Is Machine Learning Changing Businesses for Good? Three Use Cases

ADITI D KOLI
Blog
3 MINS READ
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06 February, 2023

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, as 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 of 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 solution 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!

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

https://feedzai.com/about-us/

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