Innovation is crucial for collaborative environments. Quick history lesson: It’s estimated that people have only been around for 0.007% of the time the world has existed. Considering this and looking around at the changes we’ve seen (most of which are thanks to technology) what resources do you expect to have at your disposal in the next decade?
In this world of technology, innovations that support data processing and analysis are highly sought after. Companies are finding ways to include these innovations in their software infrastructure to become more lucrative and scale for long-term success. To aid this demand for businesses, one of the hottest trends we’re seeing is that of neural networks.
What is a Neural Network?
This is a big term that many may be unfamiliar with, so let’s cover the basics of the concept. A neural network was inspired by the structure and function of an actual human brain and is a machine-learning model designed to perform like one. It’s made up of layers of interconnected "neurons," which are used to process and transmit information.
Every neuron in the system receives input from the other neurons, which will then process that input using an activation function, then the output will be sent to other neurons or an “output layer”. If I haven’t lost you yet, hang in there. The connection between these neurons is represented by “weights”, which are adjusted during the training process to optimize the performance of the model.
The kinds of tasks neural networks may be used for include:
Image classification: In this task, a neural network is used to recognize and classify objects in images. For example, different animals in a picture.
Language translation: A neural network can be trained to translate text from one language to another.
Forecasting: Neural networks can be used to make predictions about future events based on data from the past. For example, a neural network might be trained to predict patterns in the stock market or the weather.
Speech recognition
Natural language processing: Neural networks can be used to analyze and understand various languages.
These networks can learn and improve their performance over time by adjusting the weights of the connections between the neurons based on the inputted data. Are you seeing the connection to how a person's mind works?
How do Businesses Benefit From Them?
So far we’ve covered this technology using complicated broad terms and concepts which would make the average business owner wonder how this can be used to their benefit. The top 5 industries that benefit most from neural networks include:
Healthcare
eCommerce
Security
Finance
Logistics
Companies of all sizes and in various industries (not limited to those listed above) continuously find productive uses for neural networks. These uses will vary from industry to industry but here are 3 common thread benefits:
Decision-making: Neural networks can analyze a lot of data and identify patterns/trends that may not be immediately obvious to people. This helps businesses lean towards more informed and accurate decisions.
Efficiency: Neural networks can automate tasks and processes that would otherwise require the attention of experts. The system thus increases the efficiency and productivity of the business’ processes
Security: Neural networks can be used to identify and prevent fraud or other security threats by analyzing patterns and anomalies in data.
The main thing to glean from these points is that the way a neural network benefits a business is going to be subjective. Every company/industry has its unique approaches and processes that require various types of software to handle the job. What matters is that these aspects are identified and outlined before any implementation process begins.
The Takeaway
Neural networks can learn and improve their performance over time and offer many benefits to businesses that incorporate them. Software, as always, is going to involve analysis when developing a plan for how it can support a business. This is why consulting with software experts is highly recommended before starting your quest. Remember, experience either redirects or enhances instinct, never does it fail it.
Written By Ben Brown
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ISU Corp is an award-winning software development company, with over 17 years of experience in multiple industries, providing cost-effective custom software development, technology management, and IT outsourcing.
Our unique owners’ mindset reduces development costs and fast-tracks timelines. We help craft the specifications of your project based on your company's needs, to produce the best ROI. Find out why startups, all the way to fortune 500 companies like General Electric, Heinz, and many others have trusted us with their projects. Contact us here.
