Trending Articles

Machine Learning

10 Examples of Machine Learning Usage in Business: Manufacturing, Banking, Medicine, Marketing, Logistics

Machine learning is used in the work of many companies. Often we are unaware that a particular process in an organization or a function in a site such as nationalcasino.com/en_ca/casino/blackjack has been implemented using machine learning technology. For example, machine learning allows programs to predict malfunctions in industrial machines, accurately predict customer behavior in an online store, and diagnose patients. In this article, we will look at examples of machine learning applications in business.

What Does Artificial Intelligence Do in Manufacturing?

AI Reduces Downtime

If a factory doesn’t order raw materials in time or fails to prevent a machine breakdown in time, the owners will lose tens of millions of dollars. Or they wouldn’t if they equipped their machines with sensors that collect metrics, analyze them, make algorithms to predict malfunctions, and alert technicians in advance before a defect leads to a disaster. This is the application of machine learning to manufacturing.

AI Controls Manufacturing Processes

The use of machine learning helps programs control business processes in enterprises. AI-powered platforms reduce scrap, reduce time to process steps, save raw materials, keep machines running smoothly, and automate production processes.

AI Detects Mineral Deposits

This capability has been appreciated by mining companies, which spend large sums of money on the exploration of deposits. Programs that use machine learning find patterns in the search for natural gas and gold ore deposits.

How does Machine Learning work in Banks?

AI Figures Out the Solvency of Potential Borrowers

At 8 out of 10 banks, managers evaluate the creditworthiness of applicants. Manual analysis is a long procedure, which often leads to errors due to human error: solvent people are not given a loan, while those unable to repay the debt are approved. If the bank uses the capabilities of a neural network, the platform itself analyzes the data on previously issued loans, looks for delinquencies, and finds out whether the borrower has repaid the debt ahead of schedule. Based on this information, it automatically decides whether to approve the loan in a particular case.

AI Prevents Fraudsters From Stealing Money

A customer of any bank can lose money through account hacking, password theft, or other fraudulent activities. If a bank has implemented a machine learning system, the programs automatically recognize the actions of intruders and take action before the money goes to third-party accounts.

How Machine Learning Is Used in Clinics?

AI Improves Patient Care

Residents of large cities don’t like to stand in lines and choose hospitals where they can make quick appointments. If people have to stand in the reception area for hours to make an appointment, they get nervous and go to competitors that have implemented artificial intelligence systems.

AI Diagnoses

The clearest examples of the use of machine learning in medicine are automated diagnoses of patients with suspected myocardial infarction. If a clinical hospital’s cardiac intensive care unit is busy, but some of the beds are occupied by people with inaccurate diagnoses, new patients arriving in the ER with a true heart attack who have nowhere to put may die.

The program analyzes the data collected by the rapid echocardiography device and decides whether the person has had a heart attack or has an aggravated other heart condition. The decision determines what kind of care the patient receives in the intensive care unit. When a patient without a heart attack is examined by a robot, doctors will not send him to the intensive care unit so as not to take up space, but to the general ward, but they will immediately take care of correcting his condition.

AI Increases the Success Rate of Surgeries

A neural network trains robots to operate on people based on different factors that affect how the surgery is performed. So far, doctors have entrusted the machines with simple actions assigned to the nursing staff.

How AI Is Making Marketers’ Jobs Easier?

AI Predicts Customer Behavior

A machine determines which visitors to a sales floor are likely to buy something, decides which products to recommend, and offers discounts based on a particular person’s preferences.

AI Makes Demand Forecasts

Artificial intelligence studies customer behavior and counts items in stock. The machine compares this data and tells shoppers how many products are profitable to purchase for retail sales.

Why Do Logisticians Use Machine Learning?

Reduce Fuel Consumption

Transportation companies spend a significant portion of their budget on fuel and lubricants. By entrusting fuel consumption analysis to an artificial intelligence system, these costs can be reduced. For example, they can think faster and more thoroughly about vehicle routes or decide how to reduce the number of trips without loss of productivity.

Reduce Delivery Delays

Even when one car doesn’t arrive at its destination on time, the entire delivery chain is disrupted. The other drivers have to stand and wait for whoever is late. Customers get angry because of missed deadlines, logisticians lose money, and damage their reputations. All of this can be avoided by teaching the AI system to predict risks and manage delivery time, taking into account possible downtime.

How Machine Learning Is Expected to Evolve?

By 2021, one-third of European, Chinese, and U.S. companies had implemented artificial intelligence systems whose skills came from machine learning techniques. It is believed that by 2024, AI will help 42% of public and private organizations in developed countries save money, predict human behavior and improve service quality.

Review 10 Examples of Machine Learning Usage in Business: Manufacturing, Banking, Medicine, Marketing, Logistics.

Your email address will not be published. Required fields are marked *

Related posts