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ISSN Approved Journal No: 2455-2631 | Impact factor: 8.15 | ESTD Year: 2016
open access , Peer-reviewed, and Refereed Journals, Impact factor 8.15

Issue: June 2024

Volume 9 | Issue 6

Impact factor: 8.15

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Paper Title: Unlocking competitive advantage: the strategic application of predictive analytics in business operations
Authors Name: Naman Gupta
Unique Id: IJSDR2405053
Published In: Volume 9 Issue 5, May-2024
Abstract: This research paper provides a comprehensive overview of predictive analysis in business operations, emphasizing its significance, historical evolution, applications, and associated challenges. Predictive analysis offers organizations a proactive approach to decision-making by harnessing historical data, statistical algorithms, and machine learning models to anticipate future outcomes accurately. From optimizing decision-making processes and operational efficiency to enhancing customer experiences and managing risks, predictive analysis plays a crucial role in driving the success of modern businesses across various industries. However, the adoption of predictive analysis is not without obstacles, including data quality issues, algorithmic bias, interpretability concerns, data privacy, security risks, and resource constraints. Overcoming these challenges requires a multifaceted approach involving robust data governance, algorithmic transparency, ethical considerations, and continuous validation of predictive models. By addressing these hurdles, organizations can unlock the transformative potential of predictive analysis to drive innovation, gain a competitive edge, and navigate the complexities of today's dynamic business landscape. Future research endeavors should prioritize addressing these challenges while exploring emerging trends and advancements in predictive analysis to further enhance its efficacy and impact on business operations. Through ongoing research and innovation, predictive analysis will continue to evolve and shape the trajectory of business operations in an increasingly data-driven world, driving informed decision-making and fostering organizational resilience in the face of uncertainty.
Keywords: Predictive Analysis, Business Operations, Decision-making, Data-driven Challenges
Cite Article: "Unlocking competitive advantage: the strategic application of predictive analytics in business operations", International Journal of Science & Engineering Development Research (www.ijsdr.org), ISSN:2455-2631, Vol.9, Issue 5, page no.374 - 378, May-2024, Available :http://www.ijsdr.org/papers/IJSDR2405053.pdf
Downloads: 000342048
Publication Details: Published Paper ID: IJSDR2405053
Registration ID:211182
Published In: Volume 9 Issue 5, May-2024
DOI (Digital Object Identifier):
Page No: 374 - 378
Publisher: IJSDR | www.ijsdr.org
ISSN Number: 2455-2631

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