Neural Networks and use cases in Industries

What is neural networks?

Neural networks reflect the behavior of the human brain, allowing computer programs to recognize patterns and solve common problems in the fields of AI, machine learning, and deep learning.

Artificial neural network can be defined as a system of interconnected elements, which takes input and after experience shows features like human behavior. As elements are interconnected , elements receive input from another elements.

An artificial neural network (ANN) is the piece of a computing system designed to simulate the way the human brain analyzes and processes information. It is the foundation of artificial intelligence (AI) and solves problems that would prove impossible or difficult by human or statistical standards. ANN’s can be called as basic learning devices in the form of software or hardware.

ANN is used in various industries like Robotics, manufacture, Banking & finance, Insurance, IT, Telecommunication, operation Management, business analytics and many more

Artificial Neural networks in manufacturing industries:

Manufacturing companies uses ANN for product designing, quality assurance, uses robots trained using ANN to reduce human work load. Companies also uses AI products trained using ANN to forecast machine failure so that they can repair before failure.

Artificial Neural Network in Banking and finance:

ANN in banking and finance can be used in stock market prediction using the historic data. Banks uses neural network to decide whether to approve or to reject the loan application by providing the information and factors of applicant. Banks uses NN in many ways like currency prediction future prediction, credit approval, etc.

There are various use cases of Artificial Neural Network in different industries.

I explained some uses cases of ANN in manufacturing and banking & finance industries in short.

Thank you for reading and I hope this blog will be informative to all of you.

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