Today’s world is a world of machines and computer systems. Almost every small and big task is done by machines and gadgets. From booking tickets to banking services, from household work to highly technical work, all that was done mechanically is now possible with machine learning tools and techniques. In fact, we can say that Machine learning is revolutionizing businesses, industries, and the whole world. The world is transforming and several processes are done by machines or computer systems instead of work done by human resources. Machine learning has become a specific competitive differentiator for several companies. Many large companies like Uber, Facebook, Google, etc made machine learning a necessary part of their operations.
Machine learning is becoming more important as there are huge use cases of machine learning that can be applied to lower the cost, decrease the risk, and improve the overall quality of goods and services. Another reason for the popularity of machine learning is that there are massive volumes and variety of data, the access, the availability of high-speed internet, and the affordability of computational power. It can also provide a view of trends in customer behavior and operational patterns. It also supports the development of new products and services. So there is a high demand for machine learning experts as well as machine learning courses that can fill the gap between demand and supply of ML experts.
This article will focus on some of the interesting facts about how machine learning is transforming and revolutionizing the industry.
What is Machine Learning?
Machine learning is known as a subset of Artificial Intelligence focused on creating systems that can learn from previous data, search patterns, and provide logical decisions with less human intervention. It is also known as the data analysis method that creates analytical models by using data that encompasses diverse forms of digital information including images, numbers, words, and clicks. Machine learning is a practice that uses algorithms to parse data and make a determination or prediction about something. It is also known as the study of computer algorithms that can improve automatically via experience and by the use of data without being programmed.
The aim of machine learning is to focus on the development of computer programs that are able to access data and use it to learn for themselves. We can understand machine learning better with its methods:
- Supervised machine learning algorithms
- Unsupervised machine learning algorithms
- Semi-supervised machine learning algorithms
- Reinforcement machine learning algorithms
Data scientists choose the type of algorithms that depend on what type of data they want to predict. If machine learning is combined properly with artificial intelligence and cognitive technologies it can make it even more effective in processing and analyzing large volumes of information.
Machine learning is used in many different ways such as Recommendation engines, Business intelligence, Customer relationship management, Human resources information systems, Virtual assistants, Self-driving cars, etc.
Machine Learning Revolutionizing the Industry
Machine learning’s data-driven intelligence is permeating every corner of every industry. Google says that “ New developments in machine learning (intelligence) will make us far, far smarter as a result, for everyone on the planet.” It is becoming so powerful and involves the capability of underpinning a variety of interesting website content for visitors, business solutions, helping movie studios to know about consumer behaviors, and also engaging with users via customer chatbots.
Machine Learning has completely changed the way we live and has impacted everything like insurance, banking, agriculture, and even marketing. But healthcare is the most important domain that is mostly affected by machine learning. Let us have a look at how machine learning is making changes in every sector.
- Healthcare- Machine learning tools and techniques are proven to be a boon in the medical and healthcare field. Now doctors are able to access their patient’s health in real-time through several inventions such as wearable devices and sensors that can monitor the number of steps walked to oxygen and sugar levels, pulse rates, and even sleeping patterns, which have generated a massive amount of data. A Forbes article reports that machine learning will become more than a $6.6 billion investment for healthcare by the end of the year 2021.
- Manufacturing Sector- Some interesting facts of machine learning in the manufacturing sector are that it has the potential to create around $1.4T to $2.6T of value in sales and marketing across the world’s business. Also, machine learning can improve product quality up to 35% in discrete manufacturing industries, says Deloitte. There is no other industry where everyone obsesses about cutting costs and improving efficiency as much as the manufacturing industry does and it is all because of machine learning processes.
- App Industry- Machine learning is shaping up and facilitating our lives, work, travel, and communication. As per a report, In the USA more than 70% of citizens use digital assistants on their mobile phones every day. So in today’s digital life, machine learning is changing the game for app marketers and helping them to design feature-packed apps. Machine learning offers several ideas to improve the user experience on apps. It provides an improved search experience, higher privacy and security, low latency and no internet connection required. Machine learning is also helpful in reducing business costs and increasing profit margins.
- Business Sector- The business sector is also revolutionized by machine learning through marketing, sales, advertising, business strategies, etc. A report says that companies which have implemented AI and ML are able to enhance customer satisfaction by over 10%, on the other side Forbes said “57% of enterprise executives believe that the most important growth benefit of AI and ML will be improving customer experiences and support.”
- Government Sector- Machine learning assists the government to use data to forecast potential future scenarios and adapt to evolving situations. It also helps to improve cyber intelligence and cybersecurity, optimize operational preparedness, support counterterrorism efforts, predictive maintenance, and logistic management, and reduce failure rates. So machine learning is revolutionizing the government sector also by offering advanced techniques regarding development, defense, and safety.
Besides these sectors, many sectors such as Transportation, E-commerce and social media, Financial Services, Oil and Gas, are positively affected by machine learning. It has helped companies improve logistical solutions including supply chain, asset, and inventory management. So we can see the visible effects of the Machine learning revolution in each and every sector that is making our lives better and easier.