Top 4 AI and Machine Learning Use Cases to Boost Business Returns
Machine learning is one of the most prevalent word in the world of technology now. At the very core, a machine learning algorithm is given a 'learning set' of data and then it is asked to use that data to answer a question. For example, you could give a computer a teaching set of photographs, some of which say, 'This is an airplane' and some of which say, 'This is not an airplane'.
Thereafter, you can show the computer a series of new photos and it will begin to detect which photo is an airplane. Each photo that it detects - correctly or incorrectly - is added to the set of lessons, and the program effectively becomes 'smarter', and gets better at completing its work over time. It's practically learning. This is how the computer becomes intelligent this is how artificial intelligence comes into existence.
In this blog, we will look at the top 4 uses cases of machine learning and AI.
1. Omnichannel Marketing Personalization
The more you understand about your customers, the better you can serve them with contextual and personalized offerings. You probably had an experience where you visited an online store and saw a product but didn't buy it - and then watch digital ads on the web for that exact product for several days. This is omnichannel experience, and omnichannel personalization is just the tip of the iceberg. The emails customers receive, any direct mailings or coupons, products which appear as 'recommended' - are all designed to drive customers to sales more reliably. Omnichannel personalization has now been a cake walk for brands with the recent development in machine learning and AI. Data collected and communication taking place through chatbots powered by AI & ML is transforming the way brands offered contextual, relevant and omnichannel experience.
2. Fraud Detection
Machine learning is getting better at identifying potential fraud cases across different fields. PayPal is using machine learning to fight money laundering. The company has tools that compares several million transactions and can precisely distinguish between legitimate and fraudulent transactions between buyer and seller. Machine learning is transforming the way automation is implemented in the industry. With AI huge amount of data is collected, disseminated and analysed for computers to learn and produce results that target any leakage and hence prevent fraud. Big Data, AI and ML are transforming the way brands are now identifying frauds and bridging the present loopholes or future emergencies.
3. Natural Language Processing (NLP)
NLP is used in all types of exciting applications across disciplines. Machine learning algorithms can work with natural language for customer service agents and direct customers to the information they need. It is used to translate obscure legalities in contracts into clear language and help lawyers scan through large amounts of information to prepare for cases. Similarly, a machine trained to handle information of any kind for industry of all kind has the potential to transform the way brands offer their customers a truly 1:1 personalized experience. With recent developments around NLP, customers are finding the human face of AI pleasing.
4. Smart Devices
In a survey conducted by IBM, it is expected smart cars will hit the road by 2025. Smart cars will not only integrate with the Internet of Things but will also recognize its owner and environment. You may adjust the internal settings - temperature, sound, seat position, etc. - based on the driver, reporting and solving problems by himself, driving by himself, and providing real-time advice on traffic and road conditions. With 50+ connected features, the MG Hector is India' one of the first car that will offer connectivity on the go. And the brain behind it is the revolutionary iSMART Next Gen technology. It combines hardware, software, connectivity, services and applications to make your driving experience easier, smoother, and smarter. Googles' Alexa, Apple's Siri, IBM's Watson are transforming the way users experience artificial intelligence and ML in their daily lives.
AI & ML is here to stay and be a part of our daily lives. Espire has been seamlessly transforming the customer experience of our client through our robust customer engagement hub with full-proof DXM and WCM solutions. We have successfully developed new age chatbots for our clients powered by exceptional AI & Ml capabilities. To move towards a machine learning led AI solutions, drop us an email at firstname.lastname@example.org