What if the machines get smarter? Well, you can expect it to be better than before in 2019. The tech giants have acquired many Machine Learning startups, and they will continue to do so (Source).
Apple acquired Silklabs; Microsoft acquired XOXCO; Oracle acquired Datafox; Intel acquired Vertex.AI; Facebook acquired Ozio; Google acquired Kaggle and Halli Labs, and so on. IDC predicts that the investment and acquisition will keep on continuing for the time to come.
With more and more investment pouring into machine learning, the machines are getting smarter at a quicker pace. The devices can now automatically detect images, make their calculations, make investment decisions, and more without human intervention and it is all because of machine learning.
AI and automation will replace around 38% of total US jobs (Source). Even if you are not in a technology field, it would be better for you to know artificial intelligence. Check out for the most-suited Online Artificial Intelligence Certification Training Course and start learning.
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Machine Learning is Continuing to Transform the World
The industries that I’m about to reveal right now have not been in the limelight. Allow me to show the five sectors, facing transformation that will surprise you.
The restaurant industry is massive, and it nearly touches $800 billion in the USA alone (Source). When it comes to AI/Machine Learning in the restaurant business, the ordinary people usually link it to robotics. Yes, robots will replace many manual labours like waiters and dish cleaners, but that is not it.
The AI and Machine Learning will also touch recipes, operations, marketing, and business decisions. You must have seen all sorts of trends in the restaurant industry like pop-ups, meal kits, and so on. AI can anticipate all kinds of new patterns in advance, which will help restaurant owners to multiply their profits. Machine learning allows businesses to get the unique insights and trends from the collected data to help them make sound decisions.
Restaurant owners can use available data, such as shipment, outlet demographics, weather information, and so on to find new trends and growth opportunities via machine learning solution. It is also possible for machines to suggest personalised customer service to their loyal customers to further enhance their experience.
CNBC reports that around 60% of total restaurants fail in their very first year and one primary reason is the wrong location selection. The machine learning technology can come out with insights from a massive pool of data to suggest restaurant owners about the location selection, which reduce the risk of failure. Those restaurants owners who ignore AI/Machine Learning will lag in the future.
- Retail Industry
You may have heard a lot about online stores taking away businesses from physical retail stores. Amazon and other online retailers use machine learning technology to suggest you the best possible products that you want to buy. As an online retailer, you can use AI apps at affordable rates.
Image Source: Cognizant
The physical retailers can now use amazing AI and Machine Learning technology to fight back with online retailers (Source). With the help of AI tools, retailers can offer the best products and offers to customers right when they walk into their store. The retailers can see their customers’ purchase data, products that their customers are viewing, and more to help them sell more.
- Manufacturing Industry
The IoT (Internet of Things) has made it possible to collect a massive volume of data via sensors from the production line. With the help of machine learning technology, it is now possible to learn from that enormous pool of data.
The manufacturers can now make use of supervised learning and development models to minimise the risk of failures. They can use collaborative robots to observe and optimise production line to speed up their production process with a lesser chance of wastage and losses.
- Insurance Industry
There were times when underwriters played a critical role in the insurance industry. However, it will change soon. All the hefty sum of money once paid to underwriters will disappear.
According to the Insurance Business UK, underwriters are now at the highest risk of losing their bread and butter. AI and automation will soon replace them. The massive sum of money is about to change hands at a quick rate.
If you are positioning yourself as an underwriter, be prepared for a significant setback. You should now think of placing yourself as an analyst. The recent trends show that the pay of data scientists, who are already earning over $100k, will be paid even more in the future.
The machines are now able to analyse the extensive data and use various ratios to come out with insights that can help data analysts and data scientists to make educated decisions. The machines can use advanced statistical and mathematical tools to process the data.
The traditional media houses were the only source of information back when the internet was not for the public. However, the growth in the popularity of the internet has made an enormous impact on the way people get their information.
The people can now get their information via various sources on the internet. A massive volume of data is now available on the internet, which allows us to predict trends, behaviours, hot issues, and so on. The politicians can now rely on data and insights rather than gut feeling to make their decisions.
The political parties can find out what particular segments of people want, hot political issues, the dissatisfaction of people, social problems, and so on with the help of machine learning algorithm. The machines can suggest politicians and help them create better political and advertisement campaigns.
However, the technology can also manipulate voters, as corrupt politicians make use of technology to spread fake news and incite hatred.
Over to You
Are you surprised by the insights that I’ve revealed in this article? I believe you are surprised. The current business environment is incredibly dynamic. You cannot sit back and relax, expecting that the industry that you are currently in will be the same.
AI will not replace humanity, but if you are not smart and updated, your job or business will be taken away by AI and automation.
Learn how to manipulate and get the maximum out of AI and machine learning technology to keep your business up and to run. In the future, those with appropriate knowledge of technology will gain the most in the world of business.