11 November 2020 / Machine Learning

7 industries that Machine Learning currently empowers

Even though the term “Machine Learning” has just become a buzzword in public in recent years, it is undeniable that it has developed faster than expected. Nowadays, more and more industries are starting to apply Machine Learning approaches in order to cultivate their businesses better.

Let’s read through this article and find out the 7 industries that Machine Learning currently empowers.

Industries that Machine Learning are leveraging

Healthcare

The healthcare sector has long been an early adopter of and benefited greatly from technological advances. These days, Machine Learning plays a key role in many health-related realms, providing virtually endless applications in the healthcare industry.

More specifically, Machine Learning is helping to streamline administrative processes in hospitals, map and treat infectious diseases and personalize medical treatments.

Financial Services

With the ability to analyze data and behaviours, predicting patterns and making decisions, Machine Learning has proved hugely successful in financial services for its ability to automate fraud detection and credit scoring.

Plus, by identifying important data insights, it can also identify investment opportunities or notify investors of the suitable time to trade.

Retail

For retailers, Machine learning helps them optimize prices, collect customer data and make logistics processes more efficient, hence reducing costs and create stronger bonds with their customers.

As for online shoppers, Machine Learning can present them with personalized recommendations based on their customer data, all the while adjusting prices, showing coupons and offering other incentives.

Automotive

When it comes to Machine Learning applications in the automotive industry, one of the first things that come to our mind perhaps would be self-driving cars. However, there is so much more.

By using Machine Learning and Big Data Analytics, the automotive industry can improve operations, marketing, and of course, customer service throughout the whole purchase process. Moreover, potential vehicle failures are now possible to be monitored, reducing customer maintenance costs.

Government Agencies

State and local governments handle massive amounts of citizen data, from birth records to property transfer documents, which has traditionally been stored on paper and processed manually. This manual process of preserving and retrieving records has been synonymous with errors, inefficiency and slow service delivery.

With Machine Learning, things are changing for the better. More and more government agencies are applying Machine Learning to make their work easier and more efficient, such as detecting fraud and identity theft. Multiple sources of data can now be mined deeper with a lower budget, making public safety even more enhanced.

Transportation

All movement of people and cargo on a global scale results in an enormous amount of data. If any industry is in a position to take advantage of AI, it’s the transportation industry.

Making routes more efficient and predicting potential transportation problems are now done more effectively thanks to the data analysis and modelling aspects of Machine Learning. As a result, the profitability of Transportation is now increasing even more.

Oil & Gas

By allowing oil and gas companies to gather large volumes of information in real-time and translate data sets into actionable insights, Machine Learning has become an integral part of their operations.

With its ability to optimize extraction and delivering accurate models, it has provided capabilities enhancement for this increasingly competitive sector.

Conclusions

And that’s how Machine Learning is transforming the world we live in today. Curious what skills you need to acquire in order to work in Machine Learning? Check out the top skills that any aspiring Machine Learning Engineer needs to know.

Along with the speed that our living society is driven forward thanks to the development of technology, there is no doubt that Machine Learning will continue to leverage even more industry in the future.

Machine Learning can also empower you and our career! Take a look at our program to find out how we’ve been helping over 100 students successfully kick-start their Machine Learning | Data Science career from scratch!

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