Artificial Intelligence (AI) and Machine learning (ML) are related to each other.

Machine learning (ML) is an application of artificial intelligence (AI). It provides systems the ability to automatically learn. Machine learning focuses on the development of computer programs that can access data and use it to learn for themselves. AI and ML are being increasingly used in various industries. Machine Learning uses a number of theories and techniques from Data Science. Some of them include- Classification, Categorization, Clustering, Trend Analysis, Anomaly Detention, Visualization, and Decision Making.

Impacts of Machine Learning (ML) in various industries-

Travel: There are many travel websites like Expedia uses machine learning techniques and algorithms. It provides recommendations based on search and booking history. Expedia can even recommend alternative travel dates, destinations, and local sightseeing options based on search queries.

Insurance: There is numerous insurance company that started using machine learning technology. For example, Allstate (one of the largest insurance companies in the US) partnered with EIS to develop a virtual assistant called ABle (the Allstate Business Insurance Expert). So that it can easily assist Allstate agents who are seeking information on Allstate Business Insurance (ABI) commercial insurance products.

ABle’s virtual assistance uses natural language and provides agents with step-by-step guidance for “quoting and issuing ABI products”.

Health Care: Apixio, a cognitive computing firm, aims at improving the accessibility of clinical knowledge from digitized medical records to improve healthcare decision making.

It has to deal with a huge amount of unstructured data, gaps in patient documentation, and inaccuracies in disease prevalence and treatment.

Apixio introduced machine learning techniques to aggregate data across the population and derive insights around disease prevalence and treatment patterns.

Banking: Bank of America Corporation recently made a bold push into AI technology with the debut of an intelligent virtual assistant named Erica.

Erica is a chatbot that leverages “predictive analytics and cognitive messaging” to provide financial guidance to the company’s over 45 million customers.

All these predictions and recommendations are based on various machine learning methods. Let’s learn them.

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