How Machine Learning Is Saving Major Sectors Time and Money
Lt's see how ML is saving time and money for major sectors.
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Artificial intelligence has snowballed since the first machine learning software was developed in 1952. At first, AI was able to play checkers against human opponents and gradually improve based on previous games. Now, we interact with some form of machine learning every single day.
The interaction could occur when we use a customer service chatbot to get an answer to a question, or perhaps machine learning is implemented when we apply for a loan. Regardless, more people are interacting with machine learning technology than ever before.
We want to take a dive into the topic of machine learning and show you some exciting ways that people are saving time and money with this ever-changing technology.
One of the most profound ways machine learning is changing the global landscape stems from its practical uses in the healthcare industry. Instead of using doctors to examine every patient that walks in the door, there’s now a form of AI that can establish a diagnosis of a patient based on the answers to the pre-populated questions.
Juniper Research notes that in the healthcare industry, there has been a 12 percent increase in patients who can be diagnosed by artificial intelligence. That figure is estimated to balloon up to 75 percent by 2020.
The research goes on to mention that while the practical uses for this software are limited right now, with enough time and programming, they believe that this form of AI will be able to monitor and diagnosis not just physical illness, but also mental health.
This practice frees up time for the doctors and nurses who need to tend to patients that require a human touch and analysis.
Saving Time in the Financial Sector
In the financial sector, machine learning is already saving countless hours. For example, JPMorgan and Chase, a financial institute, managed to develop an AI software that examined commercial loan agreements and make decisions based on whether someone would get approved based on the information provided.
How much time has it saved? It turns out that this software was able to complete 360,000 hours of contract examinations in mere seconds. The possibilities of this type of software are already bleeding over into private loans, allowing applicants to get responses on their applications instantly. It’s expected that as more people apply using the program, the technology will learn and have the ability to make shockingly accurate predictions on whether someone is eligible for a loan. The result is plenty of saved time and money, all due to AI software.
eCommerce Sales and Support
Many businesses operate solely online or feature a hybrid system that allows customers to shop on their website or in a brick and mortar store. Machine learning has exploded in the eCommerce world over the past decade. Now, many business owners are using AI technology for their lead generation and customer support needs.
There are many different forms of artificial intelligence when you’re looking at an eCommerce storefront. Technology is currently being used that can determine the right product for the right customer based solely on their behavior on the business website. This helps boost sales figures and keeps customers engaged with the brand — all with the power of AI.
Similarly, many eCommerce operators use chatbots as a means to deal with customer service questions or concerns. This technology can gather data, make assumptions based on the answers provided, and come to a conclusion that resolves the issue in seconds. Machine learning in this sense is saving both time and money for website developers and CEOs, regardless of whether the website is in early development or a mature business.
It’s hard to deny the fact that AI has changed virtually every facet of life as we know it. As time goes on, it’s expected that developers will learn more about how to program this software and save both businesses and individuals time and money.
If the predictions mentioned earlier by Juniper are anything to go on, we expect to see machine learning play a more prominent role in our day to day lives. As it stands now, machine learning has shaped most major industries for the better by improving accuracy, gathering data, and expanding industries by allowing them to handle more people than they ever imagined.
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