In today’s world, Artificial Intelligence and Machine Learning have become popular topics, especially in the technology sector. Maybe more than our day-to-day live activities, Artificial Intelligence (AI) is influencing the business world more.
Understanding Machine Learning and Artificial Intelligence: What’s the relationship between these two technologies?
Artificial Intelligence is omnipresent, from gaming settings to conserving detailed information at work. Computer Engineers and Scientists are working extremely hard towards imparting intelligent behavior in the machines to make them think and react to real-time situations. Artificial Intelligence is traversing from a research topic to the initial stages of industrial adoption. Tech giants like Google and Facebook have already started using Artificial Intelligence and Machine Learning in their products. Institutes like INSOFE and Columbia University have introduced specialized degrees in the data science field. Although one should know that this is just the beginning, a few years down the line, we may see Artificial Intelligence slowly gliding from one product to the other.
The never-ending unlimited amount of available data, affordable data storage, and the development of less costly and better and more effective processing has stimulated the advancement of machine learning. Presently, many enterprises are evolving; more powerful machine learning models can analyze more extensive and more complicated data while providing rapidly yet detailed results on vast scales. Machine learning equipment enables organizations to identify profitable openings and potential risks instantly.
The practical applications of machine learning thrive on business outcomes that can more or less implicate a corporation’s bottom line. Current techniques in the field are evolving rapidly and thus, broadened the application of machine learning to endless possibilities. Enterprises that depend on large quantities of data require a system to analyze it more efficiently to provide accurate results. They have encompassed machine learning as the best possible way to create models and strategic planning.
Machine Learning and its importance
- In Marketing and sales
Since the emergence of Machine learning, it has been revolutionizing the commerce sector as various firms have successfully executed artificial intelligence and machine learning to boost and improve customer satisfaction. According to Forbes, “57% of enterprise executives think that the most substantial growth benefit of artificial intelligence and machine learning is the improvement of consumer experiences and support.” Read more about the role of machine learning and artificial intelligence in marketing and advertising.
- In Transportation
Machine learning uses algorithms to track factors that positively and negatively influence the rate of the supply chain’s success.
Machine learning can analyze numbers of data points simultaneously and apply algorithms faster than any humans that enable machine learning to solve issues that any humans could. Read Applications of ML & AI in the Travel Industry.
- Financial services
The insights delivered by machine learning in this industry allow investors to recognize new opportunities and know the right time to trade.
The prospect of artificial intelligence and machine learning in the financial services industry includes an ability to assess hedge funds and analyze stock market trends to make financial recommendations. Machine learning may render personal records and security queries by taking anomaly -detection to a whole new level, that is, facial or speech recognition or biometric data.
- Oil and gas
Machine learning and artificial intelligence are already operating in search of new energy sources and analyzing mineral deposits on the surface, predicting refinery sensor blunders, and making oil distribution to enhance efficiency and lessen costs. Machine learning is indeed revolutionizing the whole industry with its research-based reasoning, reservoir modeling, and automation of drill floors. Above all, machine learning is assisting in making this dangerous industry feel safer.
Artificial Intelligence and its importance
Here are the four important uses of artificial intelligence:
- Medical Sciences
Artificial intelligence has had an extraordinary influence on the medical industry, completely changing the medical industry. There have been many machine learning algorithms and models performing efficiently to predict various crucial use cases, such as specifying whether a specific patient has fatal or benign cancer or any kinds of diseases based on the symptoms and the health records of the patient.
Artificial intelligence has established a virtual care personal assistant specifically built for a person’s needs. It is widely used for monitoring, researching several types of cases, and analyzing past issues and their results.
- In the Field of Aviation Transportation
Aviation transportation is one of the most systematic transportation systems in the world. The navigation maps and taxing routes, with a roundabout check of the whole cockpit panel to confirm the correct working of every component, have been executed by using artificial intelligence in many airplanes. Using AI in the plane has proven to be the right choice, and thus it shows promising results; therefore, AI is being utilized very frequently. The fundamental aim of artificial intelligence in air transport is to offer the passengers ease and to have a comfortable journey.
- In Banking and Financial Institutions
Artificial intelligence has been playing a vital role in managing monetary transactions and also in handling several other activities in the bank. The banks’ daily tasks included transactional and financial operations, stock market money, etc., are being looked after by these machine learning models in a much easier and efficient manner.
- Gaming and Entertainment
From Virtual Reality Games (VRG) to modern games today, this industry is where artificial intelligence has the most vital role to play. If you want to play games, you don’t need an extra person to play along with you because you have the bots to play with you. Since the introduction of AI to the gaming industry, the games have become a lot more exciting to play as it gives you a more realistic feeling and a thrilling experience.
In conclusion, these are two related technologies that have become a hot topic in a tech-savvy world. Sooner or later, these two technologies will completely revolutionize almost every existing industry in the world. The funny part is, sometimes people use these two as a synonym for each other, although both these two technologies have very different terms in many cases.
Author Name – Aashish Gehlot
Bio – Digital Marketing Expert with 10+ years of experience and is the owner of many Indian startups like Exportsconnect.
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