Friday, 6 March 2020

Machine Learning revolutionizing these 3 fields



 
Machine Learning revolutionizing several fields 
Artificial Intelligence is an inevitable part of our future and one of the most utilized practices of AI is machine learning. Every business in every industry wants to use some aspect of machine learning to get ahead in the competition. The growth of machine learning is quite exponential. It’s also quite possible that you are already using some form of machine learning in your everyday life even without realizing its presence.

Machine learning is simply a computer program performing some form of cognition like that of the human brain. It is this aspect that gives the edge to machine learning applications from ordinary computer programs. Using ML (machine learning) computers don’t need explicit commands or instruction to perform a task that humans(us) want them to.  They achieve this by working on the sample data and making predictions or decisions to carry out an assignment. Every application of ML is revolutionizing industries in the ways we cannot imagine. In this article, we will investigate the top 3 applications of ML.

Personal Assistant


I say Hey google at least 5 times a day, and I know many of us are in close contact with Siri, Alexa, and Google.  Personal assistant’s success lies in its ability to learn your pattern of queries, collecting and retrieving answers more suitable to your needs.   You can also ask your assistant to set alarms, read your schedule, send directions or even order something online.

With natural language processing (NLP) which is based on machine learning, assistants can be programmed to process and analyze human language input.  The first step in this process is to let humans communicate with the system in their own language. The second aspect involves in personal assistant understanding the commands and performing the required tasks.

According to Grand View Research, the voice and speech recognition market hit $9.12 billion in 2017. And It’s expected to grow at a compound annual growth rate of 17.2% from 2018 to 2025. The bottom line here is that the market for personal assistant driven by machine learning is growing.  With more companies joining in to make their services accessible with voice recognition ML-powered personal assistants are going to take over most of our everyday personal digital chores.

Sales


By 2020, 30% of all B2B companies will employ AI to augment at least one of their primary sales processes according to Gartner. AI/ machine learning has the potential to eliminate the time-consuming, manual tasks of sales teams and help them spend more time with customers. With ML, we could automate account-based marketing support with predictive analytics. This would support account-centered research, forecasting, reporting, and would be able to recommend things like which customers to upsell first.

Machine learning technologies are good at pattern recognition and enables sales teams to find the highest potential new prospects by matching data profiles with their most valuable customers. Most AI-enabled CRM applications do provide the series of attributes, characteristics and specific values that pinpoint the highest potential prospects.  This helps the sales team to save thousands of hours a year in selecting and prioritizing new prospects.

According to Salesforces’ latest State of Sales research study majority of guided selling adoption will accelerate based on its ability to rank potential opportunities by value.  Machine learning-based guided selling will be based on prescriptive analytics that provides recommendations to salespeople of which products, services, and bundles to offer at which price.  

Manufacturing


According to Deloitte. Machine learning improves product quality up to 35% in discrete manufacturing industries and is only expected to grow up. McKinsey predicts that 50% of companies that embrace AI/ML over the next five to seven years have the potential to double their cash flow with manufacturing leading all industries due to its heavy reliance on data. The bottom line is ML is providing insights on improving shop floor productivity thus maximizing the product quality and production yields.

According to a recent survey by Deloitte, streamlining the inbound supplier quality is the priority in the manufacturing industry. Machine Learning /AI technologies can consume a lot of data including audio and video making them the best quality analysts in the production floor. Systems equipped with Machine Learning capabilities are already preventing the breakdowns by quickly identifying the anomalies in the production equipment or processes. Even better AI-enabled systems are predicting the patterns with respect to failures using sensors enabling the industry to focus on preventive measures to address that.

Machine learning AI-powered systems are particularly helpful in automating complex tasks consistently to improve throughput, energy consumption, and profit per hour.

Summary

While these are some of the industries ML has revolutionized there are several more that needs to be talked about. In business, Machine learning has a wide range of uses. In fact, most of us interact with AI/ML in some form or another daily. From the mundane to the complex, AI/ML is already disrupting virtually every business process in every industry. As ML technologies proliferate, they are becoming an imperative for businesses that want to maintain a competitive edge. Talk to us to understand how we can support in finding that competitive edge for your business.

Srivatsan Aravamudan - Sri

Senior Solution Consultant

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