Every industry and sector benefits differently from machine learning algorithms. The impact of machine learning depends largely on the type and amount of data that gets fed into each unique ML tool. Some sectors may also be more suited to ML than others: those that collect massive volumes of data are able to achieve greater accuracy in identifying patterns and predicting consumer behavior.
There are several key industries that we believe have the potential to be the biggest winners from predictive modelling.
Healthcare. The proliferation of wearable sensors and devices that monitor everything from pulse rates and steps walked to oxygen and sugar levels and even sleeping patterns have generated a significant volume of data that enables doctors to assess their patients’ health in real-time. One new machine learning algorithm detects cancerous tumors on mammograms; another identifies skin cancer; a third can analyze retinal images to diagnose diabetic retinopathy.
Government. Systems that use machine learning enable government officials to use data to predict potential future scenarios and adapt to rapidly changing situations. Machine learning can help to improve cybersecurity and cyber intelligence, support counterterrorism efforts, optimize operational preparedness, logistics management, and predictive maintenance, and reduce failure rates.
Marketing and Sales. Machine learning is even revolutionizing the marketing sector as many companies have successfully implemented artificial intelligence (AI) and machine learning to increase and enhance customer satisfaction by over 10%. In fact, according to Forbes, “57% of enterprise executives believe that the most important growth benefit of AI and machine learning will be improving customer experiences and support.
E-commerce and social media sites use machine learning to analyze your buying and search history—and make recommendations on other items to purchase, based on your past habits. Many experts theorize that the future of retail will be driven by AI and machine learning as deep learning business applications become even more adept at capturing, analyzing, and using data to personalize individuals’ shopping experiences and develop customized targeted marketing campaigns.
Transportation. Efficiency and accuracy are key to profitability within this sector; so is the ability to predict and mitigate potential problems. Machine learning’s data analysis and modeling functions dovetail perfectly with businesses within the delivery, public transportation, and freight transport sectors. Machine learning uses algorithms to find factors that positively and negatively impact a supply chain’s success, making machine learning a critical component within supply chain management.
Within logistics, machine learning facilitates the ability of schedulers to optimize carrier selection, rating, routing, and QC processes, which saves money and improves efficiency. Machine learning’s ability to analyze thousands of data points simultaneously and apply algorithms more quickly than any human enables machine learning to solve problems that people haven’t yet identified.
Financial Services. The insights provided by machine learning in this industry allow investors to identify new opportunities or know when to trade. Data mining pinpoints high-risk clients and informs cyber surveillance to find and mitigate signs of fraud. Machine learning can help calibrate financial portfolios or assess risk for loans and insurance underwriting.
Manufacturing. Machine learning is no stranger to the vast manufacturing industry, either. Machine learning applications in manufacturing are about accomplishing the goal of improving operations from conceptualization to final delivery, significantly reducing error rates, improving predictive maintenance, and increasing inventory turn.
Not unlike the transportation industry, machine learning has helped companies improve logistical solutions that include assets, supply chain, and inventory management. Machine learning also plays a key role in enhancing overall equipment effectiveness (OEE) by measuring the availability, performance, and quality of assembly equipment.
Why Charter Global?
The Charter Global development team is highly experienced in creating customized machine learning solutions that locate and identify hidden patterns within your data to help you to gain vital insights into the behaviors of your customers. Rather than guessing at what really drives your business’s profits, you’ll know exactly what’s transpiring with real projects and identifying trends you never would have known about otherwise. Instead of creating a one-size-fits-all machine learning solution, you always know you’ll receive a custom algorithm to fit your business model perfectly.
Data can be easily overwhelming for any business but not when machine learning is introduced. Let Charter Global take the hard work out of analyzing your big data! Contact us today to talk about our machine learning development services and how it can expand your business in 2021.