Leveraging big data and advanced analytics for enhanced decision making: insights and applications

Abstract

In today’s era of exploding data volume, Big Data and its analytical tools are increasingly being embraced by organizations across various sectors to extract actionable insights for informed decision-making. This research paper investigates the critical role played by Big Data and analytics in driving strategic decisions across diverse domains. The multifaceted applications of Big Data analysis are examined in this paper, with a focus on customer behaviour analysis, marketing trend analysis, fraud detection and prevention, operational efficiency optimization, and risk management in decision-making. By organizations, deeper insights are gained into customer preferences, purchasing patterns, and consumer perceptions through the harnessing of Big Data, ultimately leading to an increase in customer loyalty. Big Data facilitates the identification of emerging market trends, enabling businesses to swiftly adapt their strategies, capitalize on new opportunities, and remain ahead of the competition. Anomalous patterns and suspicious activities are helped to be detected through advanced analytics techniques employed with Big Data, thereby fortifying organizations against fraud and minimizing financial losses. Additionally, operational processes are optimized through Big Data analytics, ultimately leading to cost savings and improved productivity. Furthermore, proactive risk identification, assessment, and mitigation strategies are enabled by Big Data analysis, empowering organizations to navigate uncertainties effectively and safeguard against potential threats. This paper sheds light on how valuable insights are provided for leaders seeking to leverage data for strategic decision making and achieving sustainable success, with Big Data analytics transcending industries.