Machine learning (ML) is one of the most debated and hotly debated topics in the corporate world today. While early adopters try to persuade everyone that artificial intelligence and machine learning as well as associated technologies will shape the future, CEOs and CTOs are more cautious when it comes to dangers and safety concerns. At the same time, many non-technical people have trouble distinguishing between buzzwords like "machine learning," "deep learning," "artificial intelligence," and so on.
We'll try to clear things out and explain everything in this blog post. We'll also go over the key benefits of machine learning and respond to the most intriguing question: does AI pose any risks to the business?
The first and most important thing to remember about these three terms is that they are not interchangeable, even though they all refer to the same field.
Artificial intelligence is the most general term that encompasses some subcategories, including machine learning. Essentially, it is a discipline of computer science that tries to make a machine accomplish tasks that would require "intelligence" if performed by people. Face recognition is the most basic example. AI-based algorithms, like humans, can look at an image and "recognize" a certain person in it (think about Facebook suggesting the names of people to tag on a photo).
Machine learning is the most well-known and popular application of artificial intelligence at the same time. Simply explained, it's a class of algorithms that lets a computer software to increase the accuracy of its task performance as more data is received without being expressly built for it. To put it another way, machine learning is the technology that allows an application to learn from data, therefore the more data there is, the better.
Because deep learning is a subset of machine learning, it is a new level in our pyramid. Deep learning, on the other hand, makes use of neural networks, a complex structure of algorithms inspired by the human brain. It's a more advanced technology that can learn from data without the need for particular programming instructions. A machine learning software would need to know the key properties of cats and oranges, for example, to detect whether there is a cat or an orange on an image. These characteristics would be extracted by a deep learning program that identified patterns and classified the data.
The advantages that machine learning delivers to a company
While deep learning is still in its early stages, machine learning has been widely used by numerous businesses. In fact, the technology is so widely used that machine learning applications may be found in practically every modern industry. But, to be more specific, let's examine the fundamental benefits that machine learning provides to enterprises.
Intelligent process automation, or IPA, is a fancy word for automation that uses machine learning. It includes everything from simple chores like making reminders and sending invoices to more complicated activities like risk assessment. Data entry, which is one of the most time-consuming procedures for many firms, may potentially be automated using machine learning technology. Even if the content is written in a variety of forms (for example, invoices from ten different vendors) or contains mistakes, an AI-powered system can effectively extract and categorize the required information.
Improved cybersecurity enabled by AI technologies could finally put an end to cyber-attacks for many enterprises around the world. Intelligent security algorithms, in particular, can collect and evaluate data about cyber threats swiftly and respond to them in real-time. Furthermore, machine learning software may be able to detect even the tiniest variations in patterns, allowing it to stop a cyberattack in its infancy.
The importance of accurate projections in strategic business planning and decision-making cannot be overstated. The strength of machine learning systems is their ability to analyze large amounts of unstructured data and uncover hidden insights through data analysis. As a result, many important hazards could be identified and avoided before they happen.
Furthermore, firms that deal directly with customers might use machine learning in their IT infrastructure to predict demand surges for a particular product and prepare the necessary resources and inventory ahead of time.
The manufacturing industry benefits from machine learning since most organisations rely largely on equipment and other physical assets. Predictive maintenance skills allow for the detection of patterns in data acquired from equipment sensors, the detection of changes in such patterns, and the prediction of when a component is likely to fail.
As a result, plant workers can take preventative actions to avert failure or opt to replace the component before it creates problems. Machine learning technologies help businesses schedule maintenance activities more accurately, reduce downtime, improve safety, increase productivity, and save money in the long term.
Businesses can use machine learning to learn more about their clients and create a more tailored experience. Marketing is no longer a guessing game based on rudimentary facts about purchasers like age and gender, thanks to AI-powered solutions. The ML models can process a variety of data types acquired from a variety of sources (for example, historical purchases, user behaviour on a website, likes & comments, etc.).
As a result, companies can forecast customer lifetime value and demands, analyze purchase trends, automate highly tailored ad targeting, and make offers for precisely the things that a person is interested in.
Is it possible for machine learning to be harmful to a company's bottom line?
No, is the quick response. There are various misconceptions surrounding artificial intelligence, but the majority of them arise from science fiction films and books in which robots outsmart humans and eventually rule the planet. Even for AI professionals, the existence of such superintelligence sounds far too far into the future.
Nobody knows when machines will be able to achieve a human level of intellect (if ever at all). Artificial intelligence, on the other hand, is a fantastic technology that can alter any organization, making it more efficient, cost-effective, and customer-centric.
Machine learning has numerous advantages in the corporate realm. Accurate projections, automation, personalization, cybersecurity, and predictive maintenance are just a few of the most important and prevalent ones for businesses across industries. However, the most important takeaway from this paper is that machine learning opens the door to a plethora of new business prospects. As a result, any company would be wise to take advantage of them rather than disregard them and fall behind the competition.
There are a few training for you to attend if you are interested in artificial intelligence, machine learning and deep learning: