8 Major Application Areas of Machine Learning
In 1959, Arthur Samuel defined Machine Learning (ML) as “Field of study that gives computers the ability to learn without being explicitly programmed”. One of the pioneers of Machine Learning, he developed a checkers program that could play checkers better than him. Machine Learning is a very powerful tool that uses everything happened in the past to predict the future. Today ML is disrupting every industry and leading to new innovations.
Below listed are few of the leading applications of Machine Learning:
Applications of Machine Learning across major Industries
1. Healthcare & Clinical Care
1.1. Clinical Decision Support systems
Machine learning can help with data-driven clinical decision support (CDS) to physicians as well as to the hospital staff. For example, it can look at all the aggregated data in a patient’s chart, to predict and identify patients who are suffering from metastatic cancer or not metastatic cancer, and to use that to enhance, and make more efficient, clinical trial matching (Green, 2019). 10xDS has trained machine learning models for predicting Skin Cancer and Knee Injuries using image classification models.
1.2. Drug discovery
Machine Learning and AI together are being used to find new uses of existing drugs, with the aim of helping cure rare diseases.
1.3. Medical diagnosis & smart health records
Machine learning is propelling the development of AI systems that can access the presence or absence of any disease, and if present, specify its type, severity and stage. These solutions integrate all the data from Health, EMR, EHR, claims, thereby making meaningful predictions for risk of patient re-admission for any specific health issues. 10xDS has built use cases to predict in-patient length of stay using available in-patient data and vitals.
2. Insurance
2.1. Fraud detection
Machine Learning is used to identify fraudulent claims that were incorrectly coded.
2.2. underwriting
ML also helps expedite speeding up functions, for instance expediting claims that meet defined criteria. Today, rule based underwriting platforms are being enhanced using ML to make the process more streamlined and accurate.
2.3. Personalization in marketing
Some insurers are deploying ML for target marketing where algorithms are used to identify purchase patterns across hundreds of variables.
3. Pharmaceuticals
3.1. Predict and prevent lifesaving drug shortages
The pharmaceutical companies use machine learning algorithms to predict and prevent lifesaving drug shortages, analyse in real time data points from the supply chain, including pharmacies, hospitals and wholesale distributors.
4. Farming
4.1. Assess harvest quality
Tractor manufacturers are working on developing deep learning algorithms to classify and assess the quality of harvested grains and make automatic adjustment systems for the harvester. (Perry, 2019)
5. Retail
5.1. Sense trends and adjust inventory
ML and AI together help supermarket chains and retailers to sense trends and adjust inventory, suggest right product assortment to maximize sales. Algorithms can help sales order recommendations by using historical purchase data, SKUs, structured and unstructured sources, promotions, returns and similar store purchase behaviour.
5.2. Product recommendations for customers
10xDS has built-in recommendation model using collaborative filtering to provide customer and product recommendation. Retailers are introducing apps powered by Machine learning which allows customers to shop by uploading images of products they want and be matched with similar products available on the retailer’s wider marketplace. (Radojev, 2019).
5.3. Virtual customer support
Another common use case is with customer support where chatbots help customers with their orders and payment.
5.4. Fraud detection
Machine Learning application is deployed in fraud detection systems by retailers where it validates orders real time to previous deliveries, cost of basket and customer information. 10xDS had built credit card transaction category identification models to identify any fraudulent credit card transactions.
6. Oil & Gas
6.1. Asset evaluation
Machine learning helps enhance the evaluation of Oil and Gas assets like tank leak detection, decline curve analysis (in terms of how a well will produce less and less over time), pipeline corrosion prediction, and geological features identification to boost exploration outcomes.
6.2. Virtual sensors and insights
Machine Learning algorithms provide virtual sensors and insights to perform what-if analysis, scenario analysis and address the best options for optimization.
7. Banking and Finance
7.1. Personalized services to customers
Banks are combining AI, Machine Learning and customer data to continuously optimise and prioritize across all the available messages, alerts, conversations and communication at any given time, across channels. This is helping them to deliver personalized services to their customers. Machine Learning algorithms are being used to advise users on financial products and rapidly provide suggestions based on feedback just like Netflix or YouTube suggestions.
7.2. Fraud detection and prevention
Artificial Intelligence (AI) and Machine Learning (ML) can run through large reams of data, fraud protection layers to online banking and speed up the review process for Banks and Financial Institutions that are on the hunt for fraudulent transactions.
7.3. Automated signature validation
10xDS is working with clients and technology partners on automatic signature validation on documents like cheques using deep learning to learn unsupervised clustering model, auto-classify the documents into various categories based on the contents.
7.4. Assessing credit risk
Banks and Financial institutions apply machine learning for assessing the credit risk of their customers. 10xDS loan approval / rejection models can accurately predict customer eligibility during loan processing.
8. Real estate
8.1. Real estate appraisal or property valuation
Property owners and investors use apps built on Machine Learning to predict / estimate property’s value looking at data from location, features, neighbourhood statistics and economic indicators.
8.2. Building operations Safety
Artificial Intelligence (AI) system with Machine Learning is helping improve efficiency and safety of building operations.
8.3. Property space utilization
Using data ML is also helping property owners enrich tenant/ user experience by maximizing underutilized space.
Conclusion
Machine learning is the science of combining code development with data thereby defining predictive model to get an output or uncovering trends. When combined with deep learning, neural networks, computer vision, and big data, ML has tremendous potential to transform each sector and enhance the customer experience. Applying machine learning models into production is a challenge which if addressed, a wide range of industries could witness the rise of some of the disruptive solutions of our times.
How 10xDS can help?
At 10xDS, we help businesses understand and determine the different AI solution approaches to choose from to modernize their processes. Our expert team here will help you with the perfect AI technology adoption that suits the needs of your business to accelerate growth and optimize team and individual performance.
Want to gain further insights into our AI and ML services? Talk to our Automation Experts!
References
Green, B. (2019, October 11). Artificial Intelligence, Machine Learning Critical to Growth in Effective Healthcare. (AJMC, Interviewer) Retrieved from https://www.ajmc.com/interviews/bobby-green-artificial-intelligence-machine-learning-critical-to-growth-in-effective-healthcare
Perry, T. S. (2019, October 4). Want a Really Hard Machine Learning Problem? Try Agriculture, Says John Deere Labs. Retrieved from IEEE Spectrum: https://spectrum.ieee.org/view-from-the-valley/robotics/artificial-intelligence/want-a-really-hard-machine-learning-problem-try-agriculture-say-john-deere-labs-leaders
Radojev, H. (2019, October 15). Amazon rolls out new fashion search tool in UK. Retrieved from Retail-Week.com: https://www.retail-week.com/technology/amazon-rolls-out-new-fashion-search-tool-in-uk/7033204.article?authent=1
