What are the benefits?
APIs allow companies to take ownership of the developed machine learning model and get real-time access to it (rather than relying on us to process new batches of data). APIs also make it possible for your own programmers to fully integrate your machine learning model with your existing processes.
For example, a bank that wishes to score loan applicants based on such model could set up an automated process that forwards the data submitted by the client from its website to the model, and send the resulting score to its back office for further processing.
Examples of business applications
APIs can facilitate the automation of many processes by organizations.
Real-life examples of applications include:
How to get started?
- Robot financial advisers
- Medical condition assessment
- Loan application scoring
- Power pricing
- Delay predictions
- Social media sentiment analysis
- Fraud detection
- Customer engagement
- Marketing campaigns
- Insurance premiums
- Financial viability
- Business forecasts
Should you wish to integrate your machine learning model with your processes and/or automate certain tasks, we would need to meet with your IT department to better understand the platforms they wish to use and the number and format of the various datasets that will be fed into the model.
If instead, all you need is a web API, which any authorized employee can access to upload data and manually process results, we will simply require the specifications of the datasets that will be uploaded.
Should we need to develop an API in collaboration with your IT department, we will first assess the feasibility, turnaround and cost. The development process may be longer if all your processes are kept in-house, rather than existing on external servers/databases.
The development of web APIs, in comparison, is relatively short.