Innovate with machine learning
Thanks to advancements in computing power, the decreasing price of storage,
and the prevalence of cloud computing, artificial intelligence (AI) and machine
learning (ML) have entered the mainstream. Organizations and industries of
varying sizes—including those in finance, retail, fashion, real estate, healthcare,
and many more—can leverage AI and ML to deliver a wide range of business
benefits. These include acquiring new and deeper insights about customers,
identifying and responding to cyberthreats, making smarter, data-driven
decisions, and improving hiring processes.¹
Because of the benefits, more organizations are making investments in AI
and ML. In fact, IDC predicts that global spending on AI will reach $110
billion by 2024.²
One of the reasons ML is increasing in use is because it delivers deeper insights
into data. ML works by using computational algorithms, such as natural
language processing (NLP), computer vision, and document processing, that
learn from existing data, through a process called training, to make decisions
about new data, through a process called inference.
Some of today's most popular algorithms include:
• Natural language processing (NLP) – NLP algorithms analyze language
at scale, with the ability to understand context, parse speech, and perform
translations in near real time. They are used to create ML applications such
as chatbots, spam filters, voice assistants, and social media monitoring
tools.
• Computer vision – Computer vision algorithms process and analyze visual
data to detect objects and classify images in ways similar to the human
mind—but at exponentially greater speed and scale. They can be used
to improve workplace safety, enable digital identity verification, and flag
inappropriate content.
• Document processing – Document processing algorithms extract text,
handwriting, and data from documents, going beyond optical character
recognition (OCR) to identify, understand, and extract data from forms and
tables. They can be used to extract information from medical records and
automate processing of financial documents.
¹ "State of AI in the Enterprise, 3rd Edition." Deloitte, 2020.
² "Worldwide Artificial Intelligence Spending Guide." IDC, 2020.
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