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How Automated Machine Learning Can Improve Business
1
The Research Unit on Governance, Competitiveness and Public Policies (GOVCOPP), Universidade Europeia, 1200-649 Lisbon, Portugal
2
UNIDCOM, IADE, Universidade Europeia, 1500-210 Lisbon, Portugal
*
Author to whom correspondence should be addressed.
Appl. Sci. 2024, 14(19), 8749; https://doi.org/10.3390/app14198749
Submission received: 3 September 2024
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Revised: 21 September 2024
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Accepted: 26 September 2024
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Published: 27 September 2024
(This article belongs to the Special Issue Recent Advances in Automated Machine Learning: 2nd Edition)
Abstract
Automated Machine Learning (AutoML) is revolutionizing how businesses utilize data, but there seems to be a lack of clarity and a holistic view regarding all its advantages, especially concerning the benefits of AutoML for companies. In order to deeply understand how AutoML can improve businesses, a systematic review examined the bibliometric literature of this field, analyzing 74 academic and scientific documents from the Scopus database. Results showed that AutoML (i) reduces the time and resources needed to develop and deploy machine learning models, (ii) accelerates decision-making and enables quicker responses to market changes, (iii) empowers businesses to build accurate predictive models using sophisticated algorithms, (iv) optimizing model performance for reliable insights and better outcomes, and (v) enhances accessibility by reducing technical barriers and democratizing innovation. As businesses grow, AutoML scales to handle larger datasets and more complex problems without extensive manual intervention. In sum, AutoML enhances efficiency, accuracy, and scalability, becoming a crucial driver of business innovation and success.
Keywords:
automated machine learning; business
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MDPI and ACS Style
Rosário, A.T.; Boechat, A.C. How Automated Machine Learning Can Improve Business. Appl. Sci. 2024, 14, 8749. https://doi.org/10.3390/app14198749
AMA Style
Rosário AT, Boechat AC. How Automated Machine Learning Can Improve Business. Applied Sciences. 2024; 14(19):8749. https://doi.org/10.3390/app14198749
Chicago/Turabian StyleRosário, Albérico Travassos, and Anna Carolina Boechat. 2024. "How Automated Machine Learning Can Improve Business" Applied Sciences 14, no. 19: 8749. https://doi.org/10.3390/app14198749
Note that from the first issue of 2016, this journal uses article numbers instead of page numbers. See further details here.
