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Research Article Open access CC BY 4.0

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

Folashade Gloria Olaniyi, Oluwaseun Oladeji Olaniyi, Chinasa Susan Adigwe, Anthony Idoko Abalaka, Nishant Hemantkumar Shah

Asian Journal of Economics, Business and Accounting · pp. 441–459 · Published 15 Nov 2023

10.9734/ajeba/2023/v23i221164

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. Real-world examples demonstrate how predictive analytics can revolutionize patient care, financial decision-making, marketing campaigns, and public policy formulation, among other domains. The implications of this research are far-reaching. It underscores organizations' need to invest in predictive analytics as a strategic asset that enhances competitiveness and fosters innovation. As data continues to burgeon, embracing predictive analytics emerges as a decisive step toward navigating the complexities of the data-driven age.

Transformation predictive analytics data-driven decision-making

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