Machine Learning is Revolutionizing Businesses in Three Ways

By CIOReview | Tuesday, July 23, 2019

Machine learning has enabled entrepreneurs to enhance their business process and learn new and augmented capabilities.

FREMONT, CA – Artificial intelligence (AI) was once a vague concept existing in science fiction books and movies. However, it is now available in countless households in the form of devices such as Alexa and Google Home. A recent survey reveals AI incorporation in one field or the other by over 47 percent of the companies, which is almost twice the number last year. AI has the potential to revolutionize businesses by enhancing operations.

AI has enabled organizations to boost their productivity to new levels. Unlike humans, AI does not require breaks or days off. Although many believe that the implementation of AI could overthrow human jobs, research published by Harvard Business Review refutes the myth by claiming that AI and humans enhance the capabilities of each other. It also enables organizations to augment leadership, teamwork, creativity, social skills, speed, scalability, and much more.

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Lessening Workloads

It has empowered employees to tackle data-oriented processes, mitigating downtime, and enhancing workflow. Sales and marketing personnel have greatly benefited from the use of AI in the form of chatbots. The machine learning (ML) capabilities of AI systems has enabled enterprises to develop devices such as Alexa and Siri to offer voice-based personal assistance. Its capabilities are also leveraged in making accurate predictions regarding financial markets and advanced healthcare diagnoses. AI has provided countless approaches for businesses to overcome their obstacles, enabling them to make better, data-driven decisions.

Streamlining Processes

ML has aided employers in streamlining their time-consuming work processes. AI has dramatically improved efficiency in healthcare, ranging from operations such as managing medical records to analyzing X-rays. For instance, Partners Healthcare, which comprises of two of the biggest hospitals in Boston, is collaborating with GE Healthcare to incorporate AI into different sectors of patient care, bringing deep learning capabilities to assist in the formation of treatment strategies and enhance the interactions between clinicians and patients.

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Enhancing Services

Legal divisions are leveraging ML to process massive data sets. Intelligent software programs are used to review documents of past legal cases, cutting down processing time from thousands of hours to mere seconds. ML has enabled marketers to create personalized interactions for their customers rather than relying on sophisticated marketing techniques to target specific demographics. It has enabled organizations to analyze the patterns and achieve a better understanding of consumers.