Industries that depend heavily on machine learning
The recent developments in machine learning and consequently in the field of intelligent automation have prompted a lot of businesses to re-conceptualize their own potential. Enterprises today can dream much bigger than they would have done a few years earlier. Small players with limited funds can indulge in hopes of quickly catching up to the competition if they have a strong plan involving AI.
The entire world of commerce is influenced by these apparently disruptive technologies. Not trying to use the power of machine learning in some way or the other to enhance business is not a good idea. However, some industries have become more dependent on automation and machine learning than the others.
The healthcare industry
The medical professionals are the heart of the healthcare industry for sure. But the whole system of premium healthcare has grown increasingly dependent on machine learning over the years. A large part of this ows to healthcare analytics, which in itself is claimed to be a separate industry worth nearly $20 billion. It is expected to grow to a whopping $50.5 billion by the end of 2024.
How is AI and machine learning important for healthcare?
There are two aspects of the answer to this question. The first one is the treatment and patient care aspect. AI is being used to assist doctors to diagnose a patient faster and with more accuracy. The AI has access to vast data resources which include millions of case studies. The system can tap into this vast resource of knowledge in a very short amount of time and prompts the medical professional with certain suggestions. The doctor can then use his or her discretion to finalize the treatment.
The data generated from the various devices used for patient care can be analyzed and used to create better practices in terms of medication, dosage, and treatment as a whole.
The other aspect is related to the business end of healthcare. Data generated from various sources, like the billing data, information from customer reviews, feeds from a forum where people can interact about the services of a particular healthcare facility, is taken into account. This data is analyzed to understand the customers and to strategize a better approach if needed.
The logistics industry
6500 hours a year is lost by businesses doing work that could have been handled more efficiently and accurately by digital automation. A logistics business that loses this much time a year is sure to run out of business in a while. Time is of the absolute essence in this industry and the time wasted in negotiating rates, in repairing a vehicle midway, or in handling compliance, can be costly for a business.
How can AI help?
We do not know if AI will be driving the trucks any time soon, but right now AI is used to maintain the trucks in good shape. There are AI systems that can ring an alarm when a vehicle is in need of repair. This prevents any midway-mishaps. There are automated rating systems on drivers which creates reports on a driver’s skills, efficiency, and tendencies towards rash driving. Apart from this the vehicles get sensors that can provide insights on the optimum speed of a vehicle to maximize fuel efficiency.
Apart from this logistics companies use machine learning to automate a lot of paperwork. Echo Global Logistics, for instance, uses machine learning for rate rate negotiation, reporting, compliance, and procurement of transportation.
The E-Commerce industry
The ecommerce and the logistics industries are tightly tied to each other. The one day deliveries that have become so popular nowadays is a result of excellent logistic efficiency. So, that is how AI is indirectly supporting the E-commerce industry.
What is its direct impact?
The impact is multifaceted. Let us take on them one by one.
● Companies use AI based chatbots to engage customers with increased efficiency. There have been crazy improvements in this sector over the years. Some chatbots can now conduct sentiment analysis in real- time and move the conversation towards better results.
● The recommendation systems have become very smart over the years. The way the websites come up with suggestions of related products – for instance, if you buy an mp3 player, they will show you the best bluetooth speakers – is fantastic.
● Pricing and ad campaigns are a huge part of the e-commerce business and machine learning helps them in both these aspects.
The AI and machine learning landscape is expanding quickly and more and more businesses across India are making investments. It is time for you to invest in a career in machine learning. Enrolling for a machine learning course in Gurgaon sounds like a good start.