The Impact of Data Science, Big Data, Forecasting, and Predictive Analytics on the Efficiency of Business System

Băcescu-Cărbunaru Angelica () and Popovici Mariluzia ()
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Băcescu-Cărbunaru Angelica: Bucharest University of Economic Studies, Academy of Romanian Scientists
Popovici Mariluzia: Vodafone Technologies

A chapter in Digitalization and Big Data for Resilience and Economic Intelligence, 2022, pp 85-98 from Springer

Abstract: Abstract Facing the actual context and nowadays’ challenges related to the new actions generated by pandemic factors, we will center the paper on the following areas: Data Science, Big Data, Big Data analytics, which are impacted by forecasting and predictive analytics thus generating improved results for organizations and business units. We will focus on practical implementations in banking and other technical-economical industries. The actual challenges, related to global problems, enforce companies to reshape their business model to current events. Only companies managing businesses optimally adjusted will resist. Organizations should synergistically correlate all their business components, internal units, and processes with the environment. The paper will present the latest methods and technologies used in Big Data analytics for an organization’s efficiency and productivity increase. We will focus on the forecasting part, by making a correspondence with predictive analytics. Through forecasting, estimating future values of indicators, managerial Key Performance Indicators, based on specified forecasting algorithms, will show the value of this field, in parallel with predictive analytics for business strategies. Between these two areas, there are interdependencies, each of them having different approaches, providing methods and techniques for the goal of increasing outputs, measured by indicators, usually revealed in views, reports, dashboards, and other system outputs and layers. Pointing on these sections of predictions will reveal the impact of these fields on decision improvement and return enhancement for organizations. The current pandemic circumstances, correlated with afferent effects: tele-working / working from home, improved communications, increased medical actions and treatments etc., reveal the information and predictive’ actions values for mankind future evolution.

Keywords: Data science; Big data; Statistics; Economic intelligence; Forecasting; Support vector machine (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:prbchp:978-3-030-93286-2_6

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DOI: 10.1007/978-3-030-93286-2_6

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