There has been a lot of buzz around the concept of machine learning and various conferences, venture investments and business related queries have come up but even after all this most technology managers have a hard time figuring out how machine learning will help them to solve their business hurdles. Also there is also the fact that new artificial intelligence buzz words are coming up very frequently thus getting a hold of what applications are viable for one’s business becomes an even more complex task and sifting through the names to figure out which ones are just plain exaggerations is also quite overwhelming.
However, it is still possible for business to benefit immensely from machine learning and some of those benefits are listed below. It is good to state that one area of application is making business predictions that are so complicated that they need the help of machine learning and one such instance is face detection given the fact that it is hard to write a set of rules that enables machines to detect all kinds of faces (given the variations in skin colour, fascial hair and angles of view). However it is quite possible to write an algorithm that can detect faces and the goodness is that the tools needed to create such algorithms are open source.
The other application is in filtering spam emails because whereas some spam filters work by a certain set of rules that blocks all kinds of emails that have ever been flagged as spam. However, most of the filtering work is based on the content of the inbox that is relevant to each user and due to the vast amount of data that is generated then machine learning can come in to be quite handy.
An amazing fact to state is that tastes in movies and music vary widely across each person and these preferences change with time. This explains why big companies now use machine learning to gather data from user ratings and other online engagements on various products so that they can be able to predict what any given user with watch, buy or listen to next time.
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The other application is in speech recognition since there is no single combination of sounds that uniquely signals human speech and how people pronounce words vary immensely. Despite these variations machine learning can be used to identify speech patterns and convert the speech to text and some of these applications are used by Transcription companies the world over.
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The other area of application is credit card fraud detection which is a rapidly evolving field and only a small portion of fraud detection are done using hard and fast rules. Various protocols are also coming up and fraud detection systems need to detect such patterns in real time thus machine learning is applied to detect such cases as soon as they happen.