As AI takes over the world, there is one branch that you must know more about. Machine learning (ML) is a branch of AI that allows computers to learn and improve from gathering and analyzing data. It’s a tool that improves performance over time and looks like it's a step closer to machines developing their own conscience.
ML is all around you. You don’t get to see what’s happening in the back end of things but know that it’s incorporated everywhere now. Machine learning transforms business operations, from healthcare to finance, manufacturing to transportation. Data is king, and ML analyzes vast amounts of data to become more efficient and improve outcomes.
Let's dive into the modern world and examine 12 real-world machine-learning applications across different industries. These applications are so typical that they should inspire anyone to take this up as a business model and begin their entrepreneurial journey.
By highlighting the various ways machine learning is being used, we aim to inspire readers to learn more about the technology and the opportunities it presents.
Who would you trust with your diagnosis? A machine with tremendous amounts of data related to your ailment, or a human who will use his limited ‘memory’ to analyze and diagnose you?
Machine learning algorithms can assist by analyzing medical images by the thousands and identifying patterns and anomalies, making it easier to detect cancerous cells with high accuracy.
Did you know: Researchers at Stanford University have developed a machine learning algorithm that can diagnose skin cancer with a high degree of accuracy by analyzing images of skin lesions.
So far, humans have been taking a ‘one shoe fits all’ kind of medical treatment, doesn’t matter your body type, your gender, or age. There are typical medicines for particular things that we all take. By considering individual differences, genetic makeup, and medical history, Machine learning can develop personalized medicine formulas for each human that would be a game changer in the industry.
Did you know: A study published in the journal Science has demonstrated the use of machine learning to identify personalized cancer treatments for patients based on their unique genetic makeup.
Ponzi schemes are one of the worst menaces of today’s world. Why should a few people be able to rob people and get rich at the expense of the masses? Well, there isn’t a system that can detect them properly, But Machine learning algorithms can identify fraudulent transactions by analyzing large amounts of data to detect anomalies. Financial institutions can fully use this, protect their customers’ assets, and prevent financial crimes.
Did you know: PayPal, a popular online payment platform, uses machine learning to detect fraudulent transactions.
The stock market has always been a puzzle only a few have been able to solve. And those people also, though they put in a lot of hard work, seem to hit the jackpot somehow.
With machine learning algorithms, future price movements can be identified. Though this can generate profits, it can provide insight into market trends and informed investment decisions. No one wants the stock market to crash; these algorithms can foresee such a happening and give us enough time to prevent it.
Did you know: Hedge funds like Renaissance Technologies use machine learning algorithms to analyze vast amounts of market data and identify profitable investment opportunities.
Personalization is critical to getting a customer to buy from you. Imagine marketing campaigns tailored to each segment of your customer base. Machine learning models can help you create targeted marketing campaigns. You can see better customer segmentation and retention with vast amounts of data analyzed.
Did you know: Amazon uses machine learning algorithms to segment its customers based on their purchase history and browsing behavior.
Everyone has a unique shopping pattern or style. This can be similar but not identical to another person. Recommendation engines can suggest products specific to your taste, and it will get harder to say no to online shopping from here.
Did you know: Netflix uses machine learning algorithms to recommend TV shows and movies to its users based on their viewing history.
Sentiment Analysis can provide you with the exact customer sentiment if you’re about to launch a new brand or introduce a new product. This equips businesses to adapt marketing strategies accordingly. It’s almost like hearing things straight from the horse’s mouth.
Did you know: Social media platforms like Twitter use machine learning algorithms to analyze user sentiment and identify trending topics.
Businesses spend a lot of money on quality control. It’s essential to provide consistent quality. May it be a bakery item or a tool. The most important reason customers come back is the consistent product quality. ML can easily detect product defects as it has a database of images and anomalies.
Did you know: General Electric uses machine learning algorithms to detect defects in its products by analyzing images of components. By detecting defects early, GE can reduce waste and improve product quality.
No one wants their business to suffer for a few days because of an urgent maintenance requirement. This is always the case with machinery; it surprises you with repairs. Machine learning can predict machine maintenance requirements by analyzing sensor data and identifying patterns that might indicate impending failures. It would be great for businesses to implement this and reduce their downtown throughout the year.
Did you know: Rolls-Royce uses machine learning algorithms to predict maintenance requirements for its airplane engines
Companies like Uber and Careem are optimizing their supply chain using ML models. After feeding in multiple parameters like distance, traffic, time of day, destination and route, etc., they’ve changed the vehicle selection, which previously used to be just based on distance. After analyzing and improving customer experience, machine learning has optimized its supply chain.
Did you know: Walmart uses machine learning algorithms to optimize its supply chain by identifying the most efficient delivery routes and predicting demand.
Machine learning algorithms can help autonomous vehicles navigate complex environments and make real-time decisions. Autonomous vehicles can make predictions and take action based on their surroundings by analyzing sensor data and identifying patterns. This allows for safer, more efficient driving and can lead to the widespread adoption of self-driving cars.
Did you know: Tesla uses machine learning algorithms to enable its autonomous driving technology.
Google Maps already uses machine learning algorithms to analyze traffic patterns and predict congestion, allowing for more efficient routing and reduced travel times. This helps reduce traffic-related stress and improve the overall driving experience. This can further be used to automate traffic lights to give more preference to lanes that continuously develop longer lines.
Did you know: By analyzing historical traffic data and identifying patterns, Google Maps can help drivers save time and reduce stress on the road.
It’s been here, and it will become more permanent. Algorithms in Machine learning are making our lives easier in every aspect. We may not notice the change, but it’s transforming how businesses operate and make decisions.
The same can be applied to government projects, decisions, and even the court of law. With such vast amounts of data being fed into this model, it can start to make better decisions than humans.
If you can’t beat AI, you should join it. There are so many opportunities artificial intelligence is opening up in the world. There is a high demand for machine learning professionals on the rise, and The best time to get started was yesterday, and the next best time is today.
Written by: Shaafay Zia