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PREDICTIVE ANALYTICS AND ITS IMPACT ON DECISION-MAKING - Karpagam Academy

Unlock the potential of predictive analytics and revolutionize your decision-making process with Karpagam Academy's information.

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PREDICTIVE ANALYTICS AND ITS IMPACT ON DECISION-MAKING - Karpagam Academy

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  1. DATASCIENCEANDBIG DATA:PREDICTIVE ANALYTICSANDITSIMPACT ONDECISION-MAKING BYKARPAGAMACADEMY

  2. INTRODUCTION Intoday'sdata-drivenworld,businessesandorganizationshave accesstoanunprecedentedamountofinformation.However,the truevalueliesnotjustincollectingdatabutinextracting actionableinsightsfromit.Thisiswherepredictiveanalytics comesintoplay.Predictiveanalytics,asubsetofdatascience, useshistoricaldataandmachinelearningalgorithmstoforecast futureoutcomesandtrends.Itsimpactondecision-makingis transformative,makingitanindispensabletoolforindustries rangingfromfinancetohealthcare.Herewe'llexploretheconcept ofpredictiveanalyticsanddelveintohowitrevolutionizesthe decision-makingprocess.

  3. THE POWEROF PREDICTIVEANALYTICS Predictiveanalyticsusesstatisticalmodels,datamining,and machinelearningtoanalyzehistoricaldataandidentifypatterns thatcanbeusedtomakepredictionsaboutfutureevents.Itgoes beyondtraditionalbusinessintelligence,whichmainlyfocuseson reportingpastevents.Instead,predictiveanalyticsempowers organizationstoanticipatefuturescenarios,risks,andopportunities. Herearesomekeyaspectsofitspower:

  4. 1 RISKMANAGEMENT Predictiveanalyticsiswidelyusedinriskassessment. Forinstance,inthefinancialindustry,ithelpsdetect fraudulenttransactionsbyanalyzingcustomer behaviorpatterns.Insurancecompaniesuseitto calculate thelikelihoodofclaims,enablingmore accuratepremiumpricing.

  5. 2 SALESANDMARKETING Businessescanusepredictiveanalyticstooptimize marketingcampaigns.Ithelpsidentifypotential customers,forecastsalestrends,andpersonalize marketingstrategiestotargettherightaudience withtherightmessage.

  6. 3 HEALTHCARE Predictiveanalyticsistransforminghealthcareby predictingdiseaseoutbreaks,identifyingpatientsat riskofreadmission,andpersonalizingtreatment plans.Thisnotonlyimprovespatientoutcomesbut alsoreduceshealthcarecosts.

  7. 4 SUPPLYCHAINMANAGEMENT Predictiveanalyticsistransforminghealthcareby predictingdiseaseoutbreaks,identifyingpatientsat riskofreadmission,andpersonalizingtreatment plans.Thisnotonlyimprovespatientoutcomesbut alsoreduceshealthcarecosts.

  8. THEIMPACTONDECISION- MAKING Predictiveanalyticshasaprofoundimpacton decision-makingprocesseswithinorganizations:

  9. 1 IMPROVEDACCURACY Predictivemodelsaredesignedtomakehighly accuratepredictions.Decision-makerscanrelyon theseinsightswhenformulatingstrategiesormaking criticalchoices.

  10. 2 RESOURCEALLOCATION Predictiveanalyticshelpsorganizationsallocate resourcesmoreefficiently.Forexample,aretailer canusedemandforecaststomanageinventory levelseffectively.

  11. 3 CUSTOMERINSIGHTS Understanding businesses. customerbehaviorisvitalfor Predictiveanalyticsenables organizationstocreatea360-degreeviewoftheir customers,leadingtobettercustomerserviceand tailoredproductrecommendations.

  12. 4 PROACTIVEDECISION-MAKING Rather thanreactingto eventsasthey occur, predictiveanalyticsallowsorganizationstobe proactive.Forinstance,inmaintenance,ithelps predictequipmentfailures,reducingdowntime.

  13. 5 COSTREDUCTION Byanticipatingfutureevents,organizationscan reducecostsassociatedwithinefficiencies,risks,and wastedresources.

  14. CONCLUSION Predictiveanalyticsisagame-changerindecision-making. Itempowersorganizationstomakeinformed,forward- lookingchoices,leadingtoimprovedaccuracy,resource optimization,andacompetitive edge. Asbusinessesand industriescontinue toharnessthepotentialofpredictive analytics,thefutureofdecision-makinglooksmoredata- driventhanever. Inaneraofbigdata,predictiveanalyticsisakey componentofsuccess.Organizationsthatembracethis technologycangaina substantial advantageoverthose thatdonot,drivinginnovationandefficiencyinaworld thatisconstantlyevolving.

  15. WHOMWEARE? KarpagamAcademyofHigherEducation(KAHE) establishedunderSection3ofUGCAct1956isapproved byMinistryofHumanResourceDevelopment,Government ofIndia.Dr.R.Vasanthakumar,thepresidentof KarpagamCharitytrust(KCT),philanthropist,industrialist, entrepreneurandculturepromoter. KAHEistheoneoftheTopb.techartificialintelligenceanddatasciencecollegesinCoimbatore,Tamilnadu.With adiversecampus,itopensyouupfornewopportunities andhelpsyoumeetsomanynewpeople.Today,with strengthof8000studentsandover750teaching&non- teachingstaff,KarpagamAcademyofHigherEducationis settingnewbenchmarksintheeducationalsphere. KARPAGAMACADEMYOFHIGHEREDUCATION Website:https://kahedu.edu.in/ Address:PollachiMainRoad,EachanariPost, Coimbatore-641021,TamilNadu,India. Phone:+91-422–2980011–14 Email:info@kahedu.edu.in

  16. THANKYOU VERYMUCH!

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