How Machine Learning Is Benefitting Businesses Everywhere
In analysis / By Hollie Coote / 04 June 2018
Machine learning and AI is transforming cyber defence strategies & customer management worldwide. Find out how it’s revolutionising the way we live and work.
Imagine living in a world with no cyber-crime, no spam emails and where any illness can be diagnosed in an instant. With Machine learning (ML) & Artificial Intelligence this could soon be the case. These algorithm-based learning machines may seem complex, but essentially they are just extracting insights from large amounts of raw data to problem solve. By constantly learning from algorithms, they can find insights that they haven’t even been programmed to find yet. AI can gather learnings and make predictions that a human manually processing the data could never find. Far from existing only in sci-fi films, AI is slowly transforming homes and workplaces, making mundane tasks easier and giving us better insights than ever before. Find out just some of the reasons why so many industries are turning to AI to solve their problems:
AI is taking over wall street! With its ability to analyse large volumes of complex data in a flash, it has revolutionised portfolio management. AI machines ability to segment and detect patterns has meant that traders can predict fluctuations and anomalies in the market with more accuracy than ever before. It’s not just the traders that are fans of the new ML techniques being employed, they have also been useful in fraud detection, customer service, and loan underwriting. By learning from years of past data ML can make highly accurate predictions as to loan repayment probability and adjust interest rates as necessary.
Many companies gather & store huge amounts of data on their customers. From age, marital status, geo location, and even favourite cereal brand, data is king when it comes to gaining insight into what makes consumers tick. By employing AI to trawl through the masses of data available, businesses can quickly segment audiences, predict behaviours and identify new potential buying patterns. Clever algorithms can even flag up potential problems or KPI anomalies that may have otherwise been missed. Utilising ML and automation ensures that even large databases of customers receive personalised & relevant communication.
Cyber bullies beware
Cyber bullying, online harassment, web-based stalking, whatever you want to call it, there’s been a rise this year in reports people being targeted online. In an effort to stop it from happening on their platform, Twitter bosses have enlisted the help of IBM’s Watson AI technology to stop would-be harassers before they begin. Watson is a powerful AI tool that has been designed to understand natural language & has the capability to analyse millions of tweets a second to scan for hate speech, bullying and harassment. Twitter aren’t the only ones adding AI to their arsenal, Instagram deployed DeepText to identify and deter spam accounts and bullies on their app. By understanding context and patterns in hashtags and language, DeepText is able to seek out and shut down spam accounts, delete offensive comments and flag up users with continued bad behaviour.
Healthcare organisations are improving patient care and lowering costs through AI innovations. The development of ML led diagnostic tools and treatment plans has seen re-admissions predicted and lowered, high-risk patients identified sooner and huge reductions in data errors. By drawing from patient records, data sets and manually inputted information the AI can make a near perfect diagnosis and treatment plan instantly. It’s not just on the wards that AI is improving, its also tackling stock loss, buying, bed rotation and staffing all at the same time.
Data data everywhere
Duplicated data is a drag, as are inaccuracies, bad formatting and out of date info. All of this is being made a thing of the past thanks to ML. New technologies powered by AI can upload scanned or photographed data instantly. By understanding language, context and different types of document, data processors can autonomously and continuously build and develop a real understanding of the data they’re being fed. As the AI is self-learning, once styles and designs are determined it will automatically format and optimise information received. For businesses handling a lot of paperwork, remote workers, receipts or invoices; this tech is proving to be invaluable.
AI excels in analysing behavioural patterns, making it ideal for finding those with ill intent. By learning behaviours and cycles, ML solutions can predict and defend against cyber-attacks. When fighting hackers it can teach itself how the hackers modify coding and breach security protocol as fast as the hackers can do it. It’s in the nature of an AI to continuously learn and improve, so every attempted security breach is just another opportunity to learn how to defend the systems it is monitoring. Through careful implementation and continuous monitoring, hackers could soon become a thing of the past.
So long spam
ML has been used in spam filters and detection software for a while now. However, old style anti-spamware was made up of algorithms and rules that couldn’t change. With AI systems, these filters and rules use learning and neural networks to seek out spam and potential malware. By monitoring how we open and engage with messages that AI can pre-empt how we will react to communications received and decide for us how best to deal with that information. By learning from and reacting to our approval or disapproval of that decision AI continuously improves and optimises itself.
Recommended items have become the norm when online shopping, however, AI is improving and expanding on this by following us from the shops. Programmatic advertising has exploded in popularity with its use of ML achieving extremely detailed levels of information and algorithms leading to highly targeted ads. Clever AI tech has also invaded inboxes, delivering handpicked recommendations and ideas for client bases with ease. By engaging ML businesses can target existing and new clients easily and effectively without bombarding them with irrelevant information.
By enabling companies to easily identify new trends from huge datasets and automate time consuming, high error tasks, ML & AI solutions have proven themselves to be innovative & invaluable tools to a lot of businesses. Through smart implementation and continuous monitoring, AI is changing the way that we work for the better. Offering teams more time to focus on improvement and optimisation, AI is taking care of the heavy duty processing and information sorting. With new technology and innovations constantly evolving from AI, this year could see the start of the ML revolution.