Yes, and they use it to gather new business knowledge. We explain it to you in this simple example:
A machine learning startup called Second Spectrum created predictive models so that coaches could distinguish players with good shots and others who take bad shots and thus evaluate and correct the consequences in the middle of basketball games in the US.
Another example can be General Electric, a company that has a history of more than 130 years. This industry has made thousands of dollars processing data it collects from deepwater oil wells or jet engines to optimize performance, anticipate breakdowns, and streamline maintenance processes.
What’s Outside North America?
In Europe there are different banks that have changed the old statistical modeling approaches for machine learning techniques and in many cases, they were able to improve their numbers: they increased sales of new products by up to 10%, achieved savings of 20% in capital expenditures and even the 20% increase in cash collections.
How did they go about achieving all this? Through the design of new recommendation engines for retail and Pymes customers.
Are we close to machines replacing humans?
It is indisputable that changes as a result of the emergence of technology are coming and the data that is generated throughout the process is done with such speed that human participation has been moving aside.
However, in the coming years, we will see more of the use of Artificial Intelligence, as well as the development of autonomous corporations. Without a doubt, large companies will be able to carry out objectives autonomously and without direct human supervision.
If you want to revolutionize your insurance company with cutting-edge technology, this is your opportunity to work hand in hand with LISA.