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• Application of Machine Learning
1. Healthcare
Machine learning models can help with disease diagnosis and prediction by analysing medical data such as images and patient records.
They also aid in drug discovery and development by identifying and optimising potential candidates' chemical structures. Analysing
patients’ data and suggesting effective therapies results in personalised treatment plans. Wearable devices use machine learning to
monitor vital signs, detect anomalies, and alert healthcare providers in the event of an emergency.
2. Finance
Machine learning models are utilised in fraud detection, algorithmic trading, credit risk assessment, and customer service
chatbots. These models analyse financial transactions to detect fraud, such as credit card fraud or identity theft. Algorithmic
trading systems use machine learning to make high-frequency decisions based on real-time market data, aiming to maximise
returns while minimising risk. Credit risk assessment uses machine learning to analyse creditworthiness, while customer service
chatbots use natural language processing to assist customers with banking queries and manage routine tasks.
Fraud Detection:
• ML algorithms identify unusual patterns and anomalies in transaction data to detect potential fraudulent activities. They can
learn from historical fraud cases and adapt to evolving fraud patterns, enhancing the security of financial transactions.
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3. Education
Machine learning is used in educational technology to provide personalised learning experiences, adjusting content and instruction pace to
individual student needs. It can automatically grade assignments, quizzes, and exams, providing quick and consistent feedback. Learning
analytics uses machine learning to analyse student data and behaviour, helping educators make data-driven decisions to improve teaching
and learning outcomes. Adaptive educational content is created using machine learning algorithms, identifying areas needing additional
support and providing resources. Predictive analytics uses machine learning models to analyse historical and real-time student data to
predict students at risk of academic difficulties, enabling targeted interventions and improved retention rates.
4. Human Resources
Machine learning models can help to streamline the recruitment process by automatically screening and ranking resumes based on particular
needs and job requirements. They may also forecast candidate suitability by examining skills, experience, and other factors. They can also
use KPIs, feedback, and training history to evaluate employee performance, identify areas for improvement, and reward high-performing
individuals. They may additionally forecast future workforce needs based on past experience, business objectives, and market trends,
assisting HR with hiring, training, and talent development strategies. Furthermore, machine learning can monitor employee attendance and
timesheets, detecting irregularities and potential issues and ensuring accurate payroll processing and labour regulations compliance.
Employee Onboarding and Training:
• Personalized Onboarding: ML can assist in creating personalized onboarding experiences by analyzing employee preferences,
learning styles, and job roles to tailor training programs.
• Training Needs Analysis: ML algorithms can assess employee performance and identify skill gaps, helping HR departments design
targeted training programs to address specific needs.
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• Machine Learning That is Currently in Used
Amazon
Amazon uses machine learning algorithms to analyze customer behavior, browsing history, and purchase history to provide personalized
product recommendations. This helps customers find new products they may be interested in and increases sales for Amazon.Besides
that, Amazon uses machine learning to optimize its warehouse operations and logistics. By analyzing data on customer demand,
inventory levels, and shipping routes, Amazon can improve efficiency, reduce costs and delivery times.Amazon also allows its users to
buy products using voice commands. Amazon’s AI assistant, Alexa, helps users do shopping by using Natural Language Processing
(NLP) algorithms .
Google
Google uses machine learning in a variety of applications, from Google Search to Google Photos to even Google Translate . Machine
learning is an application of artificial intelligence that allows systems to learn and improve automatically from experience without being
explicitly programmed. The main goal of using machine learning by organisations is to enable computers to learn automatically without
human intervention or assistance, and to adjust actions accordingly
Google Translate :Google uses statistical machine translation, which analyzes millions of documents already translated from one
language to another, then searches for common patterns and basic vocabulary of the language. It then chooses the most accurate
translation possible based on educated guesses that usually turn out to be correct.
Google Search: Google uses machine learning to provide more relevant search results by analyzing the user’s search history and
providing personalized recommendations.
Google Chrome: Google Chrome uses machine learning to offer more relevant search results by analyzing the user’s search history and
providing personalized recommendations.
Google Photos: Google Photos allows you to save all your photos in one location even if they were taken from multiple devices and also
offers many other cool effects using machine learning. For example, it automatically creates albums of photos taken during a specific
period without any intervention on your part .
Duolingo
Duolingo, a popular language-learning platform, uses machine learning in various features of its app. Duolingo uses machine learning to
provide personalized tips to users. The app tracks the words that users know and the words they struggle with, and then uses that
information to provide tips that are tailored to each user’s needs .Besides that, Duolingo uses machine learning to personalize the
podcasts that users listen to. The app tracks the words that users know and the words they struggle with, and then uses that information
to recommend podcasts that are at the right level of difficulty .Furthermore, Duolingo uses machine learning to generate reports that
show users how they are progressing. The app tracks the words that users know and the words they struggle with, and then uses that
information to generate reports that are tailored to each user’s needs . Duolingo also uses machine learning to personalize the
notifications that users receive. The app tracks the words that users know and the words they struggle with, and then uses that
information to provide notifications that are tailored to each user’s needs .
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• How Machine Learning Works
Machine learning uses two types of techniques: supervised learning, which trains a model on known input and output data so that it
can predict future outputs, and unsupervised learning, which finds hidden patterns or intrinsic structures in input data.
Supervised Learning
Supervised machine learning builds a model that makes predictions based on evidence in the presence of uncertainty. A supervised
learning algorithm takes a known set of input data and known responses to the data (output) and trains a model to generate reasonable
predictions for the response to new data. Use supervised learning if you have known data for the output you are trying to predict.
Supervised learning uses classification and regression techniques to develop machine learning models.
Classification Techniques
Classification techniques predict discrete responses—for example, whether an email is genuine or spam, or whether a tumour is cancerous
or benign. Classification models classify input data into categories. Typical applications include medical imaging, speech recognition, and
credit scoring.
Regression Techniques
Regression techniques predict continuous responses—for example, hard-to-measure physical quantities such as battery state-of-charge,
electricity load on the grid, or prices of financial assets. Typical applications include virtual sensing, electricity load forecasting, and
algorithmic trading. Useregression techniques if you are working with a data range or if the nature of your response is a real number, such
as temperature or the time until failure for a piece of equipment. The most common algorithms for performing regression can be found
here.
Unsupervised Learning
Unsupervised learning finds hidden patterns or intrinsic structures in data. It is used to draw inferences from datasets consisting of input
data without labelled responses.
Clustering
Clustering is the most common unsupervised learning technique. It is used for exploratory data analysis to find hidden patterns or
groupings in data. Applications for cluster analysis include gene sequence analysis, market research, and object recognition.
Here are some guidelines on choosing between supervised and unsupervised machine learning:
Choose supervised learning if you need to train a model to make a prediction, e.g., the future value of a continuous variable,
such as temperature or a stock price, or a classification, e.g., identify car makers from webcam video footage.
Choose unsupervised learning if you need to explore your data and want to train a model to find a good internal
representation, such as splitting data up into clusters.
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• Advantages of Machine Learning
Time Savings:
• Machine learning accelerates processes that would be time-consuming for humans, leading to significant time savings. This is
evident in tasks such as data analysis, pattern recognition, and complex computations.
Optimization in Healthcare:
• In healthcare, machine learning aids in diagnostic tasks, personalized medicine, and treatment planning. ML models analyze
patient data to provide insights, contributing to more effective and tailored healthcare solutions.
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• Disadvantages of Machine Learning
• Data Acquisition
The whole concept of machine learning is about identifying useful data. The outcome will be incorrect if a credible data source is not
provided. Machine Learning requires massive data sets to train on, and these should be unbiased, and of good quality. Therefore, the
quality of data is significant. There can also be times where they must wait for new data to be generated if user needs more quality
data. It will cause delays in providing output. So machine learning depends on the data and the quality of data.
• Interpretation of Results
Another major challenge is the ability to accurately interpret results generated by the algorithms. The interpreted data that we get
cannot be hundred percent accurate. It will have some degree of inaccuracy. Algorithms should be developed so that they give reliable
results.
• Ethical Concerns:
ML models can inadvertently perpetuate and even amplify existing biases present in the training data. If the training data contains
biased information, the model may learn and replicate those biases, leading to unfair or discriminatory outcomes.
• Security Concerns:
ML models can be vulnerable to adversarial attacks. Small, carefully crafted modifications to the input data, often imperceptible to
humans, can cause the model to make incorrect predictions.
• Dependency on Expertise:
Developing and implementing machine learning models require expertise in both machine learning algorithms and the specific domain
of application. The scarcity of skilled professionals can be a barrier for some organizations.
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• Development of Machine
The Current Research & Learning & Top
development Machine
in the area Learning Companies
Machine learning is a field of AI that helps machines learn to analyze data the way humans do. The algorithm teaches machines to
process huge datasets and trace patterns to derive insights. The accuracy of a machine learning algorithm depends on the data fed to
train the system.
While AI is a technology that makes machines smarter, ML is a concept that applies AI in practical and real-time scenarios. According
to GlobeNewswire, the global machine learning market was valued at 15.44 billion in 2021. It is expected to reach $209.91 billion by
2029 at a CAGR (Compound Annual Growth Rate) of 38.8%. This clearly proves that we are living in the era of digital world where
everything around us is connected to data source and machine learning and everything in our lives is digitally recorded. Machine
learning has grown rapidly worldwide in recent years as it provides systems with the ability to learn. To intelligently analyse these data
and develop the corresponding smart and automated applications, machine learning is the key. Machine learning has the greatest
potential to facilitate the breakthroughs in fields such as genomics, materials science and climate modelling. According to PWC,
machine learning in economics can increase productivity by up to 14.3% by 2030. Machine learning is actually a catalyst for
productivity growth of a country. Countries that are leading in machine learning field is USA followed by Australia, Switzerland, UK and
Canada.These are the top countries for machine learning engineers for its large number of companies that specialised in advanced
technologies.
Enterprises and organizations from various industries are increasing their budget allocations to adopt machine learning tools and
digitally transform their systems. Statistics show that there is a 25% increase in the budget, especially in the banking, manufacturing,
and IT industries.
Half the companies are forming internal data science teams to build ML models, while the remaining are relying on offshore machine
learning companies to revamp their business systems and operations. The market has various machine learning and AI companies
helping SMBs, MSMEs, and large enterprises adopt machine learning models and gain a competitive edge over others in the
market.The demand for machine learning specialists is expected to be grown by 40% from 2023 to 2027.
1. DataToBiz
DataToBiz has a tagline of ‘Simplifying the Complex’, and true to the word, the company offers a range of AI and ML solutions to
businesses from various industries. DataToBiz works with small, medium, and large enterprises, organizations, and establishments to
adopt data engineering solutions. From EdTech to FinTech, manufacturing, healthcare, and more, the company has expertise in
several industries.
The company is a certified partner of Google Cloud, Microsoft Azure, and AWS. It helps businesses overcome their challenges by
adopting data-driven models. DataToBiz offers end-to-end solutions to help a business achieve success through advanced
technologies like machine learning. The company’s solutions are flexible, scalable, and cost-effective. The team has years of
experience and a satisfaction rate of more than 97%. DataToBiz is one of the most promising machine learning companies in today’s
times.
2. InData Labs
InDataLabs offers AI and big data consulting services to businesses from industries like Fintech, eCommerce, sports, entertaining, and
digital health. The company has its own R&D center and helps enterprises scale their systems to expand into newer markets. InData
Labs build customized AI solutions from scratch and fine-tunes existing products to suit the business requirements.
CV and OCR are the core competencies of the company. It also offers services to use predictive analytics and natural language
processing tools to streamline business intelligence in an enterprise. InData Labs works with establishments of all sizes to help them
adopt the latest technologies in their business.
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• The
Future Potential
Future of Machine
Development LearningLearning
of Machine
Customer experience.
Machine learning algorithms can create adaptive, personally tailored customer experiences, such as individualised promotions. Virtual
assistants and chatbots can also automate repetitive customer service tasks, such as responding to customers' emails and chats.
Examples:
1) Chatbot and Virtual Assistant Support
Intelligent chatbots and virtual assistants, powered by machine learning algorithms, are being implemented to handle basic customer
inquiries and provide self-service support.By utilising natural language processing (NLP), these chatbots can understand customer
queries and provide accurate and relevant responses.
Examples:
2) Machine learning at Walmart
Walmart uses machine learning for numerous reasons, including shopper substitutions.Walmart created a technology which identifies
the ‘next best’ item shoppers want if the product they initially request is unavailable.Machine learning does this by aggregating data
across customer habits, inventory in stock, brand, price, and other details before making its selection.
Financial services.
In finance, machine learning facilitates tasks such as risk modelling, portfolio management and market forecasting. And applying
machine learning algorithms to customers' transaction data helps banks automatically detect potential fraudulent activity and suggest
personalised financial products.
Examples:
3) Stock market forecasting
ML technology is often used in the finance industry to predict stock prices and influence trading decisions. It works by using large
historical data sets to make predictions about the future. Here are two types of trading that machine learning technology enable:
Algorithmic trading: Identifying patterns and developing trading strategies with speed and accuracy
High-Frequency Trading (HFT): Identifying trading opportunities and executing trades at high speed.
Cybersecurity.
To combat ever more sophisticated hacking techniques, machine learning is positioned to become integral to cybersecurity. Machine
learning algorithms can detect vulnerabilities in an organisation's security posture and analyse traffic for anomalies that could indicate a
cyber attack.
Examples:
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• References
Machine Learning
https://www.analyticsvidhya.com/blog/2023/03/impact-of-machine-learning-on-hr/
#:~:text=The%20Impact%20of%20Machine%20Learning%20on%20HR,-The%20impact
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