Neural Network Business Cases

Artificial Neural Network, ANN for short, is a technology that perceives and interprets the data in a way a living being would do, solving non-linear problems and predicting the output values for given input information from their data values. Much like a human brain, ANN uses neurons (artificial neurons), which are tightly bonded with one another, meaning they can transmit and comprehend complex informational units.

ANN is not quite an independent technology, as it derives and co-exists with plenty of technologies you’re already acquainted with, such as IoT, deep and machine learning, computer vision, etc.

We’re not going to get much into all the details and complex processes of ANN out there, but if you feel like your knowledge of neural networks needs polishing, then make sure to check out this video to learn the very basics of ANN.

The main purpose of this article is to highlight the implications of ANN technology in diverse industries, providing you with the knowledge that is vital for you to understand the overall concept of neural networks.

Daily Cases

Neural network technology is not something that serves some complex purposes only, quite the contrary: ANN is something we stumble upon and use daily. Take your phone, for example. Neural networks make it possible for such features as biometric recognition, weather forecasting, voice-to-text technology, smart assistants, personalized ads, etc., to exist and make our lives easier.

Smart Assistants 

The technology of smart assistants is currently in rapid development. New assistants are being introduced to the public annually, with the Samsung’s Sam being the recent example. The initial possibilities of such servants were limited to performing Google searches, setting reminders, and optimizing your routine tasks. However, many companies are now working on creating new hardware with a slightly bigger spectrum of possibilities and we can only hope to see much more from this tech.

Voice-to-text 

It comes as no surprise smartphones are capable of transforming speech into text. Still, this feature needs polishing and further development, as many companies such as Google and Microsoft claim. Namely, speech recognition systems are to be paid attention to, so that the final product could decipher your voice even more accurately than the human.

Smart House Technology (concept)

Neural networks, working in synergy with Internet-o-Things, became a foundation for such technology as the Smart Home. Imagine this: as you wake up and start performing your morning routine, your house, being aware of your needs and habits starts helping you by automizing the processes you usually do yourself: brewing a cup of coffee and making breakfast for you – quite a prime example, but really, possibilities are pretty much endless, as the house itself can keep in mind various factors: temperature, time, brightness, etc. Your house can perceive all sorts of information and manipulate itself to suit your needs. 

To learn more about the daily implications of ANN, click here.

Commerce

The applications of ANN make it a desirable technology for business, as it offers multiple features and serves different purposes: performing analytics, detecting fraud attempts, optimizing marketing… Neural networks are great at identifying trends in data, they are rather handy for sales forecasting, industrial process control, customer research, data validation, risk management, target marketing, etc. A neural network evaluates price data and unearths opportunities for making trade decisions based on the data analysis. Let us look at some of the examples.

eCommerce

Electronic commerce uses artificial neural networks quite a lot, mainly for personalizing the customer experience.  Many popular eCommerce platforms out there use ANN to show the relevant and recommended products. The platform analyzes the customer’s preferences and the pattern in the previously purchased products to provide him/her with helpful recommendations. 

Product Monitoring 

Another neat example of ANN used in business would be next: advanced stores use ANN techniques to monitor their brand products on the shelves. The system analyzes the product placed on their shelves, its location, price, etc. By doing that, stores gain extra flexibility in terms of product management.

Stock Prediction 

Neural Networks are broadly used to predict the change in stock prices and their movement. There are different methods and algorithms with their unique way of analyzing the stock data and making assumptions. Theoretically, being armed with the data needed, ANN systems can be the best tool for stock prediction. On the other hand, the central problem of this method of analyzing the market lies not in the ANN but rather in the market itself, as the latter tends to be very unpredictable at times. Still, this method of prediction is worth paying attention to and giving a shot.

To learn more about the pros and cons of ML implementation for business solutions, check this post.

Medicine

Needless to say that ANN is a reliable tool in medicine and healthcare. In the meantime, ANN in healthcare is mostly about modeling parts of the human body and recognizing diseases from multiple scans, with the latter being particularly successful and helpful. 

Diagnosis

With the help of neural networks, it is much easier for doctors to track down the problems of one’s cardiovascular system at their early stage of development. That said, fighting the illness would be much easier and successful. Apart from that, ANN can diagnose other diseases as different kinds of cancer and diabetes, human gene mutations. The latter can be done by analyzing the performance of one’s cells and their reproduction. 

Artificial Body Parts

ANN is slowly moving towards creating new artificial body parts of the human body. For example, electronic noses are becoming a thing. Electronic noses identify the odors of the environment, obviously, in a manner a human could do, reproducing human senses to smell. With the help of the device, complex smells can be identified immediately. Sadly, a device like this has quite a long way to go to become a real artificial body part that would benefit humans, but it still has a lot of implications not only in medicine and surgery but in many other industries as well.

Conclusion

The examples featured in the article are only the very top of the vast iceberg of artificial intelligence applications. Neural networks are developing rapidly with the help of both professionals and enthusiasts and make their way into various industries. Working and co-existing with other technologies, it helps the leading companies to take over the markets, creating new products and opportunities. It’s high time to be among the innovators to provide your customers with the conveniences, which will be a must-have within this decade of XXI century.