Let’s take a look at a few industries moving into a new era of machine learning and Ai that will transform the way companies do business. These industries are old school giants that have been begging to be optimized and transformed in a way only machine learning can do.
Oil and Gas Industry
Machine learning is quickly becoming a staple in the oil and gas industry, with big players like BP, Shell, and Total quickly integrating new ML software into their business.
ML in oil and gas allows companies to improve operations and reduce costs using predictive analytics and computer vision. Here’s a few examples showing exactly how:
Companies are using forecasting models and recurrent neural networks to forecast flow rates using data around pressure, temperature, and choke data.
Preventing system downtime with recommendation systems and forecasting. These models help you understand when you’ll run out of supplies or what system issues lead to future downtime.
Forecast oil prices and evaluate the oil market structure. Regression models use historical market data to make predictions about the future market.
Retail and Ecommerce
As we move towards a global economy and consumers have more options easily available to them when looking to buy, machine learning and Ai are becoming a necessity for companies looking to scale in retail and ecommerce. These industries have plenty of options already for integrating machine learning into your business.
Recommendation Systems: These models allow you to make predictions about what your customers are looking to buy, and easily guide them through the sales process. Recommendation Systems can be used throughout the sales funnel, for initial buys, later upsells, personalized targeted sales emails and so much more.
Churn Prediction Models: These models allow you to predict customer churn rate and optimize certain variables to work towards reducing churn. Many studies have shown the incredible increase in profits from just a small jump in customer retention, based on the cost of acquiring new customers. Backend Automation: Automating backend systems like product ordering, product listing, SKU availability numbers, and warehousing can lead to reduced business costs and less manual labor required to run your business.
Machine learning and Ai has already started revolutionizing the way businesses operate in retail and ecommerce, and all numbers indicate that as this industry grows, the role this software plays will grow as well.
Marketing And Advertising
NLP and text models have shown early promise of the ability to perform tasks around writing and reading text. With the release of GPT-3 and the growth of NLP tools like Bert and spaCy, we’re starting to see companies use these tools to write personalized emails, write marketing ad copy, and perform lead gen activities like cold outreach.
Copy.ai uses GPT-3 and other NLP models to allow you to easily generate high quality ad copy for digital advertising, social media content, website headlines, blogs, and sales copy. The company continues to grow, and has surpassed 37,000 users to date.
GPT-3 has shown the ability to write email lines personalized to the user based on information about the target reader. This model learns how to understand key information about the reader and requires you to just pass the entire text to the model.
These industries are all being revolutionized with machine learning, and with very different tools and models. Companies are seeing the incredible benefits of their data and how it can be modelled to provide real business insights.