However, with all the benefits that come along with this new technology, there are also some drawbacks that you should be aware of before diving into it.
Let’s take a dive into the world of business intelligence and automated machine learning so you can see the benefits firsthand.
What is automated machine learning?
Automated machine learning is a form of artificial intelligence where data analysts set up computer programs to learn from data using a training model as a base.
This saves the analysts time so that they are able to focus more on analyzing and interpreting the information rather than cleaning it all up for use in reports.
As automated machine learning models become more clear regarding which factors are most significant for predicting an outcome, they will continue to make more accurate predictions which analysts can use to make informed decisions about the business.
What can you do with automated machine learning?
Automated machine learning allows you to make better business decisions faster, easier access your customer’s data, and respond faster to revenue-impacting events.
Here are a few examples of how organizations and companies can use automated machine learning to improve their businesses:
Automated machine learning improves business decisions
With the right data, you’ll be able to make better decisions faster than ever before. Automated machine learning allows you to process and analyze data more accurately so that you get the most reliable results possible.
What’s more, you’ll be able to improve your prediction accuracy with time because automated machine learning algorithms can learn from past data and adjust accordingly when making future predictions.
Automated machine learning allows for easier access to information
It can be difficult to gain access to all of the data you need to make good decisions about your business, especially if it’s spread out throughout different departments or companies.
For example, maybe you’ll need data from accounting and IT to analyze the cost of a new project and no one is around to provide access during the time you need it.
Automated machine learning allows for faster response times
Unfortunately, there are times when bad things happen that can impact your business’s bottom line. For example, let’s say that you’ve just noticed that a piece of equipment has broken down, and there’s no way to get it up and running without incurring some hefty costs.
Luckily, automated machine learning allows you to respond faster because your company can use the technology to predict these kinds of events before they happen.
This gives you some extra time to fix the problem before it has a negative effect on your business’s revenue stream.
What are some drawbacks of automated machine learning?
It’s important to take a moment to look at some of the problems that may arise when using this new technology so you can be prepared to handle these situations.
While it allows you to make better business decisions faster, generating these predictions can be very time-consuming and costly, especially in the beginning when your company is still learning how the models work.
Also, when you use automated machine learning, you need to consider that each model has a certain level of risk associated with it and that this needs to be taken into account when making business decisions about what data goes into each model.
What will change?
Business intelligence and automated machine learning are constantly evolving, so it’s difficult to say exactly what will change in the future. However, there are some things that you can count on happening as this technology becomes more widely used.
1. Automated machine learning will become more accurate and easier to use
As this technology becomes more widely used, companies will begin to share their data with other users to improve accuracy and make predicting outcomes even faster. More and more low-code solutions will provide business users access to pre-trained models that can be set up in minutes rather than days. BI solutions can now run through models in record times to determine the best-fitting models faster.
2. It’ll be easier to extract insights from a wider variety of sources
As the technology becomes more widespread, Automated ML models will have access to even more data sources than ever before, which will lead to better trained and more effective insights for your business. These new insights can help your employees, customers, and partners become more effective and satisfied with your business.
3. Business decisions will become even faster and more accurate
Automated machine learning will allow you to make better predictions about your business, especially in cases where you need real-time data. Automated ML models fed by real-time data pipelines will make it even easier to identify problems with your company’s performance and solve them before they affect your bottom line.
4. Data security is going to become even more important
There are many benefits to using automated machine learning, but there can also be some security risks and governance issues that should be considered.
Cyber attacks are increasingly prevalent and look for ways into businesses’ systems, so you need to be able to keep your data safe from these kinds of threats by encrypting it or keeping sensitive information separate from the rest of your data.
What can you do?
Automated machine learning will have a huge impact on the way that businesses operate in the future, so you’ll need to keep an eye on developments in this field.
If you find yourself overwhelmed by all of these changes, consider hiring a business intelligence company to take some of the load off your shoulders.
They can work with you to identify areas where automated machine learning would be beneficial for your company and help you implement the technology so you can see those benefits for yourself. There are numerous apps and services out there, so it’s important to do your research and find the best one for your unique business.