Application of Machine Learning in Product development

By ridhigrg |Email | Dec 19, 2019 | 7101 Views

No matter how much tech-savvy the world is becoming, very often people get themselves puzzled in the labyrinth of new evolving and advanced technology trends. And whenever this kind of situation occurs, people have somehow found the way to understand it and how to use it in the running situation. This is something like going on between the world and the recently emerged idea, called machine learning.

Let's begin with understanding what this machine learning actually is:
In a simple way, we can say that it is an analytical and logical method that uses algorithms to find out some particular hidden patterns of data from a large database. The whole procedure is adaptive, means the moment a new data comes at the front, the models of machine learning modifies and refines their prediction.

The idea of this technology is new to the world, still, it has already brought about notable changes to the world of business, especially in product innovations. The impact of this trend on the growth and development of business is so great that from the large-scale business enterprises to well-established industries, everyone wants to take a fresh bite from this hot toast.

Why Is Machine Learning Taking Over Industries?
Machine Learning is the latest and trending attitude of technology in the digital landscape, turning our evaluation of data into more efficient, and reliable. The transformational flair of this technological trend is the actual reason behind its remarkable growth in popularity in the financial, healthcare, and retail sectors. It is helping the banks, insurance companies, investors, hospitals, to enhance their productivity, launching new innovative services. For example, with the emergence of the smartwatches, both the doctors and the family members can track and monitor the health telemetry of the elder people. The business owners in the financial, healthcare and retail industries have become able to enhance their client satisfaction level and manage the risk, simply by the touch of this great process.

Let's Explore That How This Technology Is Driving Product Innovation
The following are a few great examples of leveraging the concept of machine learning for better product innovation.

Siri And Cortana
Siri and Cortana are voice recognition systems that use machine learning as well as the neural networks to copy the way human interacts. Soon there will be improvements when these voice recognition systems will detect the subtle differences and semantics of each language in the world.

Facial recognition at Facebook
Facebook's 'Tag' feature is an innovative gift of machine learning. The advanced Face Recognition algorithm helps Facebook to recognize the faces in the photos easily, and tag your friends automatically on your behalf.

PayPal
PayPal is a platform to process online payments. PayPal uses machine learning algorithm against fraudulent activities. PayPal analyzes the data of its customers to assess and gauge the risk.

Uber
Uber also uses a machine-learning algorithm to regulate the arrival time and the locations for picking up the customers.

Google Translate
Google Translate is the most used machine translation services, all over the world. The machine learning algorithm helps the software program to single out certain patterns of language from the millions of documents.

With the emergence of this technological trend, we can say that the world is shifting towards the golden age of science and technology, and with it soon we will open the locked doors of science fiction.

Source: HOB