalies and nuances.
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Image processing and computer vision Machine Learning techniques allow you to gain insight into face recognition, motion detection, and object detection.
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Computational biology The application of Machine Learning in the field of computational biology is vast. It ranges from tumour detection, DNA sequencing to drug discovery and more. Machine Learning technology can help facilitate accurate medical predictions and diagnoses.
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Energy production Practical use of Machine Learning techniques when it comes to energy production spans from determining the price to load forecasting.
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Automotive, aerospace and manufacturing In the automotive, aerospace and manufacturing industry, machine learning helps with the predictive maintenance, hence lowering costs and enhancing security.
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Natural language processing Our smart devices that function via voice recognition are powered by Machine Learning technology. These include, but are not limited to voice search, voice in biometrics, text processing using voice, virtual PC assistants and more.
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Marketing and Sales departments Customer segmentation might pose a real challenge to the marketing and sales departments nowadays. With all the information acquired through lead data, website visitors and email campaigns, marketers can easily deliver accurate predictions for incentives and individual marketing offers with the help of machine learning techniques. Wondering how? Think about knowing which users to market to in order to drive the conversion of your trial period users into paid customers. Or knowing the right product to recommend to the right user in order to convert them into the paying client. Yes, all of this can be done with the help of behavioural patterns provided by the machine learning technology.
When Should You Use Machine Learning?
With the possibility to find the natural patterns in data and as a result, give you an insight that allows you to make an informed decision and excellent predictions, the use of Machine Learning technology has a wide range of possibilities and applications.
But when should you consider employing Machine Learning technology as a resource? Think of situations where you are presented with complex tasks or problems that involve a large amount of data accompanied by a large number of variables, with no available formula or equation. Here are some circumstances where Machine Learning technologies can help you out.
- Situations where the handwritten rules become too complex to handle. Think of face recognition or speech recognition.
- Situations where the rules of the given tasks are continuously changing. The example would be detecting fraud in transaction records.
- Situations where the nature of the data continues to change. This would entail predicting shopping trends, forecast of the energy demand, automated trading and many more.
How Can netboxify Help Your Business with Technologies such as Machine Learning
Here at netboxify, we pride ourselves in taking the necessary steps in bringing the innovative solutions to businesses, big or small. Integrating Machine Learning technology can be vital to your business’ advancement and survival in the economy such as this. If you think your business can profit from insights provided by Machine Learning technology, contact us and we’ll gladly evaluate all the Machine Learning technology applications and benefits to your business and help you integrate.
