In the past decade, the digital age has taken a leap forward due to the rise of Machine Learning(ML) and its real world various applications. The creation of Machine Learning is a major factor contributing to the development of AI in the commercial sector. This innovation has already revolutionized various industries and professions. With the increasing integration of Smart machines and apps, people are able to easily make faster and accurate decisions in any commercial sector.
Companies are investing 15% of their IT budget on machine learning capabilities, and as of 2017, more than 75% of businesses are investing heavily in Big Data applications. Due to improvements in technologies such as image-recognition, Healthcare Diagnostics and forecasting future trends in the economy, it is safe to say that Machine learning will increase exponentially in the years to come.
Let us understand why it is important to integrate machine learning in the various business sectors and in real time competitive businesses.
The innovative capability of Machine learning (ML) is the main attribute that is responsible for its increased demand in the financial service sector. The potential transform and scale with the transformation is the driving force behind the slow shift of the insurance industry into the Digital age.
Financial entities such as banks, insurance agencies and investors are greatly facilitated in their decision making process through ML.
Customer Delight: By tracking the purchase patterns and consumer behavior, organizations can now provide custom offers specifically for a target audience. Businesses can also have a better understanding of customer satisfaction through machine application applications.
Client Acquisition: Analysis of the User Activity on devices such as smart phone, tablets, laptops and computers can assist in spotting any unwarranted action such as account forfeiture.
Industry leaders in the online retail sectors such as Amazon, eBay and Alibaba, greatly rely on ML algorithms which provide personalized user experience.
Suggestions Online: Based on the previous purchase patterns and analysis of the user account activity, retailers are able to offer personalized suggestions and new recommendations.
Service and Delivery: Smart machines enable large companies to optimize response time, which are otherwise crippled due to shortage of resources/manpower. ML enables departments to decipher and understand the user’s intention and purpose of the emails, and also to prioritize certain tasks in the delivery chain in order to ensure continued customer satisfaction.
Data Science Sector
Market Analysis is crucial in determining the shift in consumer trends and changes in buying behavior. Marketing analysis now simplified and comprehensible for quicker executions in daily operations.
- Smart machines can now be configured to track the volatility in the trading Eco-system, ease asset management and help in managing wealth on behalf of the investors with maximum damage control quotient. Analysis of numerous data-sets, risk assessments, insurance underwriting and loan assessments are some of the benefits that come along with implementation of smart machines.
- Competitive Edge: This is perhaps the most obvious reason to advocate the importance of ML and AI in modern trade and commerce sectors. As businesses integrate ML with daily activities that will allow executives to gain an innovative & competitive edge and also paves way to experiment innovative business models that are tailored to any specific customer profiles.
The internet of things and data analysis are few of the critical aspects of AI which can be capitalized extensively by the organizations in the health care sector
- Health monitoring Systems : With the help of machine learning, doctors are now able to closely monitor the health of the aged/disabled people and are now also equipped with the ML algorithms that will ease the process of spotting potential anomalies in the health of the patients.
So for all the corporate execs and IT managers out there, ML algorithms and machine learning technologies offer exciting and innovative mediums to build smart and interactive business models that scale along with the rapidly changing digital economy of the modern world. If you are interested in app development, focusing on AI integration, feel free to reach out to Magure Softwares. The team at Magure Softwares have worked on the development of various applications on different platforms and are equipped with the latest tools and techniques in software development.