How Companies Use Machine Learning

Whether it is the top Austin AI companies, Boston AI companies, or Seattle AI companies, they all have one thing in common: the use of machine learning. All throughout the United States and the world, companies use automated machine learning and artificial intelligence to revolutionize industries.

These top companies and many startups rely on automated machine learning to improve day-to-day business. By using unsupervised machine learning, previously undetected patterns in a data set can be discovered, leading to insight for a company. Machine learning can be used for a variety of different tasks like:

to increase data and affordable storage detection of security and fraud management to eliminate manual data entry to increase customer satisfaction business forecasting

Increasing Data and Affordable Storage

Machine learning relies on large amounts of data to help with decision-making. By storing data in the cloud, it can be more easily accessed for analytics. Because the cloud has been constantly growing, it has improved storage and allows large data sets to be stored in a more secure manner.

Management and the Hiring Process

Machine learning can also play a big role in people management and the hiring process. It is capable of identifying individuals without being biased, and it can be better at choosing candidates with certain desired skill sets.

Combating Fraud

Automated machine learning can be a powerful tool used by companies in order to combat fraud. In 2016, the average E-commerce retailer was about 7% over the total revenue. Machine learning can be used by the company to monitor transactions and flag data.

Financial Analysis

Because of the increasing volume of quantitative and historical data that is becoming present, automated machine learning can be used in financial analysis. Currently, many companies already use it for portfolio management, algorithmic trading, loan underwriting, and fraud detection.

Customer Satisfaction

Customer satisfaction can be greatly improved through the use of machine learning. Things like past call records and average response times can be analyzed to better understand a customer’s behavior. It can also help reduce the cost and time in customer relationship development.

Elimination of Manual Data Entry

The elimination of manual data entry can take place with the use of automated machine learning. This can solve issues surrounding duplicate and inaccurate data, and employees can then focus on other tasks.

Healthcare

Machine learning is currently being used in medical diagnosis, and it has played a key role in improving a patient’s health and reducing costs. When used, it can make an extremely accurate diagnosis, predictions about readmissions, pharmaceutical recommendations, and identify high-risk patients.

Business Forecasting and Future Predictions

Lastly, machine learning can help with business forecasting. Business owners are the ones who traditionally plan out the future of an organization, determining which problems or opportunities might arise. Machine learning can now make that easier and more accurate.

Automated machine learning is revolutionizing many industries, and it is altering various aspects of an organization. Those who embrace it are opened up to new opportunities, and it will undoubtedly become commonplace throughout many operations in the near future.

