Because of new computing technologies, machine learning today is not like machine learning of the past. It was born from pattern recognition and the theory that computers can learn without being programmed to perform specific tasks; researchers interested in artificial intelligence wanted to see if computers could learn from data. The iterative aspect of machine learning is important because as models are exposed to new data, they are able to independently adapt. They learn from previous computations to produce reliable, repeatable decisions and results. It’s a science that’s not new – but one that has gained fresh momentum. While many machine learning algorithms have been around for a long time, the ability to automatically apply complex mathematical calculations to big data – over and over, faster and faster – is a recent development. Here are a few widely publicized examples of machine learning applications you may be familiar with:
- The heavily hyped, self-driving Google car? The essence of machine learning.
- Online recommendation offers such as those from Amazon and Netflix? Machine learning applications for everyday life.
- Knowing what customers are saying about you on Twitter? Machine learning combined with linguistic rule creation.
- Fraud detection? One of the more obvious, important uses in our world today.
Who is using it?
Financial Services
Banks and other businesses in the financial industry use machine learning technology for two key purposes: to identify important insights in data, and prevent fraud. The insights can identify investment opportunities, or help investors know when to trade. Data mining can also identify clients with high-risk profiles, or use cybersurveillance to pinpoint warning signs of fraud.
Health Care
Machine learning is a fast-growing trend in the health care industry, thanks to the advent of wearable devices and sensors that can use data to assess a patient’s health in real time. The technology can also help medical experts analyze data to identify trends or red flags that may lead to improved diagnoses and treatment.
Retail
Websites recommending items you might like based on previous purchases are using machine learning to analyze your buying history. Retailers rely on machine learning to capture data, analyze it and use it to personalize a shopping experience, implement a marketing campaign, price optimization, merchandise supply planning and for customer insights.
Transportation
Analyzing data to identify patterns and trends is key to the transportation industry, which relies on making routes more efficient and predicting potential problems to increase profitability. The data analysis and modeling aspects of machine learning are important tools to delivery companies, public transportation and other transportation
organizations.
Real Estate:
By digitalizing the process of real estate and injecting machine learning models will empower employees to make a precise decisions and enhance the customer and employee experiences.
Benefits of machine learning models and integration development
- Predict the market value of a property
- Evaluate customer lifetime value
- Plan for time to close
- Forecast market bubbles
- Investor analysis
- Churn management for the property
- Detection of spend anomalies
- Chatbot assistants
- Maintenance ticket creation through image recognition
- Property recommendations (broker vs. bot)
A subset of Artificial Intelligence, Machine learning (ML) is the area of computational science that focuses on analyzing and interpreting patterns and structures in data to enable learning, reasoning, and decision making outside of human interaction.
Innovura technologies team of data scientist helps you solve the business problem and innovate such that it brings immense value creation to you and your customers. The team will help in integrating various data sources, data preparation (Cleansing and Transformation), Model Development, Model deployment and integrating the model with your business application via API’s. We not only develop model for our business use cases but also for our customers. Jedai is one such example where machine learning is infused to bring marketing and sales automation.