Machine learning boosts revenue and accelerates growth
Machine learning is an artificial intelligence (AI), or cognitive, technology that uses data to enable systems to learn and improve from experience without being programmed explicitly. Despite considerable excitement and aggressive forecasts for these technologies, most enterprises using machine learning last year had only a handful of deployments and pilots underway, according to a 2017 Deloitte Consulting LLP survey.
By the end of this year, however, over two-thirds of large companies working with machine learning will likely have 10 or more implementations and a similar number of pilots, according to Deloitte Global.
In Europe, more than a dozen banks have replaced older statistical-modeling approaches with machine-learning techniques and, in some cases, experienced 10 percent increases in sales of new products, 20 percent savings in capital expenditures, 20 percent increases in cash collections, and 20 percent declines in churn.
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