Machine learning is one of the most promising and futuristic technologies we ever witnessed. The idea of solving complex issues with little to no input is so alluring that the humans didn’t give it a second thought to adopt this technology. The other enticing feature with machine learning is ever-changing and ever-evolving nature that has opened up endless opportunities for bringing innovations in its realm.
Despite being in its initial stages, machine learning hasn’t failed in revolutionising various sectors directly affecting our lives. From businesses to education and the health sector, we have seemingly innumerable areas of application of machine learning. Today, ML is not only assisting in solving problems but is also playing a role in analysing big data that further helps in improvising an industry.
Wondering how machine learning is assisting our lives? Let’s take a quick look at the different sectors adapting machine learning to achieve tremendous benefits.
E-Commerce And Retail Industry
As the commerce and retail industry embraces more technology, the adaptation of machine learning to the sector becomes even more inevitable. As the competition in this niche becomes fiercer, the companies are inclining more towards using the big data for improving their services.
With machine learning, the retail industries can identify the similarities and variations in their customer base, and can further classify the data for targeted promotions and marketing. Thus, machine learning algorithms are helping the corporations to seize, analyse, and then exploit the data for a customised shopping experience by the customers in real-time. It is because of these tools powered by ML that the companies offer various promotions, recommend products, and give-away coupons and incentives in the light of customers’ interest.
Healthcare is one of those sectors that has always embraced any new technology in its initial stages and has then demonstrated the huge success of both the niche as well as the technology. Machine learning is no exception. With the advent of wearable technology, it has become way easier to track patients’ health status in real-time. We see many devices and sensors that monitor blood pressure, blood glucose level, heart rate, and overall fitness status of anyone without restrictions. This has facilitated in early diagnosis of diseases and better treatments as well.
As of 2017, around 7.1 million US citizens have enrolled themselves in digital health platforms where they are being monitored. The information collected through the sensors is then transmitted to an analytical center leveraging machine learning. The center then analyses the data, flags irregularities, and generates alerts for the medical professionals related to treatment.
Machine learning isn’t a specialised technology meant for technical aspects only. Rather it is an inclusive invention that simplifies technicalities and brings ease of operations by introducing technological assistance. Transportation is one such industry that has adapted machine learning quite lately. Yet, the industry is still not late to exploit ML to its full potential. In fact, considering the wonderful role of machine learning in this niche, machine learning is expected to revolutionise the entire industry in the days to come.
Presently, this technology is helping the transport companies in managing public transportation and other such means of traveling. It has helped in reducing waiting times for the travelers, manage accurate arrival and departures, providing information regarding routes to the users, and analysing customer data to know transportation trends and the customer demand for the provision of better services.
Oil & Gas Industries
While every other niche is enjoying the advantages of machine learning, how can the oil & gas industry stay behind! This niche too is using machine learning to a greater extent for improved performance and better results. The technology has helped this sector to reduce operational costs, save time, increase efficiency, and ensure safety in operations. Moreover, the huge volumes of data generated in this industry also get analysed to achieve actionable insights for better outcomes in all oil & gas operations.
Manufacturing And Automotive Industry
To utilise the tremendous potential of big data, the manufacturing and automobile industry is also using machine learning for improved services. Here, ML-based tools enable the manufacturers to improve work processes, ensure effective marketing, collect user data and analyse customer experience with regards to the purchase of products. Moreover, the predictive analysis of this data allows the manufacturers to assess product performance as well. They can evaluate the success or failure of a part of the vehicle with dealerships, and improve the products for reduces maintenance costs at the customers’ end. By analysing this information regarding vehicle ownership, the manufacturers can also work on providing better customer support with accurate and real-time inventory for parts and setting up new dealer networks.
Besides, machine learning is also benefiting the financial services, government authorities, and the public sector to provide improved services for better customer experience.
On the whole, machine learning, owing to its tremendous potential of data analytics and faster solutions to complex problems, is becoming the backbone of most industries benefitting the public at large. And the trend seems growing at an exponential rate, with seemingly more application areas in the days to come.