As the world speeds deeper into the fourth industrial revolution, businesses are working hard to squeeze out more efficiency and boost their competitiveness. Companies that can connect better with their customers, hold onto their valuable skills, streamline operations and make the right decisions at the right time are able to take advantage of opportunities.
Business intelligence (BI) software has come a long way and today businesses can access analysis and insights in record time through the power of ever-evolving technology. By now most businesses appreciate the power of artificial intelligence (AI) and machine learning (ML) in taking business processes to a new efficient level and supporting decisions with deep, actionable insights.
Until recently, however, the complexity of deploying machine learning models required that businesses had to have access to highly specialised data scientists in order to take advantage of the power of AI and ML. Qlik’s AutoML functionality changes the game, democratising the use of advanced analytics by simplifying the process of building and deploying machine learning models.
Qlik's AutoML functionality allows users to automatically analyse and model data within the Qlik platform, eliminating the need for manual data preparation and model selection. User-friendly, no-code AutoML features are aimed at data analysts, and not at data scientists, meaning that businesses are able to quickly derive the value of AI and ML without the need for highly skilled and correspondingly expensive data scientists.
Some key features of Qlik’s AutoML:
1. Auditability
The audit features allow users to quickly reproduce models, tweak them and pick the best based on outcomes. Compare this to performing this manually, where a data scientist may, for example, need to code up to 30 scripts for a basket analysis; it is easy to see how AutoML will reduce time, improve efficiencies and provide accurate solutions.
2. Integration
AutoML integrates directly into Qlik Sense so the predictions made by the machine learning model can be visualised in a logical and user-friendly manner.
3. Know the why, not just the what
While AutoML will produce predictions, prescriptive analytics digs into why the predictions were made. Qlik AutoML takes care of the machine learning and Qlik’s AI engine, Qlik Insight Advisor, will take the result sets from existing data or machine learning models and interpret it intelligently, then produce usable and dynamic dashboards.
Where is Qlik AutoML best deployed?
The answer is: anywhere. The power of machine learning models, can significantly improve business decisions in all business areas, including sales, marketing, finance, operations, HR, supply chain and support.
In sales, for example, customers are able to make predictions about win/loss ratios and combat customer churn. In HR, a business can hone in on employee retention, understanding why some employees are more likely to leave and what meaningful changes can be made to hold onto those valuable skills. Marketing can be much more focused and individualised, targeting specialised offers at customers who are more likely to purchase certain products.
In supply chain, AutoML can be used to optimise inventory levels by analysing factors such as lead times, customer demand and order quantities. This can help companies reduce inventory costs and ensure they have the right product in the right place at the right time. These are just a few examples of how AutoML can help businesses, but almost any business area that captures and stores data can improve efficiency and effectiveness through the implementation of AutoML.
Qlik AutoML delivers AI-generated machine learning models and predictive analytics directly to the people in an organisation that need access to fast, actionable insights and who have the ability to act on it. It does this through a simple user experience that augments human instinct with machine intelligence. Stacked alongside Qlik’s full suite of BI applications, Qlik AutoML’s machine learning and predictions, delivered in a code-free interface, allow businesses to take their digital transformation to the next level.
As an end-to-end data and information company, Insight Consulting works with businesses across Africa to utilise Qlik’s AutoML tool to take business processes to a new, efficient level and support decisions with deep, actionable insights.
To find out how your business can benefit from Qlik AutoML’s powerful predictive analytics and explainable AI, partner with Insight Consulting today.
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