Machine learning, Data Science and its Applications
Machine learning is a branch of artificial intelligence which enables systems to learn from data and make decisions as opposed to being directly and precisely programmed as in the case in software engineering.
Below are some of the ways machine learning is applied in various fields.
Machine learning can be used in tools that help in diagnosis of diseases. It is used to study the clinical parameters and their combination for prognosis. In other words, machine learning uses artificial intelligence or computer intelligence to help get useful information from previously collected health data.
Making predictions is one of the best machine learning applications. Machine learning can also be used in prediction systems. Let us consider a loan example, to compute the probability of default, the system classifies the available data in groups and once the classification is done we can calculate the probability of risk or default.
Financial services and Trends
Machine learning can also perform financial market analysis and customer transactions data. Its applications involve spotting an account closure before it occurs. It can also track the spending patterns of the customers. The algorithms can also identify trends easily and react in real time. Most of the transactions for instance in Wall Street are achieved by machine learning algorithms that take into consideration things like news data.
This is the translation of spoken words into the text. It is also called automatic speech or computer speech recognition. Here, a software application can recognize the words spoken in an audio clip or clip and the audio into a text file.
Have you ever shopped online then later kept receiving emails for shopping suggestions? This is machine learning doing it’s magic for you based on your behavior with the app, past purchases, items liked or added to the cart. If you noticed, the app keeps suggesting items that match your taste. This is machine learning doing data prediction based on your previous purchases.