Smart machines and their applications are becoming a part of our life, helping us to make faster and more precise decisions in real time. And, with more than 75% of business enterprises investing in Big Data, the role of deep learning, machine learning and artificial intelligence is set to increase dramatically in the next couple of years. Now, let us take a quick look at some of the smart applications of deep learning and machine learning in the real world.
Machine Learning Applications for Businesses
1. Dynamic Pricing
Dynamic pricing, often known as demand pricing, is the methodological practice of flexibly pricing items based on several factors, such as demand at the time of purchase, the level of interest of the target customer, or whether the customer has engaged with a marketing campaign. This requires in-depth analysis of data about different customers’ willingness to buy a product or pay for a service and changes across a variety of circumstances, Companies like ride-share services and airlines have successfully implemented dynamic price optimization strategies to maximize their revenue.
2. Customer Segmentation
Rather than relying on a marketer’s assumptions and intuition to classify customers into different groups for campaigns, data scientists can use classification algorithms to group customers into personas based on particular differences among them. These personas account for customer variations across several dimensions such as browsing behavior, demographics, and affinity. Connecting these attributes to patterns of purchasing behavior of customers allows data-driven businesses to launch highly personalized marketing campaigns to target their customers and boost sales.
Deep Learning Applications
Did you know that the Google translate app can now translate images with text written in other languages to a language of your choice? All you need to do is just hold the camera of your phone on top of that image and the application automatically runs a deep learning neural network to read that image, OCR it (i.e. convert it to text) and finally translate the image into your preferred language. From this, we can say that languages will no longer be a communication barrier and people will be able to easily communicate with other humans across the world.
2. Content Recommendations to Users
Did you know deep learning application is behind the content recommendations of YouTube and Netflix? Yeah, it’s true. Deep learning is used to understand the user’s tastes and behavior (People who loved watching X, Y, Z may also like A, B, C) and make content recommendations to users accordingly.
In this post, we’ve seen real life applications of machine learning and deep learning. If you got excited after discovering the applications of machine learning and deep learning, and are planning to get into the world of artificial intelligence (AI), you may take deep learning courses from any good institute in India.
Source: Deep Learning on Medium