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How ML Is Saving Major Sectors Time and Money

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By John White Last Updated on Jun 14, 2021

Health Diagnosis

One of the most profound ways machine learning is changing the global landscape stems from its practical uses in the healthcare industry. Instead of using doctors to examine every patient that walks in the door, there’s now a form of AI that can establish a diagnosis of a patient based on the answers to the pre-populated questions. Juniper Research notes that in the healthcare industry, there has been a 12 percent increase in patients who can be diagnosed by artificial intelligence.

health care

That figure is predicted to expand up to 75 percent by 2020. The study goes on to remark that while the practical uses for this application are restricted right now, with enough time and coding, they believe that this form of AI can monitor and analysis not just physical illness, but also mental health. This practice frees up time for the doctors and nurses who need to tend to patients that require a human touch and analysis.

Suggested Read: 3 ways AI is improving cyber security

 Saving Time in the Financial Sector

financial sector

In the banking and financial sector, ML is already saving limitless hours. For example, JPMorgan and Chase, a financial institute, managed to develop an AI software that examined commercial loan agreements and make decisions based on whether someone would get approved based on the information provided. How much time has it saved?

It turns out that this application can finish 360,000 hours of contract examinations in simple seconds. The chances of this type of applications are already flowing over into private loans, allowing aspirants to get responses on their applications promptly.

Read: Develop deep learning skills in the organization 

It is predictable that as more individuals apply using the program, the technique will learn and have the capability to create shockingly accurate calculations on whether someone is suitable for a loan. The outcome is plenty of saved time and money, all due to AI applications.

e-commerce Sales and Support

Many industries operate merely online or feature a hybrid system that offers customers to shop on their web application or in a brick and mortar store. Machine learning has exploded in the e-commerce world over the past decade. Now, many industry owners are spending AI technology for their lead process and customer support requirements.

There are many different forms of artificial intelligence when you’re looking at an e-commerce storefront. Technology is presently being used that can regulate the correct product for the right customer oriented solely on their behavior on the commercial website. This is useful for boost sales figures and maintains customers engaged with the brand — all with the power of AI.

Similarly, many e-commerce operators use chatbots as a means to deal with customer service questions or concerns. This methodology can collect data, make expectations based on the answers given, and come to a result that solves the problem in seconds. ML in this intellect is saving both money and time for website developers and CEOs, irrespective of whether the web application is in early development or a mature business.

Read also: Key benefits of AI in testing 

Conclusion

It’s hard to deny the fact that AI has changed virtually every facet of life as we know it. It is projected that developers will acquire more about how to program this application and save both businesses and personal time and money. If the predictions mentioned earlier by Juniper are anything to go on, we expect to see machine learning play a more prominent role in our day to day