1. What is machine learning? 

Machine learning is a branch of artificial intelligence that is widely used for accuracy in the prediction of results by computer systems. It allows the system to identify challenges, analyze available data, understand and classify patterns, and predict accurate output based on statistical methods. Machine learning makes use of various algorithms and mathematical models to train the systems to improve their performance by automated learning. In this case, it is not necessary to keep updating the computer systems as per the requirements but the system can adapt and improve the algorithms on its own.

This technology was first introduced by Arthur Samuel in 1959 in America. Over the years, this technology has developed impressively with huge market demand worldwide. So, many popular firms and industries adopted it with the purpose of quick and accurate decision making, minimum human intervention, and automation in business. Google map, CCTV cameras, drones, Google assistants, and self-automated cars are some of the popular examples of machine learning.

2. Machine learning in business

i. Machine learning benefits for business 

In recent times, machine learning has become a widely accepted trend in the field of business and research. It helps to increase the overall performance of the business along with gaining exceptional profit.

1. Managing a variety of data

Dealing with a large volume and variety of data can be a time-consuming task. Here machine learning plays an important role, it easily gathers the information and makes it simple for further processing. It is well suitable for accessing a variety of data and developing new patterns for future growth.

2. Affordable management of data solutions

It is very difficult for an individual to gather big data and process it into customer-oriented solutions. In this case, machine learning proves helpful. So, this technology can efficiently collect customer-related data based on customers’ browsing and buying history. It further helps to understand the behavior of customers and offering them customized solutions suitable for their requirements.

3. High processing speed

Another advantage of machine learning is the rapid processing speed of data. It improves the speed of data interpretation compared to conventional methods involving human intervention. 

4. Automated operations

Automation has become a need of time as it offers great efficiency in operations. Machine learning can provide accurate and quick solutions as compared to manual operations. It reduces unnecessary processing costs along with saving excess time required for operations. This can also be helpful to enhance profit in business. 

5. Mitigation of risk

Along with increasing profit Machine learning also works well to reduce risk in operations. Its predictive suggestions help to mitigate risk in advance which saves undesirable costs due to failure in operations and further maintenance.   

6. Accuracy of output

In the case of machine learning chances of accuracy is greater as compared to manual operation. The processes carried out with the help of machines assure increased efficiency and accuracy due to less human interference and quick decision-making capability.

ii. Where machine technology is being used? 

We use machine learning in various sectors where the processing of huge data is necessary. There are several companies using machine learning to adopt smooth processing of the data to make the overall process fast and hassle-free. Following are some sectors where it has been largely applied.

1. Finance

This technology is commonly used in the finance sector to provide customized services to investors regarding better options, personal advice related to investment, and the detection of fraudulent actions.  

2. Healthcare

Healthcare is one of the important sectors. Here we use machine learning for the detection of symptoms of any underlying diseases and emotional health of the person.  

3. Manufacturing

This technology is extensively used in the manufacturing sector to achieve the expected growth of the business. It works very well to increase the capacity of production with proper optimization of the overall process, predictive suggestions, and reduction in undesirable costs due to losses.

4. Transportation

One of the best examples of the application of machine learning is transportation in an autonomous vehicle. These vehicles make use of deep learning to interpret the situation and respond accordingly. Machine learning assists the system for the reduction of overall working cost, improved efficiency of the process, and quick decision making as compared to manual operations.

5. Advertise and marketing

Marketing is another sector where machine learning has managed it very well to improve customer loyalty. It helps the various online and offline platforms to grab the attention of the targeted customers by providing customized suggestions based on their browsing history. Those customized suggestions we come across on various social media pages and websites are generated with the help of machine learning only. It not only helps to achieve expected profit but also in brand building.

6. IT sector

Machine learning in the IT industry has made a notable contribution to the advancement of the overall sector. In event of any problem machine learning makes use of algorithms to find suitable output following a defined procedure. Here, machines take control of themselves without human intervention. The primary purpose of machine learning is to make up-gradation in these algorithms to process more complex data easily. In this way, it will be more convenient to deal with numerous threats and challenges in the day – to – day life.

Apart from this, various researches are going on to adapt machine learning for small businesses. These small businesses also have a considerable contribution to the overall growth of the economy and they need to be developed further. 

3. Deep learning Vs Machine learning 

Since both these branches come under the same category artificial intelligence, not much difference between them is observed. Machine learning makes use of statistical techniques to process data for accurate predictions without being programmed for it. Video surveillance, malware, and fraud detection, and Customized suggestions are some of the common examples of machine learning. Besides, the renowned platforms like Facebook, Twitter, and Google use machine learning for data processing.

Deep learning works based on a set of neural networks with multi-layered processing units for the processing data. The multiple layers available in this technique allow it to learn various complex patterns deeply. Deep learning for business allows the system to process large amounts of data with greater efficiency and accuracy. Thus, we use it widely for language translation, speech and image recognition, personalized notifications, online virtual assistant, etc. Amazon, Microsoft, and Qualcomm are some of the well-known companies using deep learning in their operations.

4. Artificial Intelligence Vs Machine learning 

Machine learning is itself a subfield of artificial intelligence. In the case of artificial intelligence, the system is allowed to imitate human behavior to learn to solve complex problems. Machine learning is a simple optimization of artificial intelligence which is more focused on better and faster learning from experiences. The areas of application of both technologies are quite similar.

As we can observe, AI and machine learning in business have made a remarkable impact on various sectors. So, firms and industries across the globe are adopting this technology for the rapid growth of their business. Further researches are going on in this field and there is tremendous scope for development.