Chloe received a bachelor's degree in journalism and mass communication from Ashford University and is currently a digital content creator for Hubworks. In her free time, she enjoys acting, writing, and spending time with family.
Predictive analytics alert companies of emerging trends, allowing them to make informed business decisions to enhance performance, profits, and growth.
The ability to identify the different types of frauds in business allows companies to implement risk management tactics to prevent reputation damage and capital loss.
The elasticity of demand measures the effect of an item's price on customer demand. Calculating this information allows companies to determine the optimal price range to enhance sales.
Predictive modeling in healthcare monitors patient behavior, appointments, and supply chain trends to help organizations optimize staffing, service, and spending.
Predictive and prescriptive analytics use past and real-time data to alert organizations of future outcomes, such as risks, malfunctions, and opportunities.
Data mining and machine learning are powerful analytics tools that observe data to inform businesses of their performance. However, there are key differences that separate the two solutions.
Businesses that utilize KPIs for budgeting and forecasting strategies ensure that decisions are data-based to support profitability, cash flow, and expansion.
Competitive differentiation is what sets a company apart from others, attracting customers with their individual identity and processes. Without a unique perspective, businesses may be overlooked.
Learning to identify the different types of business risk allows companies to limit their exposure and respond to threats. These skills allow businesses to continue operations while mitigating risks.
Organizations should perform regular cash flow projections to monitor funds and optimize investments and expenses. This practice enables management to secure capital in the long run.
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