As per a recent study by Constellation Research, investment by the corporate sector in Artificial Intelligence is expected to have tripled in 2017 and is predicted to reach $100 billion by 2025. This alone is enough to highlight the increasingly integral role played by machine learning in today’s businesses. This is perhaps why 30% of the participants in a recent survey concluded that AI and machine learning will massively disrupt the digital industry in next five years!
Machine learning is allowing companies to boost their growth, optimize their processes, improve the customer experience and increase the employee engagement. Here are a few solid examples which will show how AI and machine learning are empowering companies today:
Detecting fraud and suspicious activities
If figures are to be believed, an organization loses 5% of its revenue to fraud each year. This is where AI and machine learning can help you in lowering down these figures. Machine learning can help you build models based on social network information, historical transactions, machine, and other data to develop a pattern which would help in timely detection of anomalies, outliers, and exceptions.
For instance, banks can make use of historical data to build algorithms based on previous fraud activities. Thus, whenever such fraudulent activities are repeated, this would help you in identifying the fraudulent behaviour.
This is what PayPal has been doing for 10 years now. PayPal handles $10,900 every secondand generated 4.9 billion payments in 2015 across 202 countries. This pretty much explains the risk PayPal is prone to every second. But, PayPal, along with its data scientists and mathematicians, use a homegrown AI engine to fight any fraud activity.
Identification of probable problematic areas in business operations
Problems in business operations can crop up almost everywhere. A certain machine might start working slow, or there might be an excess product order. Machine learning in such circumstances automatically asks for your attention.
This can be easily achieved by installing the application on your system with the help of HANA. Thus, every time there is a slowdown in production, HANA processes the data and provides results in order for you to take a decision if a certain machine or equipment needs attention or inspection.
Walmart has been using HANA to keep an eye over its transaction records. As a matter of fact, Walmart operates more than 11,000 stores across the world. They have been using HANA to get better and faster control; over back office by automating the operations.
Streamlining sales operations by recognising patterns in client behaviour
Machine learning can prove to be a turning point in identifying your clients/leads behaviour, and thereby boost your sales operations. As a matter of fact, Zendesk, a customer service software company, has been using MarianalQ which is a leading predictive analysis and machine learning software, to boost its sales. Zendesk witnessed a fourfold increase in the quality of leads. Further, Walmart was able to reach 50% more customers in just three days through its social targeting.
However, this is not the end. Machine learning can be used in an array of other areas including the likes of:
Machine intelligence can help in proper guidance, thus recommending employees in choosing career paths which would lead to increased satisfaction, retention and performance.
Machine learning can further help in the timely inspection of commercial structures with the help of drones. Drones can click the images which can then be analyzed for any cracks or degradation.
In a nutshell, machine learning empowers a company to think beyond imagination with digital intelligence. Possibilities are endless. But, there are various hurdles that need to overcome. Most importantly, there should be enough data to train algorithms for better outputs.