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
MORE FROM OUR BLOGS
Implementation of an Efficient Customer Support System
The client is an engineering, sciences and project delivery firm, based in Australia. Client's operations are divided into four broad business units: Buildings & Infrastructure, Power & Energy, Mining & Metals and Water & Environment.
Establishing Accuracy and Transparency in the BI Reporting System
The client wasn’t satisfied with its existing BI reporting system. There was a strong business need for better transparency and precision in the methods used to generate reports.
Espire Optimizes Data Warehouse for Resolution of Data Overload Issues of a Global Engineering Conglomerate
Find out how Espire optimized data warehouse of an Australia based engineering major through a detailed and systematic plan
Espire Develops a Reporting Tool to Boost Operational Efficiency
Espire empowered the Client with a comprehensive set of Business Intelligence technologies that helped them maximize the value of their business data.
Designed a scalable Analytics and BI Platform for a leading UK-based Mutual Insurance Company
The client is a leading UK-based mutual insurance company, which provides general insurance products to the members of the trade union and other not-for-profit organizations. Due to the constraints of their existing legacy architecture, they were looking a modern web-based architecture which could seamlessly integrate with multiple in-house applications being used by their different departments.
Unleash the power of data analytics to master management by exception
Data analytics is becoming increasingly important for businesses, and one of its most powerful applications is in management by exception. By leveraging the power of data analytics, you can gain insight into how your business is performing and where it needs improvement.
Role of data analytics to drive customer acquisition and maximize return on campaigns
Creating a customer-centric digital marketing strategy that accurately targets and addresses your customers’ needs is essential for any business. However, this can be challenging when you lack the right tools and data to help you do it. In this article, we’ll be focusing on how you can use data analytics in your digital marketing efforts to acquire new customers and retain current ones.
Driving operational excellence in energy and utility sector with data integration
Data, is at the core of a modern utility enterprise, that is highly valued and carefully curated. But then often, misinterpreted, underutilised or left to sit in silos. This sector must focus on breaking down the silos by learning how to integrate their disparate data, IT systems, functional and business processes. This allows leveraging the kind of operational excellence, greater revenues, decreased capital and O&M expenditures, and better-planned safety measures, they are aiming to achieve.
How has the logistics industry reshaped in new normal and roadmap ahead
Logistics industry has been undergoing a rapid boom initiated by globalization and catapulted to new heights by new means of communication and rapid advancement in supply chain technologies. However, the new normal as we face today is shaping the logistics industry in newer ways.
Importance of ai strategy for brands in the post covid world
Tech-savvy customers, increasing digital demands, growth in digital purchases, need for speed to market and elevated customer expectations have made it crucial for brands to plan, devise and roll their AI strategy in the post COVID world scenario to both remain competitive and provide superior customer experience.
Global Customers Served
Years of Experience in Digital Transformation & Total Experience
Speak to Our Digital Transformation Specialists
Let's get you started on the digital-first & transformation journey. Reserve your free consultation or a demo today!