- May 12, 2022
- Posted by: Aanchal Iyer
- Categories: Artificial Intelligence, Machine Learning
If you happen to have a conversation about technology trends with a business executive, founder, or software engineer, you definitely hear them talk about Machine Intelligence (Artificial Intelligence or AI), Machine Learning (ML), and automation. And they will also most probably tell you about how these technologies are revolutionizing the traditional business scenarios. It is gaining such prominence, that the total funding assigned to ML, globally during the first quarter of 2019 was close to $28.5 billion. With these statistics in mind, organizations have no choice but to dive deeper into AI and ML and learn how these technologies can help them stay relevant.
Ways Organizations Are Using Machine Learning to Their Benefit
More and more organizations have been adopting Machine Intelligence in an effort to drive innovation and get ahead of the competition. Read on to see how organizations are using this technology:
Machine Intelligence in Security and Fraud Detection
Over the last few years, there has been a detonation in the number of people trusting organizations with their personal data. However, there have also been several cases of data breaches and hacks. With its ability to assess millions of files, businesses have been investing in Machine Intelligence to help them identify threats and eradicate them before they can wreak havoc. Cisco is one company that has been able to improve its fraud detection and security by using the Machine Intelligence data analytics engine termed Cognitive Intelligence.
Machine Intelligence in Personalization & Search
In the last decade, forward-thinking organizations have changed their online experience completely. Thanks to companies such as Spotify and Netflix, users can now experience one-on-one personalization services. Personalization is a crucial characteristic of Netflix. It enables each subscriber to have a diverse view of the content. By using a wide range of recommendation and ML algorithms, the homepage familiarizes itself with the user’s interests and can help increase their interests with time.
Machine Intelligence in Customer Service
Customer service is essential for any business to be successful. Why? Because it is an indispensable ingredient for increasing profits and retaining customers. We can see many organizations using support-focused customer analytics tools that are enabled with ML. These tools offer a good deal of convenience to the customers. One such organization is Zendesk. The company’s customer service focuses on self-service. With advances in ML, their clients can get support from virtual assistants, chatbots, and other AI-enhanced tools. These AI-enhanced tools can mimic conversations and help users find helpful and accurate answers.
Image, Speech, and Facial Recognition
With the advancements in deep learning, facial, speech, and image accuracy have made huge leaps.
Most organizations at present are dependent on ML and speech/image recognition. Google, for example, uses speech recognition for Google Assistant and Google Home and Machine Intelligence for image recognition for Google Photos. Another organization that is heavily dependent on Machine Intelligence is Apple. Today, millions of users communicate with Siri, Apple’s own virtual assistant. The organization has recently introduced the application of its virtual assistant via its newer product HomePod – a smart home device.
MI is slowly changing the world. From virtual assistants to personalized experiences, it is making our lives more entertaining and easier. Most tech leaders rely on Machine Intelligence for their strategic decisions. With improvements in algorithms, computing, and statistical modeling, Machine Intelligence will only grow to be more efficient.