Leveraging predictive analytics for strategic decision-making: Enhancing business performance through data-driven insights
1 Independent Researcher, Ohio, USA.
2 Financial analyst, Texas USA.
3 Henry Jackson Foundation Medical Research International Ltd/Gte, Nigeria.
Review Article
World Journal of Advanced Research and Reviews, 2024, 22(03), 1927–1934
Publication history:
Received on 20 May 2024; revised on 26 June 2024; accepted on 28 June 2024
Abstract:
This paper explores the transformative role of predictive analytics in enhancing strategic decision-making and business performance. It delves into the components of predictive analytics, including data mining, machine learning, and statistical techniques. It highlights its historical evolution and technological enablers like big data platforms, cloud computing, and AI. The paper examines how predictive analytics improves profitability, efficiency, and market share by providing actionable insights from raw data. It also discusses emerging trends such as advancements in AI, the Internet of Things (IoT), and real-time analytics while addressing associated risks like data privacy and ethical considerations. The conclusion underscores the necessity of adopting predictive analytics for sustainable growth and competitive advantage in today's data-driven business environment.
Keywords:
Predictive Analytics; Strategic Decision-Making; Business Performance
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Copyright information:
Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0