AI News, Where to Apply Machine Learning First in Your Business: Expert Consensus

Where to Apply Machine Learning First in Your Business: Expert Consensus

Dr. Patrick Ehlen, chief scientist at Loop AI Labs and a participant in this consensus commented, “With newer unsupervised learning capabilities, most organizations have access to a large amount of data in the form of language or text that can now be plumbed for insights that were not accessible only a couple years ago.”

Customer targeting strategies and service insights, business forecasting and risk modeling, and predictive analytics and data mining have been made possible in large part due to increasing volumes of data available to businesses of all sizes, allowing them to draw intelligent insights on customer behavior and marketing opportunities.

Wissner-Gross, a scientist, entrepreneur, and Harvard fellow explained, “As classification is now a reasonably well-understood problem, the lowest-hanging fruit for machine learning applications today in medium and large companies tends to involve classifying transactions.”

Detecting transaction anomalies on credit cards or authentication sessions has particularly ramped up in the domains of finance and consumer retail, with ML systems able to detect cases of fraud in real-time and triggering programmed action sequences that help protect consumer information.

It seems probable that within the next five to 10 years, a majority of businesses in the U.S. (more than half) will be using machine learning algorithms to help guide important marketing and strategic decisions, as well as protect the virtual systems upon which so many companies and their customers are dependent.

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