Machine Learning for Business
Artificial intelligence includes machine learning as a subset. Instead of being specifically programmed to do so, it focuses on teaching machines to learn from data and evolve with experience. Algorithms are trained in machine learning to identify trends and associations in large datasets and to make the right decisions and predictions based on those findings.
Machine Learning’s significance
Machine learning has moved faster because there is a potentially unlimited amount of data available, data storage is cheap, and computers are getting cheaper and faster.
Many companies are now focusing on more efficient machine learning models that can process larger and more complicated data while delivering faster, more accurate results on massive scales. Businesses can use ML techniques to identify potential risks and profitable opportunities more quickly.
Real-world applications of machine learning drive market outcomes that can have a big effect on a company's product. New methods are being developed quickly in the field, which makes it possible to use machine learning in almost any way. ML is a great way to build models, plans, and designs for businesses that use a lot of data and need a way to understand it accurately and effectively.
History of machine learning?
Arthur Samuel, an American IBMer and pioneer in the fields of computer games and artificial intelligence coined the word machine learning in 1959. In the early days of AI as an academic discipline, some researchers were interested in making machines learn from data. They tried to approach the problem with various symbolic methods, including what they then termed “neural networks," which were mostly perceptrons, and other models that were later found to be reinventions of the generalized linear models of statistics.
Machine learning (ML) was reorganized as a separate discipline in the 1990s and began to grow. Agriculture, accounting, financial market research, insurance, ERP, and data mining are only a few of the business applications of machine learning today.
Business use of Machine Learning
Health-care services
Sensors and devices that track everything from heartbeat rates and steps completed to oxygen and sugar levels and even sleep patterns have produced a huge amount of data that allows physicians to evaluate their patients health in real-time. By looking at photos of the back of the eye, a new ML system can find cancerous lumps on mammograms, skin cancer, and damage to blood vessels caused by diabetes.
Government
ML systems allow public officials to use data to predict possible situations and respond quickly to situations that change quickly. Machine learning will help improve cybersecurity and cyber intelligence. It will also help with counter-terrorism, logistics management, predictive maintenance, and lowering failure rates, among other things.
Sales and marketing
ML is also transforming the marketing industry, with many firms successfully implementing artificial intelligence and ML to boost customer loyalty. ML is also enhancing customer interactions and providing better customer support.
E.g., chatbots and digital assistants
Social networking and e-commerce
E-commerce and social media platforms use machine learning to analyze your past purchases and searches and make recommendations for additional purchases based on what you've already purchased. Several analysts think that AI and machine learning will shape the future of retail. This is because deep learning business systems are getting better at collecting, analyzing, and using data to make people's shopping experiences more personal. Facebook and Amazon are excellent examples of this.
Financial sector
In this industry, machine learning helps investors find new opportunities or figure out when the best time is to invest in certain stocks or sectors. Data mining finds out how risky a customer is and tells cyber security how to find and stop fraud. Machine learning can help with analyzing financial portfolios and figuring out how risky it is to give out loans or insurance.
One of AI and machine learning’s potential strengths in this industry is the capability to test hedge funds and analyze stock market activity to make financial recommendations. ML can get rid of usernames, passwords, and security questions by taking anomaly detection to the next level with facial or voice recognition or other biometric data.
Oil and gas
Machine learning and artificial intelligence are already being used for new oil and gas exploration, looking for mineral deposits in the ground, figuring out why refinery sensors aren't working right, and reorganizing oil distribution to increase efficiency and cut costs.
Machine learning is changing the industry with its case-based interpretation, reservoir simulation, and drilling automation. Above all, machine learning is assisting in the safety of this hazardous industry.
Manufacturing
The vast manufacturing sector is also no stranger to machine learning. The goal of machine learning applications in manufacturing is to improve operations from planning to execution, reduce human error, improve predictive maintenance, and speed up the time it takes to turn over inventory.
Major Machine Learning Vendors (Offer tools and business applications)
· Amazon Web Services
· Databricks
· Google Cloud
· IBM
· Microsoft Azure
· SAS
· SAP
· ORACLE
A Few ML Tools and Applications:
Oracle
Oracle Machine Learning for SQL (OML4SQL) provides powerful in-database algorithms for model building through PL/SQL, along with SQL function functions for applying models to make predictions. This transforms the database into a company-wide analytical tool for data-driven issues like churn prediction, consumer segmentation, fraud and anomaly detection, cross-sell and up-sell opportunity discovery, business basket evaluation, and predictive maintenance.
Oracle Data Miner is an Oracle SQL Developer extension that automates many of the steps in the machine learning process using a drag-and-drop user interface. Oracle SQL Developer is a popular, free integrated development tool for developing and managing Oracle Database in both traditional and Oracle Cloud Service deployments. Users of Oracle Data Miner can share their analytical workflows with other analysts and/or generate SQL scripts to hand over to their IT organization to speed up solution deployment. Oracle Data Miner also has a PL/SQL API for scheduling and automating workflows.
SAP
SAP CoPilot
SAP CoPilot, the company’s digital assistant and bot integration hub, has two goals: to provide business users with a fun, personalized experience, and smartly structured work data to help them achieve better results.
SAP Leonardo
SAP Leonardo is a cloud-based application that provides a large data repository for structured data storage and retrieval in in-memory databases like SAP HANA. SAP Leonardo can be easily integrated with any on-premises or cloud-based application using implementation application services such as IoT, machine learning, analytics, big data, design thinking, blockchain, and digital intelligence.
SAP Predictive Analysis
The SAP Predictive Analysis and Service solution assists in the better prediction, planning, and execution of maintenance and repair work, reducing both scheduled and unscheduled downtime.
It enables the analysis of data using various visualization methods and offers a range of predictive algorithms to predict future business decisions.
AMAZON
Amazon Monitron
Amazon Monitron is a complete system that uses machine learning to detect unusual behavior in industrial machinery, allowing businesses to perform predictive maintenance and minimize unscheduled downtime.
Amazon Comprehend Medical
Amazon Comprehend Medical is a HIPAA-compliant natural language processing (NLP) service that extracts health data from medical text using machine learning—no prior machine learning knowledge is required.
Amazon Lookout for Vision
Amazon Lookout for Vision is a machine learning service that uses computer vision to detect flaws and irregularities in visual representations (CV). Manufacturing companies can improve quality and cut costs with Amazon Lookout for Vision by easily detecting variations in images of objects at scale.
Legal & Regulatory challenges associated with machine learning
Machine learning can and is already creating social problems and labor market transformations, resulting in job turnover and retooling across nearly all segments of the economy.
Destructive acts: Because of deliberate user behavior, failure, faulty programming, or unexpected AI system actions, ML systems controlling machines can damage property or people. The first deadly crash involving a self-driving car occurred in March 2018. Such risks would grow as self-driving cars, drones, and other AI-operated ML devices become more popular.
Lack of privacy: Machine Learning and AI-driven technologies like Face, speech, and behavior identification applications that can be linked to high-resolution cameras and microphones make it feasible to track each move we make in real-time, not only when we are using electronic devices. A public rating program is currently being assessed on a wide range in China, and in certain cases, it is being linked with governmental screening and security programs.
In real-time, the program keeps track of all the participants. and generates an individual public credit score based on information such as dating habits, friends, workout time, favorite TV channels, mobile use, time, effort spent raising children, and so on. The score is then used to gain admission to colleges, obtain a mortgage, fly, book hotels, and so on.
Biased algorithms: There is a possibility of discriminatory outcomes when ML is used as a decision-making tool that is based on statistical models implemented on big data. For example, in recruitment processes, machine learning algorithms have been reported to produce results that are skewed against women.
It is fair to expect ML to be used as a decision-making method in crime investigation, the justice process, credit scoring, university application processes as well as several other areas as the technology advances.
Fake News and Information: ML &AI systems can filter messages — true or false — to have the ultimate effect on our attitudes and beliefs by collecting and evaluating data about us. ML may also generate faces, voices, messages, and social media posts(tweets), and look them appear the same as they were from a legitimate person.
Hacking: Hacking into networks and cracking encrypted systems is becoming easier for machine learning systems. As time goes on, more powerful malicious software will be capable of propagating on a huge scale.
It is easy to imagine situations in which hackers seize control of autonomous vehicles to inflict damage, or hack hospital equipment and switch off pacemakers and other critical lifesaving technology.
Although some of the problems with Machine Learning are common to previous technologies, others are unique to Machine Learning. Machine Learning has elements that make it more challenging to regulate than earlier technologies, as can be seen from the above. The widespread availability of the computer hardware, software, and fundamental expertise needed to create effective ML systems in their various forms has resulted in the innovative creation of ML applications. This rapid and decentralized development poses a significant challenge in terms of efficiently controlling technology without suffocating the benefits of innovation.
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