Something you are probably used to hearing in the business world is the idea of big data analytics and how important it is. Sure - you have analysts and data scientists who can work with your data and package it into conclusions that are relevant to your business. However, something even more powerful that is becoming common among businesses is machine learning and the use of Artificial Intelligence. There are a number of ways companies are utilizing this technology, and it is something your business can - and should - take advantage of.
At Orion health, they acknowledge how difficult it is for healthcare professionals to consider all of a patient’s medical history, their current symptoms, and how they should be treated. Based on this, they are able to gather all of a patient’s medical data, and then use deep learning to analyze it in their practice. The main advancement they have made is using this data in combination with learning algorithms and regression to determine the likelihood of readmission to hospitals for patients with chronic illnesses. Some other capabilities that are being developed using machine learning are image classification to identify diseases and search for drugs that shouldn’t be taken together. You can see how data mining combined with reports is helping to revolutionize the medical industry and potentially others.
One specific way machine learning does this is through dynamic pricing. To sum it up, dynamic pricing is a form of unsupervised learning that uses regression and algorithms to coordinate prices with sales trend data and other factors such as available inventory. This method, along with similar data mining techniques, has been gaining popularity, especially in the live events industry.
For example, many professional sports teams have adopted dynamic pricing into their sales and marketing strategies. Factors such as the win and loss records of home and away teams are taken into consideration by machine learning algorithms and models, which then generate an appropriate ticket price. Ticketmaster was one of the early adopters of such technology, implementing the learning framework for events as early as 2011. This strategy is also common in the airline and hotel industries, as you may notice the prices for these products are quick to change.
Whether you realize it or not, you probably have even more exposure to the use of learning algorithms for predictive analytics. This is put to use through recommender systems on platforms such as Netflix, Spotify, and Youtube. When these sources suggest new things for you to watch or listen to, that is predictive analytics and machine learning models at work. By combining all of their users past behavior and using big data analytics, they are able to classify users by their preferences.
Once they have an idea of their different user segments and what they are looking for, the algorithms can successfully provide and recommend new content of interest. This is based on the viewing history of other users in the segment, and categories of content offered. With artificial intelligence we can reach conclusions that would never be possible, and deliver customers a highly personalized and meaningful experience. Insights and technology like this are what retains users and keeps them engaged on a given platform.
Another way predictive analytics is at work in business is through predictive advertising. Through this technology and it’s deep neural networks, we can identify potential new customers and target them through strategic advertising content. Instead of having to do extensive research and segment your audience on your own, learning models do this work automatically. In certain cases, the machine learning can even help deliver relevant content for each group.
Harnessing the power of big data and artificial intelligence is becoming increasingly relevant as companies become more versed in the technology. Overall, data analytics can help simplify the workload throughout a company, while being even more productive than humans alone. The insights you reach through these unsupervised learning models will help your marketing department, and potentially many other areas.
Undoubtedly, whether you implement image classification or a dynamic pricing model, machine learning will help your business become more successful and profitable.