Can neural networks be useful for business?

Neural networks can provide significant benefits in business applications. Neural networks are applicable in virtually every situation in which a relationship between the predictor variables and predicted variables exists, even when that relationship is very complex and not easy to articulate in the usual terms of "correlations" or "differences between groups". Examples of problems to which neural network analysis has been applied are:

-Detection of medical phenomena. A variety of health-related indices can be monitored. The onset of a particular medical condition could be associated with a very complex combination of changes on a subset of the variables being monitored. Neural networks have been used to recognize this predictive pattern so that the appropriate treatment can be prescribed.
-Stock market prediction. Fluctuations of stock prices and stock indices are another example of a complex, multidimensional, but in some circumstances at least partially-deterministic phenomenon. Neural networks are being used by many technical analysts to make predictions about stock prices based upon a large number of factors such as past performance of other stocks and various economic indicators.
-Credit assignment. A variety of pieces of information are usually known about an applicant for a loan. For instance, the applicant's age, education, occupation, and many other facts may be available. After training a neural network on historical data, neural network analysis can identify the most relevant characteristics and use those to classify applicants as good or bad credit risks.
-Monitoring the condition of machinery. Neural networks can be instrumental in cutting costs by bringing additional expertise to scheduling the preventive maintenance of machines. A neural network can be trained to distinguish between the sounds a machine makes when it is running normally versus when it is on the verge of a problem. After this training period, the expertise of the network can be used to warn a technician of an upcoming breakdown, before it occurs and causes costly unforeseen downtime.
-Engine management. Neural networks have been used to analyze the input of sensors from an engine. The neural network controls the various parameters within which the engine functions, in order to achieve a particular goal, such as minimizing fuel consumption.

Neural networks are also actively being used for such applications as bankrutcy predictions, predicting costs, forecast revenue, processing documents and more..

The computing world has a lot to gain from neural networks. Their ability to learn by example makes them very flexible and powerful. There is no need to devise an algorithm in order to perform a specific task i.e there is no need to understand the internal mechanisms of that task. They are also very well suited for real time systems because of their fast response and computational times which are due to their parallel architecture.