How is machine learning working for business today?

How Is Machine Learning Working for Business Sectors Today?

AI or Artificial Intelligence is the buzzword of today. Companies everywhere are beginning to leverage this new technology to their advantage.

However, what can machine learning really do for your business? Should your company adopt it now or wait until the future sees more developments before taking the plunge? Machine learning is continually pushing the boundaries of everything we believed to be possible.

The most cutting-edge technology can now learn and adapt at an incredible speed. Investment in AI is at an all-time high. In fact, the IDC has predicted investment in this sector will increase by 2021 to more than $52 million.

This means businesses must move to accommodate machine learning in their digital transformation strategies, and quickly.

Where Should the Focus Lie?

Some companies are focusing on trying to make technology behave in a more human-like way. However, the best way forward at the present time is to harness the other nonhuman skills of computers.

Today’s machines are capable of processing and analyzing huge and complex data sets in mere milliseconds. Now, add the possibility of machine learning into the mix. It’s easy to see how it will create an amazing business intelligence tool that will benefit companies exponentially.

This tool has the capability to crawl complex, ever-growing business data. It can also watch out for trends before analyzing the results and giving solutions and insights.

Clearly, this is something extremely beneficial and powerful for companies of all kinds to harness.

The Importance of Business Intelligence

Industries today are primarily moving forward with forays into AI via business intelligence. Since business intelligence can combine machine learning with big data analytics, it can really work for businesses in many sectors. Some sectors that have already harnessed the potential of this powerful combination include financial services, retail, and health care.

How Are Financial Services Benefiting?

The financial services industry is a sector that is extremely data-rich. All customer transactions and engagements create data. Then, companies must analyze these effectively if they are to boost customer satisfaction and services.

When financial companies utilize machine learning, they can spot customer behavior patterns. From investing to saving and spending, they can analyze existing trends and, then, offer customized products and advice.

The result is customers enjoy a much more personalized banking experience. Financial institutions, meanwhile, benefit from better customer relationships.

The Retail Industry Achieves Greater Satisfaction

For retailers, it’s vital to be able to gather customer data and, then, leverage it to improve satisfaction and sales. Gathering information of this kind is now expanding throughout the retail sector, with companies looking toward machine learning. It can help to quickly determine the best times for offering discounts, changing products or revising pricing.

A good example of this is Uber’s use of traffic, event, and weather data to determine prices in real time. Machine learning allows companies to spot buying trends over different time spans, demographics, and geographies. As a result, a business will be able to better understand its customers and anticipate their wants and needs.

Then, the business can harness that new knowledge to drive up sales and increase revenue.

Machine Learning and The Health-care Sector

In the health-care industry, machine learning is now being harnessed to help medical diagnoses. As an example, Stanford University has developed an algorithm to diagnose skin cancer.

It is capable of learning from imaging and data that programmers give it. Elsewhere in the medical sector, machines are now being taught to study imaging. Then, they can use that information to identify any abnormalities or potential issues.

Machine learning is also starting to improve pharmaceutical development and clinical trials. It can comb data sets from many sources, such as studies, laboratories, and institutions.

Then, it can use that information to help identify potential issues or success factors.

The Power of Smart Machines

Machines are not yet capable of fully replacing humans in the workplace. However, they are starting to play a more important role.

Machine learning can analyze data and turn it into vital answers. It is no wonder that many business leaders are contemplating where they should start when it comes to machine learning. After all, it holds a wealth of opportunities for companies to personalize their services and to improve their revenue.

It’s clear there is plenty of data for businesses today to explore and analyze. However, today’s business intelligence tools and smart machines hold the answers for modern companies.

Looking toward machine learning as part of a digital transformation strategy is becoming the only way forward for success.

The iCentric Agency specialize in advising, developing and supporting digital transformation software solutions for aspiring businesses.

You can read more about us at www.icentricagency.com and more about our success stories at https://icentricagency.com/stories