From accounting to law to transport, Machine Learning seems to be reinventing all the industries around us already.
Whenever we hear discussions surrounding Machine Learning, we hear people say how ML will disrupt the various industries. Well, the truth is that ML is already disrupting our universe and the way we function. Right from our purchase decisions to our shopping experiences to our streaming habits, ML seems to have control over various aspects of our life.
People have understood the importance and are investing in ML to help this technology. Numbers don’t lie. According to Statista, total funding of 28.5 billion US dollars was allocated to the Machine Learning applications worldwide. Also, 143 billion US dollars were allocated to Machine Learning platforms.
It is no longer limited to the world of movies and Sci-Fi thrillers or comics. The reality around us is built on Machine Learning.
The only issue being, we don’t know it yet or, we haven’t understood how AI or ML works. Here, we are going to talk about the various creations that have resulted because of Machine Learning, and how it is already the future we have been talking about all this while.
Healthcare & Care Providers
The first industry that ML has already disrupted is healthcare. Caregiving has always been a struggle, especially for the elders.
- Electronic health records are an excellent way in which ML and AI have advanced the healthcare industry. Personalized treatment is a must to enhance the experience in this industry, which is possible only when the machines have records. This data will help them understand the patterns, and build learning models that can extend excellent support to the patients. In fact, personalized treatment works with greater accuracy as a result of these records.
- You can use the ML models to predict how the face would appear at the end of cosmetic surgery. It has even helped people know how they will age.
- Cancer treatments are gaining momentum as a result of the ML models which help detect the advances in the disease, the actual stage, and the possible treatment.
- Wearables combined with ML can even monitor the patient’s health, and help understand symptoms, help in diagnosis and offer possible treatments.
- The inventory management within the hospitals can be attended to with the help of machine learning and artificial intelligence. Based on the models and the insights built on the consumption within the hospitals, it will help the administration know which medicines are in demand, which ones need to be stocked.
There is no denying the fact that machine learning is reinventing the education industry. How the kids learn, and what improvements need to be made within the system can be perfectly dictated with the help of machine learning.
- These models can be used to understand the student’s performance using their study patterns, grade structure and other parameters. Accordingly, teachers can help them by creating an inclusive or need-based environment.
- The schools and colleges can keep reinventing their syllabi as well as the curriculum based on the current trends, the structure and the needs of the student. You can even keep introducing new patterns based on how popular the existing patterns are.
- Apart from this, the teachers can be prepared for the real-life learning environment using personal assistants to help them coach and prepare for the next day’s class.
Banking and Finance
Customer service is as important as the banking programs for this industry. If the customer support is not immediate and does not extend the kind of support expected, then the customers would choose another bank or company for their needs. Machine Learning is definitely innovating this industry.
- One of the main aspects that this technology caters to is identifying fraud immediately. The systems have learnt anomaly detection and established a pattern. Whenever there is a fraud, it is compared with the learning models. If the pattern does not match with regular practices, then a fraud alarm is raised.
- From ensuring that the particular purchase was made by you to notifying you with a high transaction that does not confine to your patterns, machine learning improves the customer’s experience.
- The personal assistants are trained to extend their support to the customers. They have been programmed to make small conversations until a human resource can attend to the customer. They will ask basic questions and even help with basic service. Once they have an idea what kind of support you need, they will personalize the support experience for you.
What enhances your experience while watching a movie or a series on Netflix? The personalized recommendation that comes your way.
- It is brilliant how the streaming services use historical data such as the series or movies you have watched, and match it with the available lot.
- It also takes other factors such as your interest subjects, your browsing pattern and even the location you live in to make apt recommendations.
- In some cases, these streaming sites also create content that is personalized to suit your needs. Based on an understanding of what works with the target group, they suggest a few content types that will definitely increase the value for the customer.
Driverless Vehicles and Smart Shopping
This is to ease your life and bring in more convenience. If you notice, you have quite a lot of smart shopping list makers available in the market. In fact, Amazon itself has announced itself to be good at making your shopping life easy.
- The smart tools help you know what shopping items are nearing an end, and when you need to replenish them.
- In fact, some of the grocery shopping apps also make the in-store experience good. For instance, you don’t need to actually pick and shop for the stuff. You simply need to add them to the cart, and it will be checked out automatically for you.
- Apart from smart lists and shopping, machine learning technology has also offered a range of driverless car solutions.
- This is specifically easy when you are dealing with dangerous jobs such as mining, photography at odd angles etc. The driverless trucks or unmanned vehicles will do the job. You simply need to explain to the machine, using the models you have built, to ensure that they know how to perform the task, and use up fewer resources.
Machine learning has resulted in smarter and more convenient homes for people. Combine this technology with IoT, and you are bound to have a comfortable place called home. Amazon Echo and Alexa have definitely helped you make tasks easier to complete.
- You want to stop the washing machine or switch off the lights or make sure that the home is cool before you enter, ask Alexa to complete the task. You can have smarter devices connected with Google Home, Alexa or such devices and add your tasks to their list. You won’t need to remember any of these tasks anymore.
- Today, it is just about dimming the lights or keeping track of the inventory at your home. Very soon, the connected device technology combined with ML will control most aspects of your life.
From accounting to law to transport, Machine Learning seems to be reinventing all the industries around us already. We don’t have to wait for a time in the future when everything will be automated; it is already convenient enough and we already have become dependent on most of the technologies around us.
As consumers of Machine Learning, we may not be aware of how it is making our daily life easy but, we sure know that ML is a part of how we live and consume things every single day.