Harnessing Predictive Analytics for Strategic Foresight: A Comprehensive Review of Techniques and Applications in Transforming Raw Data to Actionable Insights

19 Pages Posted: 30 Nov 2023 Last revised: 29 Feb 2024

See all articles by Folashade Gloria Olaniyi

Folashade Gloria Olaniyi

Independent

Oluwaseun Oladeji Olaniyi

University of the Cumberlands

Chinasa Susan Adigwe

University of the Cumberlands

Anthony Abalaka

Ashland University

Nishant Hemantkumar Shah

affiliation not provided to SSRN

Multiple version iconThere are 2 versions of this paper

Date Written: November 15, 2023

Abstract

In an era characterized by an unprecedented influx of data, the skill to extract actionable insights from this deluge has become paramount for organizations across diverse industries. The study seeks to address this challenge by exploring the transformative potential of predictive analytics. The research problem at the heart of this study revolves around the need to leverage data not merely as a historical repository but as a predictive tool for informed decision-making. In pursuit of this goal, a comprehensive literature review is undertaken, dissecting the evolution of data analytics, and highlighting the pivotal role of predictive analytics in today's data-driven landscape. This review identifies gaps in current knowledge, emphasizing the need for a deeper understanding of predictive analytics’ practical applications and implications. Methodologically, this research employs a multi-faceted approach. It incorporates case studies from diverse sectors, including healthcare, finance, marketing, and government, to exemplify how predictive analytics shapes strategies, optimizes operations, and enhances user experiences. Additionally, the study delves into the latest developments and trends in data analytics, surveying cutting-edge tools and techniques that empower organizations to navigate the complex terrain of big data. Key findings from this investigation underscore the profound impact of predictive analytics. It reveals that organizations adopting predictive analytics experience a marked improvement in their ability to anticipate future trends, optimize resource allocation, and mitigate risks effectively.

Keywords: Transformation, predictive analytics, data-driven, decision-making

Suggested Citation

Olaniyi, Folashade Gloria and Olaniyi, Oluwaseun Oladeji and Adigwe, Chinasa Susan and Abalaka, Anthony and Shah, Nishant Hemantkumar, Harnessing Predictive Analytics for Strategic Foresight: A Comprehensive Review of Techniques and Applications in Transforming Raw Data to Actionable Insights (November 15, 2023). Available at SSRN: https://ssrn.com/abstract=4635189 or http://dx.doi.org/10.2139/ssrn.4635189

Oluwaseun Oladeji Olaniyi

University of the Cumberlands ( email )

6178 College Station Drive
Williamsburg, KY 40769
United States

HOME PAGE: http://www.ucumberlands.edu

Chinasa Susan Adigwe

University of the Cumberlands

Anthony Abalaka

Ashland University ( email )

Nishant Hemantkumar Shah

affiliation not provided to SSRN

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