Last updated - July 8, 2021
2020 was a tumultuous year with the COVID-19 Pandemic turning the globe upside down. Businesses and people are now living in the post-pandemic era, and there is a lot of optimism when it comes to the global economy. Today, there is an immediate and urgent need in 2021 for businesses in all industries to embrace new realities. One such technology that is evolving so fast and largely benefiting us in every aspect of our life is Machine learning. It is a very rewarding technology both at the individual and institutional levels for every enterprise with its impact and the revolution it brings into industrial operations and business The coronavirus crisis has made it clear that companies can only survive in this new world with digital transformation.
Digitalization and innovation
Machine learning is one of the most prominently used technologies today, especially in healthcare. It can be used in varied capabilities in order to transform businesses across a majority of industries. When combined with artificial intelligence or AI, machine learning is considered to be a high niche technology, and this is why it is increasingly being embraced within organizations in most sectors.
The benefits of machine learning today for major industries in the world
From the global point of view, you will find most business brands leveraging the power of machine learning for accelerating innovation and an improved customer service experience. For instance, Nike deploys machine learning for making personalized product recommendations to its customers.
Likewise, in the F&B industry, you will find that pizza giant Dominos maintains its ten minutes or less delivery time for pizzas with the help of machine learning technologies. Another widely used instance of machine learning is automobile company BMW that uses ML for analyzing data from the subsystems of its vehicles to predict performances of components used in the vehicle and recommends when they must be serviced.
Machine learning has the ability to maximize productivity and reduce costs
In 2020, machine learning became a topmost priority for companies dealing with technology as it helped them maximize their revenues and reduce costs. This year, in 2021, the same companies are now discovering several matured applications of ML technology.
Tech organizations that are disruptive in nature have been leaders of this technology across several areas like customer experience, process automation, and security.
Industries most likely to embrace machine learning in 2021
In the COVID-19 world, embracing machine learning has enabled many industries to make a smooth shift to digital technology. With regard to the above, the following are continuing this growth trend, and they are highly likely to embrace machine learning for transforming their business operations and processes in 2021 and beyond-
The healthcare and medical industry
The coronavirus Pandemic has highlighted the significance of investing and optimizing the healthcare industry and its systems. Thanks to machine learning that is one of the most promising technologies in the world today, healthcare providers are able to generate extensive volumes of data for making insightful and deep clinical decisions.
Machine learning also assists a number of processes in the discovery of drugs; it helps in reducing the time for discovery of the drug and its development. This helps the industry to save a lot of costs.
ML also helps systems that deal with healthcare delivery to boost its quality under reduced costs. In the future, experts in technology predict ML to be an indispensable component of healthcare clinical trials. The above will also cover the biotech and pharmaceutical industry. In short, machine learning will have a large impact in several aspects across the world.
Finance and the banking sector
The finance and the banking sector has seen several advanced uses of machine learning, especially when it comes to automating processes and the detection of fraud. Professionals from the esteemed name in the field of database management, consulting, and management, RemoteDBA, says that ML applications are proactively explored in areas of investment modeling, trading, prevention of risks, and analyzing customer sentiments.
Nations today are making digital transactions their key mode of payment, and machine learning is combining the benefits of predictive analytics for playing a pivotal role in assisting financial companies to boost the efficiencies of transactions in their whole life cycle. Banks, as well as financial institutions, use machine learning technology to personalize banking products as well as offerings for keeping pace with the competitive environments.
Entertainment and the media industry
Netflix and Amazon are media giants, and they have extensively popularized channels that have data-based content in recent years. When the globe came to a halt due to the global Pandemic, there was a surge in demand for newer consumption models in the market. This left companies to leverage their machine learning and artificial intelligence capabilities for creating value for their customers.
In the process, machine learning emerged to be crucial for the entertainment and media industry. It could deliver improved recommendation engines for delivering services that were hyper-targeted towards the customers as well as presenting relevant real-time relevant content. Predictive modeling also plays a major role in communicating with customers in time so that their future demands can be anticipated and they can make sound investments with better knowledge.
Retail and commerce
The retail industry witnessed a huge shift due to the Pandemic. It has disrupted the several conventional practices that were in the past followed by the industry, and machine learning has become a major enabler of this change. From the perspective of physical stores and eCommerce companies, ML is assisting the retail and commerce industry to reinvent the supply chain, management of inventory, the prediction of user behavior and analyzing major trends. Dynamic pricing also has emerged as a major machine learning application to aid retailers to prosper in the competitive market.
The manufacturing industry
Devices with IoT have inundated this industry and it is only going to expand in 2021. Machine learning undoubtedly is critical for bridging the gaps that have been made due to huge volumes of data. ML will become a building block for the whole industry along with the connectivity of data, automation, error detection in real-time, reduction of costs, tracking of assets, visibility of supply chains and warehouse efficiency. Machine learning will boost efficiency and innovation in the future.
Therefore, from the above, it is evident that machine learning is making a profound impact when it comes to digitalization and bringing in positive transformation to the above industries across the globe today. It is here to stay and will impact the progress and development of several businesses not only in 2021 but in the future too!