Top 5 Use Cases of Machine Learning
Humans are living in the midst of a genuinely global technological revolution. Thanks to advances in computer power and machine learning applications, this is now possible. Artificial intelligence (AI) research has advanced dramatically in the first two decades of the twenty-first century.
Machine learning has proven to be one of the most successful and widely used technological applications, touching a wide range of businesses and affecting billions of people on a daily basis. Machine learning is a subset of artificial intelligence that entails the research and use of algorithms and statistical models, allowing computer systems to accomplish certain tasks without the need for human intervention.
The application of machine learning opens the door to futuristic technology that individuals can employ in their daily lives. Analytics Insight will now present the top five use cases that everyone should be aware of.
Voice assistant
Right now, voice assistants are everywhere. Popular voice assistants such as Apple’s Siri, Google Assistant, Amazon’s Alexa, and others are leading the way for voice assistants to become more integrated into people’s daily lives. All of these voice assistants use Natural Language Processing and a machine-learning algorithm to identify speech (NLP).
Then, using machine learning, it translates the voice to numbers and formulates a response. NLP is also used to prepare material by translating unclear legalese in contracts into plain language. As machine learning techniques progress, researchers predict it to become exponentially smarter in the future.
Fraud detection
Machine learning is being used by big organizations involved in financial transactions and banks to detect fraud. This aids businesses in keeping their customers safe. Companies that handle credit card transactions can benefit from machine learning as well.
According to the company’s guidelines, the system is trained to flag transactions that appear to be fraudulent based on particular characteristics. Companies can avoid incurring significant losses by spotting such errors. A company can also use machine learning to obtain insights into its competitive landscape and consumer loyalty, as well as forecast sales or demand in real-time.
Self-driven cars
Self-driving cars are one of the exciting technologies that make extensive use of machine learning. The beauty of self-driving cars is that they incorporate all three types of machine learning, supervised, unsupervised, and reinforcement learning, into the design.
Machine learning capabilities in smart automobiles include identifying objects around the car, calculating the distance between the car in front, determining the location of the pavement and traffic light, assessing the driver’s condition, and scene classification. Machine learning can also provide real-time advice on traffic and road conditions.
Marketing
In the marketing system, technology is gaining traction. The marketing sector separates clients based on behavioral and characteristic data using machine learning characteristics. Marketers may target a specific audience with relevant product influence thanks to digital advertising networks. They are aware of customer needs and provide better product promotion as a result.
Chatbots
Machine learning is assisting customer service by utilizing chatbots that provide relevant responses to customer questions. Machine learning algorithms can grasp a customer’s requirement and the tone in which they express it using Natural Language Processing (NLP) and sentiment analysis ideas. The system then directs the inquiry to the relevant customer service representative. You can learn more by upskilling through machine learning certification.
