Is Machine Learning Changing Businesses for Good? Three Use Cases

The human mind essentially learns and unlearns from ambient experiences, in contrast to the computer systems that work on phased, proactive instructions. But computers and machines today are mirroring human learning patterns…

There is demonstrated transcendence vis-a-vis human thought application as witnessed with advanced, new Computer-based Machine Learning algorithms that construct mathematical models and foresee the future with historical business datasets. 
Just overview every industry sector this day.

Most of them have welcomed Machine Learning into their operational strategy. Case in point, in the 21st-century Machine Learning (ML) has found its rightful home in Chatbots on websites, Personal Digital Assistants like Alexa, Re-targeting Ads from Amazon, Food Delivery time estimations by Uber Eats and more.

Why ML-led Business?

• Machine Learning has chipped in the personalization brain for better customer engagement.
   
• ML-based workflow automation has reduced the duplicates in tasks.
   
• We are on the discovery road to adaptive company strategies - with volumes of daunting data that’s suddenly gotten oh-so-predictable. 

If you’ve been thinking of translating the famous ML data tools to revenue realities with a Machine Learning Career, we have three on-ground examples; putting in a good word.

Machine Learning in Healthcare: The Pfizer Story

Pfizer, the pharma giant has pooled resources with IBM’s Machine Learning intelligence tools for  its Immuno-oncology Research. Their end goal is to identify how one’s immune system can help ward off cancer cells. 

• Machine Learning algorithms and Natural Language Processing (NLP) techniques are being used to slice and dice a million counts of patient data, at unbelievable speeds, for reliable treatment suggestions.
   
• ML has even made its way into scientific laboratories for drug and vaccine development. It can identify rare-illness patient symptoms, and also improve vaccine delivery supply chains.

Machine Learning in Fashion:

The H&M Proof Leading fashion retailer H&M reported nearly $4 Billion of unsold inventory in 2018. They sought help from Machine Learning to improvise their brand marketing and avoid an overstocked inventory scenario.

In a Stockholm H&M outlet, applied machine learning discovered that the store did not tap into the demographic that showcased most brand stickiness. The largest segment of the store’s consumers were female! But, with a half-baked strategy, the store was rather stocked upon Men’s and Children’s clothing instead. 

• To solve this, the Stockholm H&M store began stocking on the Women’s collections proactively, while introducing the current womenswear trends on the floor.

Machine Learning in Finance – The Feedzai Effect

California-based Feedzai, a data science company provides risk management and security solutioning for financial services, retail platforms and e-commerce businesses.

• At Feedzai, Machine Learning was used to nab fraudulent transactions, money laundering activities and control financial crime rates.
   
• As per a case study, Feedzai has helped a prominent United Kingdom bank to reduce losses due to fraudulent transactions - by over $20 Million!

The Future of Machine Learning in Business

Machine Learning (ML) is transforming the way businesses operate. It helps organisations automate tasks, improve decision-making, and enhance customer experiences. As more industries adopt ML, its impact will continue to grow. However, businesses must also be mindful of important challenges, such as following legal rules, addressing ethical concerns, and keeping up with new technology.

In the future, we can expect more rigid AI regulations to ensure responsible use of ML. Organizations are also focusing on making ML models more transparent so that people can understand how decisions are made. Additionally, ethical guidelines for AI will become an industry standard, ensuring fairness and accountability in ML applications.

Want to Start a Career in Machine Learning?

So, if you’ve been captivated by the fascinating ML technology like me, and wish to pursue a Machine Learning Career to that effect, you can explore UniAthena’s Basics In Machine Learning and Essentials Of Machine Learning Short Courses to get your Midas data touch!

Sources:

• https://emerj.com/ai-sector-overviews/artificial-intelligence-at-pfizer/
• https://builtin.com/artificial-intelligence/machine-learning-healthcare
• https://www.intelistyle.com/fashion-machine-learning-applications-and-examples/
• https://builtin.com/artificial-intelligence/machine-learning-finance-examples