Mikhail Sisin Co-founder of cloud-based web scraping and data extraction platform Diggernaut. Over 10 years of experience in data extraction, ETL, AI, and ML.

The role of machine learning technology for business

2 min read

The role of machine learning technology for business

Machine learning is a technology in which a robot independently creates an action algorithm based on a specific model defined by a person and the information loaded in it. Now machine learning is experiencing the peak of its development, and its role has increased markedly. According to independent estimates, the market size in 2018 was approximately one billion dollars. According to preliminary forecasts, by 2025 this amount will be about forty billion dollars.

For what purposes can machine learning be used in business? The most important thing that machine learning can give a business is to reduce the processing time for a customer request. The costs are significantly lower. For example, you do not need to pay a salary to a cashier if, instead of him, purchases are made using computer vision and biometric robots. Or do not need to spend all day on the analysis of documentation, when the machine can cope with this task in a few seconds.

If we consider the e-commerce sector, especially large retailers, here the business owner is unlikely to be able to know and remember every customer of his, but the machine is capable of that. Information about what and when customers bought helps, for example, to build an assortment. Also, using machine learning, you can customize personalized e-mail newsletters.

Many companies have already adopted machine learning technology.

  1. For example, the social network Pinterest, to improve work efficiency for users, is already introducing machine learning. Three years ago, Kosei, a company specializing in the use of machine learning, was bought for this purpose in detail – this is a search for images and recommendation scripts. Now in Pinterest algorithms are used in both moderation and monetization.

  2. Another widely known and very popular worldwide social network Facebook also uses machine learning. Basically, in order to create chatbots in your messenger, the level of which is already so high that it is sometimes difficult to distinguish between talking to a real person or a robot. Mechanisms are also used to identify spam and content that is not of the best quality.

  3. The instant public posting service in the Twitter blog format went the same way. When forming the news feed, machine learning algorithms are also used, so that the user gets the information that interests him. It is done based on the analysis of tweets and likes of a particular user.

  4. Giants like Google are also interested in machine learning. Basically, with the help of machine learning, it improves the current mechanisms and allows you to recognize and translate speech quickly, and improve rankings.

  5. The Chinese search engine Baidu does not lag behind Google and actively invests in machine learning. One of the most significant developments based on machine learning algorithms is the technology of recreating human voices Deep Voice, capable of generating such natural voices that are barely distinguishable from natural ones. The technology can even copy voices, pronunciation, stress, timbre, and pitch of sounds in ordinary speech. That is, the development will increase the efficiency of voice search and recognition of human speech.

  6. The global giant named IBM is also using machine learning. The most interesting project is artificial intelligence Watson, used in medical institutions, for example, to recognize some types of malignant tumors. In the future, they also plan to use it as a trading consultant.

  7. If we consider Russian companies, Uralsib Bank can be a good example, using machine learning to minimize the risks of fraudulent activities, better check potential borrowers, analyze solvency and improve the accuracy of forecasts.

  8. Sberbank has already used to assess the real estate of the neural network.

  9. The Perekrestok shop employs machine learning to analyze the behavioral factors of its customers and, based on this, conduct promotions.

  10. On the website of a major retailer of M-video equipment, a smart search system is built based on machine learning.

All this some ten years ago could still have seemed fiction, but now it’s quite a reality. And if such large companies have already turned their attention to technologies and are actively introducing them into their work, then such algorithms will certainly await a further bright future. At the moment, active research in this area continues. It is possible that machine learning will soon be introduced into many areas of our life.

Mikhail Sisin Co-founder of cloud-based web scraping and data extraction platform Diggernaut. Over 10 years of experience in data extraction, ETL, AI, and ML.

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