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5 Real-World Examples you'll be learning in Data Science Training

Artificial intelligence and data science are becoming a daily phenomenon and helping us to make better, faster and more accurate decisions. For those who feel that technologies like AI, data science, machine learning etc are the future technologies, wake up! The future is already here. Just look around you, artificial intelligence devices are all around you.

With all the hype about artificial intelligence like self-driving cars, machine translations etc, it can be difficult to see how artificial intelligence is affecting the lives of regular people. What are the examples of artificial intelligence that we are already using?

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You may have certainly used AI on your way to work, communicate with friends, making online purchases and searching on the web. These are clear indications that artificial intelligence is swiftly becoming a part our lifestyle whether we accept or not.

In 2017, a quarter of organizations spent 15 percent or more of their IT budget on machine learning and artificial intelligence capabilities. We expect these numbers to increase in the upcoming future.

So what are the real-life examples of data science you'll be learning in 6 months industrial training program? Let us have a look.

1. Financial service

The potential of artificial intelligence is the driving force behind its popularity in the financial service industry. This is the reason why the insurance sector is moving towards the digital age. Artificial intelligence can help the banks, insurers and other financial sectors to make smarter decisions in a number of different areas:

Customer satisfaction: Artificial intelligence and data science services help financial services firms to track customer happiness. With the analysis of user behavior, AI technology can predict the account closure before it occurs. They can also track the spending habit patterns and customer behavior to offer custom financial advice.

Market analysis: Artificial intelligence applications also helps in learning the market analysis. Artificial intelligence algorithms can be trained to track the asset and liability management on the behalf of the customer. These algorithms can identify the trends more efficiently than humans and react in real time. This helps in reducing the impact of major financial events.

Risk analysis: Data science services can be used to analyze the risk involved in the decision making. Smart machines can analyze a large number of datasets, scores, spending patterns and financial data to access the risk in both the insurance and loan assessments.

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Beat the competition: AI is becoming a reliable management level executive giving businesses an edge in the fierce industry and helping them to be innovative. With the help of artificial intelligence and data science applications, firms can act quickly according to market conditions and increase the productivity of businesses.

2. Healthcare

Healthcare is one of the sectors that have been revolutionized by artificial intelligence applications. The healthcare sector can take advantage from the IoT (Internet of Things) to enable the smarter health solutions.

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Patient monitoring system

Artificial intelligence applications can be used for patient monitoring systems to take care of the patients. Artificial intelligence applications are taking a step further allowing medical practitioners and doctors to monitor the health of elderly family members. The more personal data they are fed with, the better they can understand a user’s profile. This enables doctors to spot an anomaly at the beginning itself.

3. Retail

Artificial intelligence algorithms are behind some of your favorite E-commerce retailers. Big organizations like Amazon are using artificial intelligence algorithms to offer you highly personalized services.

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Online Recommendation systems

AI and machine learning algorithms allow the retailers to offer you personalized recommendation systems based on the previous purchase history. It can suggest you the products, apparels similar to your past searches, your age, gender, location etc. This improves the user experience to a great extent.

Better customer services

AI applications can be used for better customer service and delivery systems. Chatbots are the perfect example of artificial intelligence applications that can be used to improve customer support service. Chatbots are based on natural language processing technology that can simulate human conversation and can answer the queries of the customers. Chatbot applications reduce the response time too which leads to satisfied and happy customers.

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Tracking the price changes

The price of retail items tends to fluctuate over time. Artificial intelligence algorithms help the E-commerce companies to track the patterns in these fluctuations and set the prices according to the demand of the products in the market.

4. Carpooling Feature in Cabs

Cab services have become a neural network for commute and most of us prefer sharing a cab with other passengers to save on the expenses. But how does the app gets booking from the people on the same route as yours? And how is the price determined for your ride? How does the system takes advance bookings and reduce the waiting time? This all is done with the help of artificial intelligence.

Tech giants like Uber are using AI as their fundamental part. It can be used to determine how far the cab is from your location, fair estimate etc. It uses algorithms to determine all these effects. It can do this by analyzing the data from the previous trips and putting the data in the present situation. Even other branches like UberEats does the same. It takes into account various factors like food preparation time to estimated delivery time.

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5. Movie Recommendations

Artificial intelligence algorithms are powerful enough to anticipate your thought process and preferences. This is similar to the recommendation system in E-commerce. Movie recommendations systems are more accurate. Platforms like Netflix can suggest you the movies and TV series you would love to watch. If you watch a particular type of genre, it will suggest you movies that you can’t resist.

Conclusion

If you look carefully, you don’t need to read scholarly articles on artificial intelligence to understand the applications of artificial intelligence. Artificial intelligence and data science applications are already here and making your lives easier. AI applications will change how we perceive things and perform day to day activities. If you want to undergo 6 months industrial training in Chandigarh, DummyByte is the right choice for you.

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