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This document discusses predictive analytics and its use in business. It defines predictive analytics as using historical data and statistical/machine learning models to forecast future outcomes and behaviors. The benefits of predictive analytics include enabling proactive decision-making by anticipating trends, optimizing operations, and enhancing customer insights. However, issues like data quality, biased data, and lack of skilled analysts can pose challenges. The document also outlines the process of implementing predictive analytics, which involves defining requirements, exploring data, selecting/training models, applying models to new data, and continuously validating results.

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0% found this document useful (0 votes)
196 views19 pages

175 Wolniak, Grebski 1

This document discusses predictive analytics and its use in business. It defines predictive analytics as using historical data and statistical/machine learning models to forecast future outcomes and behaviors. The benefits of predictive analytics include enabling proactive decision-making by anticipating trends, optimizing operations, and enhancing customer insights. However, issues like data quality, biased data, and lack of skilled analysts can pose challenges. The document also outlines the process of implementing predictive analytics, which involves defining requirements, exploring data, selecting/training models, applying models to new data, and continuously validating results.

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SILESIAN UNIVERSITY OF TECHNOLOGY PUBLISHING HOUSE

SCIENTIFIC PAPERS OF SILESIAN UNIVERSITY OF TECHNOLOGY 2023


ORGANIZATION AND MANAGEMENT SERIES NO. 175

FUNCTIONING OF PREDICTIVE ANALYTICS IN BUSINESS

Radosław WOLNIAK1*, Wes GREBSKI2


1
Silesian University of Technology, Organization and Management Department, Economics and Informatics
Institute; [email protected], ORCID: 0000-0003-0317-9811
2
Penn State Hazletonne, Pennsylvania State University; [email protected], ORCID: 0000-0002-4684-7608
* Correspondence author

Purpose: The goal of the paper is to analyze the main features, benefits and problems with the
predictive analytics usage.
Design/methodology/approach: Critical literature analysis. Analysis of international literature
from main databases and polish literature and legal acts connecting with researched topic.
Findings: Predictive analytics is a powerful tool that leverages historical data and statistical
models to forecast future outcomes and behaviors. It enables organizations to gain valuable
insights, make informed decisions, and drive business growth. By analyzing patterns,
correlations, and trends in data, predictive analytics can uncover hidden relationships and
provide a deeper understanding of business processes, customer behavior, market trends,
and other important factors. The benefits of predictive analytics are numerous. It enables
organizations to forecast and predict future events, leading to proactive decision-making and
the ability to anticipate trends and outcomes. It enhances decision-making processes, improves
resource allocation, and provides enhanced customer insights. Predictive analytics also helps in
risk mitigation, fraud detection, optimization of operations and pricing, product development,
and marketing effectiveness. By leveraging these benefits, organizations can gain a competitive
advantage and achieve sustainable success.
Originality/value: Detailed analysis of all subjects related to the problems connected with the
predictive analytics.
Keywords: Industry 4.0; diagnostic analytics, business analytics, data analysis, predictive
analytics.
Category of the paper: literature review.

1. Introduction

Predictive analytics is an advanced analytical discipline that utilizes historical data,


statistical algorithms, and machine learning techniques to forecast future events, behaviors,
and trends. It goes beyond diagnostic analytics, which focuses on understanding past events,
by providing insights into what is likely to happen in the future. Predictive analytics enables

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632 R. Wolniak, W. Grebski

organizations to make proactive, data-driven decisions, anticipate outcomes, identify


opportunities, and mitigate risks.
Predictive analytics is a powerful tool that enables organizations to anticipate future
outcomes, behaviors, and trends. By leveraging historical data and sophisticated algorithms,
organizations can make proactive decisions, identify opportunities, and mitigate risks.
Predictive analytics has a wide range of applications across industries and domains, and its
adoption can lead to enhanced operational efficiency, improved customer experiences,
and increased competitiveness. To fully harness its benefits, organizations need to invest in data
quality, develop robust models, and foster a data-driven culture.
The goal of the paper is to analyze the main features, benefits and problems with the
predictive analytics usage.

2. Predictive analytics - definitions

At its core, predictive analytics leverages historical data to build models that can predict
future outcomes or behaviors. These models are trained using various statistical and machine
learning techniques, such as regression analysis, decision trees, neural networks, and clustering
algorithms. By analyzing patterns, correlations, and trends in historical data, these models can
make accurate predictions and generate valuable insights (Sułkowski, Wolniak, 2015, 2016,
2018; Wolniak, Skotnicka-Zasadzień, 2008, 2010, 2014, 2018, 2019, 2022; Wolniak, 2011,
2013, 2014, 2016, 2017, 2018, 2019, 2020, 2021, 2022; Gajdzik, Wolniak, 2023).
One of the key advantages of predictive analytics is its ability to identify hidden patterns and
relationships that may not be apparent through traditional data analysis methods. It can uncover
complex interactions between multiple variables and reveal the factors that contribute to
specific outcomes. This empowers organizations to gain a deeper understanding of their
business processes, customer behavior, market trends, and other important factors that drive
success (Hurwitz et al., 2015).
Predictive analytics refers to the practice of using historical data, statistical modeling
techniques, and machine learning algorithms to make predictions and forecasts about future
events, behaviors, or outcomes. It involves analyzing patterns, correlations, and trends in the
data to identify predictive patterns and develop models that can anticipate future scenarios
(Wolniak, 2016; Czerwińska-Lubszczyk et al., 2022; Drozd, Wolniak, 2021; Gajdzik, Wolniak,
2021, 2022; Gębczyńska, Wolniak, 2018, 2023; Grabowska et al., 2019, 2020, 2021).
The process of predictive analytics typically involves several steps, including data collection,
data cleaning and preprocessing, model selection, model training and validation, and applying
the model to new data for making predictions (Patanjali, 2018; Nourani, 2021; Sharma et al.,
Functioning of predictive analytics in business 633

2020). Predictive analytics leverages various statistical and machine learning techniques such
as regression analysis, decision trees, neural networks, clustering algorithms, and more.
The goal of predictive analytics is to uncover hidden insights and relationships in the data
that may not be apparent through traditional analysis methods. By understanding these patterns
and trends, organizations can make informed decisions, develop strategies, optimize operations,
and gain a competitive advantage (Cam et al., 2021).
Predictive analytics finds applications across diverse industries and domains. In finance,
it helps detect fraudulent transactions, predict credit risks, and optimize investment strategies
(Greasley, 2019). In marketing, it enables personalized targeting, customer segmentation,
and churn prediction. In healthcare, predictive analytics can aid in early disease detection,
treatment optimization, and resource allocation. It also supports supply chain optimization,
demand forecasting, predictive maintenance, and risk management in manufacturing and
logistics (Jonek-Kowalska, Wolniak, 2021, 2022; Jonek-Kowalska et al., 2022; Kordel,
Wolniak, 2021, 2023; Rosak-Szyrocka et al., 2023; Gajdzik et al., 2023, Orzeł, Wolniak, 2021,
2022; Ponomarenko et al., 2016; Stawiarska et al., 2020, 2021; Stecuła, Wolniak, 2022;
Olkiewicz et al., 2021).
Implementing predictive analytics involves several stages. First, organizations need to define
the problem they want to solve and identify the relevant data sources. They then collect, clean,
and preprocess the data to ensure its quality and reliability. Next, they select the appropriate
predictive models and algorithms based on the nature of the problem and the available data.
The models are trained using historical data and validated to assess their accuracy and
performance (Hurwitz et al., 2015; Lawton, 2019; Charles et al., 2023; Scappini, 2016; Peter
et al., 2023).
Once the predictive models are built and validated, they can be applied to new data to make
predictions and generate insights. Organizations can use these insights to make informed
decisions, develop strategies, optimize operations, and gain a competitive edge. It is important
to note that predictive analytics is an iterative process, requiring continuous monitoring and
refinement of models as new data becomes available and the business landscape evolves.
However, predictive analytics also faces certain challenges. Data quality and availability
issues, inadequate or biased data, and the need for skilled data scientists and analysts are
common hurdles. Additionally, ethical concerns related to privacy, security, and the potential
for discriminatory outcomes should be carefully addressed.
There are following steeps of predictive analytics implementation:
 Define the requirements. Understand the business problem you're trying to solve.
Is it managing inventory? Reducing fraud? Predicting sales? Generating questions about
the problem and listing them in order of importance is a good start. Collaborating with
a statistician at this stage can help form metrics for measuring success. A business user
or subject matter expert generally takes charge of this first step.
634 R. Wolniak, W. Grebski

 Explore the data. Here, you'll want to loop in a statistician or data analyst or both.
The job is to identify the data that informs the problem you're trying to solve and the
goal. Consider the relevancy, suitability, quality and cleanliness of the data.
 Validate the results. Performance of the model can change over time due to shifts in
customer preferences or the business climate, or unforeseen events such as a pandemic.
Thresholds for updating models vary, requiring the joint expertise of a business user and
a data scientist in this step.
Below in table 1 there is a comparison table highlighting the differences between diagnostic
analytics and predictive analytics:

Table 1.
Comparison of diagnostic analytics and predictive analytics
Aspect Diagnostic Analytics Predictive Analytics
Objective Understand past events and their causes. Forecast future events and behaviors.
The primary objective of diagnostic The main objective of predictive analytics is
analytics is to understand why a certain to make predictions and forecasts about future
event or outcome occurred in the past. events or outcomes. It utilizes historical data
It focuses on analyzing historical data to and statistical modeling techniques to identify
identify the root causes or factors that patterns and trends that can be used to
contributed to a particular result. anticipate future scenarios.
Focus Historical data analysis. Future data analysis.
It focuses on understanding the past and It focuses on future outcomes and aims to
gaining insights into historical events or provide actionable insights for proactive
outcomes. It is often used for post-event decision-making. It helps organizations
analysis, troubleshooting, and identifying anticipate future scenarios, mitigate risks,
opportunities for improvement. optimize operations, and gain a competitive
advantage.
Purpose Identify root causes, patterns, and Make predictions, anticipate outcomes, and
correlations in past events. identify trends.
Data Usage Analyze historical data. Analyze historical data and apply it to new
data.
Timeframe Analysis of past events. Forecasting future events.
It focuses on analyzing historical data to It focuses on analyzing historical data to make
understand past events, trends, and predictions and forecasts about future events,
patterns. It looks backward and explains behaviors, or outcomes. It looks forward and
what happened in the past. tries to anticipate what will happen in the
future.
Analytical Statistical analysis, data mining, data Statistical modeling, machine learning
Techniques visualization. algorithms.
It typically involves retrospective analysis It involves analyzing historical data to build
and seeks to answer questions such as models that can make predictions about future
"What happened?", "Why did it happen?", events. It uses statistical modeling, machine
and "What were the contributing factors?" learning algorithms, and data mining
It often uses techniques such as data techniques to identify patterns and
mining, root cause analysis, and relationships in the data and make forecasts.
exploratory data analysis to uncover
insights from historical data.
Decision- Provides insights for informed decision- Supports proactive decision-making by
Making making based on past events. anticipating future outcomes.
Benefits Performance improvement, risk mitigation, Proactive decision-making, opportunity
enhanced customer insights, process identification, risk mitigation, resource
optimization, resource allocation. optimization.
Functioning of predictive analytics in business 635

Cont. table 1.
Limitations/ Time-intensive, limited real-time insights, Data quality and availability issues, need for
Challenges data quality and availability issues, lack of skilled data scientists, ethical considerations.
predictive capabilities, complexity of
analysis.
Examples Analyzing sales data to identify factors Predicting customer churn, forecasting sales
influencing revenue decline. demand.
Applications Business intelligence, healthcare, finance, Finance, marketing, healthcare, supply chain,
marketing, manufacturing, logistics. maintenance, risk management.
Source: Authors own work on the basis of: (Hurwitz et al., 2015; Lawton, 2019; Charles et al., 2023;
Scappini, 2016; Peter et al., 2023).

3. Benefits and problems of predictive analytics usage

Predictive analytics empowers organizations to make proactive decisions, anticipate future


trends, mitigate risks, optimize operations, and drive business growth. By leveraging the
benefits of predictive analytics, organizations can gain a competitive advantage and make data-
driven decisions that lead to improved outcomes and success.
On the basis of literature analysis following benefits of predictive analytics can be
formulated (Hwang et al., 2017; Hurwitz et al., 2015; Lawton, 2019; Charles et al., 2023;
Scappini, 2016; Peter et al., 2023; Tucci, 2022).
 Forecasting and prediction: Predictive analytics enables organizations to forecast future
outcomes and events based on historical data and statistical models. By analyzing
patterns, trends, and correlations in the data, predictive analytics can provide insights
into future customer behavior, market trends, demand patterns, and other relevant
factors. This helps organizations make more accurate predictions and forecasts,
supporting proactive decision-making.
 Improved decision-making: This type of analytics provides organizations with data-
driven insights that enhance decision-making processes. By leveraging predictive
models, organizations can make informed decisions based on anticipated outcomes.
This allows them to identify opportunities, mitigate risks, optimize resource allocation,
and develop effective strategies for business growth.
 Enhanced customer insights: Type of analytics described in the paper helps
organizations gain a deeper understanding of their customers' preferences, needs, and
behaviors. By analyzing customer data, organizations can identify patterns and trends
that enable them to personalize offerings, target specific customer segments,
and improve customer experiences. This leads to increased customer satisfaction,
loyalty, and retention.
636 R. Wolniak, W. Grebski

 Risk mitigation and fraud detection: Predictive analytics is effective in identifying and
mitigating risks. By analyzing historical data and patterns, organizations can identify
potential risks, fraudulent activities, or anomalies that require attention. This enables
organizations to take proactive measures to prevent fraud, minimize losses,
and strengthen their risk management strategies.
 Optimization of operations and resources: Predictive analytics helps organizations
optimize their operations and resource allocation. By analyzing data on resource
utilization, demand patterns, and production processes, organizations can identify areas
of inefficiency, anticipate demand fluctuations, and optimize their supply chain.
This leads to improved operational efficiency, cost savings, and better utilization of
resources.
 Product development and innovation: This analytics aids organizations in developing
new products and services. By analyzing market trends, customer feedback,
and historical data, organizations can identify emerging needs, gaps in the market,
and potential areas for innovation. This helps organizations stay ahead of the
competition and develop products that align with customer preferences and market
demands.
 Improved marketing effectiveness: Predictive analytics enhances marketing
effectiveness by enabling organizations to target the right audience with the right
message at the right time. By analyzing customer data, organizations can segment their
customer base, identify the most promising prospects, and personalize marketing
campaigns. This leads to higher conversion rates, improved marketing ROI,
and increased customer engagement.
 Optimization of pricing and revenue management: Predictive analytics helps
organizations optimize their pricing strategies and revenue management. By analyzing
historical sales data, market conditions, and customer behavior, organizations can
determine optimal pricing levels, identify pricing trends, and implement dynamic
pricing strategies. This allows organizations to maximize revenue, increase profitability,
and maintain a competitive edge.
 It automates decision-making, reducing manual work.
 It speeds complex approval processes, enabling faster time to value.
 It enables faster response to changing market conditions, for example, automating stock
trades faster than humans can.
 It improves resilience to fast-changing circumstances, helping enterprises, for example
ride out supply chain disruptions.
 It operationalizes predictive analytics insights, increasing the value of existing analytics.
Functioning of predictive analytics in business 637

Predictive analytics empowers organizations to make data-driven decisions, optimize


operations, enhance customer experiences, mitigate risks, and drive business growth (Sharma
et al., 2020; Wolniak, 2013, 2016; Hys, Wolniak, 2018). By leveraging the power of predictive
analytics, organizations can gain a competitive advantage, capitalize on emerging opportunities,
and achieve sustainable success in today's dynamic business landscape.
Below are some of the key disadvantages and problems associated with the usage of
predictive analytics (Hwang et al., 2017; Hurwitz et al., 2015; Lawton, 2019; Charles et al.,
2023; Scappini, 2016; Peter et al., 2023):
 Anticipating Future Trends and Outcomes: Predictive analytics leverages historical data
and statistical models to forecast future events, trends, and outcomes. By analyzing
patterns and correlations, organizations can gain insights into customer behavior, market
trends, demand fluctuations, and other factors that impact their business. This enables
proactive decision-making and allows organizations to stay ahead of the competition by
anticipating and preparing for future changes.
 Enhanced Decision-Making: This type of analytics provides valuable insights that
support informed decision-making. By using predictive models and algorithms,
organizations can make data-driven decisions based on the likelihood of specific
outcomes. This minimizes guesswork and subjective judgment, leading to more accurate
and reliable decisions across various business functions such as marketing, finance,
operations, and human resources.
 Improved Resource Allocation: Predictive analytics helps organizations optimize
resource allocation by identifying areas where resources can be allocated most
effectively. By analyzing data on customer preferences, market trends, and resource
utilization, organizations can allocate their budget, workforce, and other resources
in a way that maximizes efficiency and productivity. This leads to cost savings,
improved operational performance, and better utilization of available resources.
 Enhanced Customer Insights: The type of analytics described in the paper enables
organizations to gain a deeper understanding of their customers. By analyzing customer
data, including past purchases, preferences, browsing behavior, and demographics,
organizations can generate customer profiles and segmentation. This helps in
personalizing marketing efforts, improving customer experiences, and tailoring
products or services to meet specific customer needs. Ultimately, this leads to increased
customer satisfaction, loyalty, and retention.
 Risk Mitigation and Fraud Detection: Predictive analytics is effective in identifying
potential risks and detecting fraudulent activities. By analyzing historical data and
patterns, organizations can identify anomalies, unusual behaviors, or potential fraud
instances. This helps organizations take proactive measures to mitigate risks, prevent
fraud, and protect their assets and reputation. Predictive analytics also supports effective
risk management by identifying potential areas of concern and enabling organizations
to develop strategies to minimize risks.
638 R. Wolniak, W. Grebski

 Optimization of Operations: Predictive analytics helps organizations optimize their


operational processes. By analyzing data on production, supply chain, inventory levels,
and demand patterns, organizations can identify inefficiencies, streamline operations,
and improve overall productivity. Predictive analytics also assists in identifying
maintenance needs, equipment failures, and potential downtime, enabling organizations
to take preventive measures and minimize disruptions.
 Marketing Campaign Optimization: This type of analytics plays a crucial role in
optimizing marketing campaigns. By analyzing customer data, organizations can
identify the most effective channels, messages, and timing for their marketing efforts.
This enables organizations to target the right audience with personalized campaigns,
resulting in higher conversion rates, improved return on investment (ROI), and overall
marketing effectiveness.
 Innovating Product Development: Predictive analytics supports product development
and innovation by identifying market trends, customer preferences, and emerging needs.
By analyzing data on customer feedback, market research, and competitor analysis,
organizations can identify new product opportunities, improve existing products,
and align their offerings with market demands. This helps organizations stay
competitive, drive innovation, and capture new market segments.

4. Example of descriptive analytics usage in business

Predictive analytics has numerous applications in various areas of business, enabling


organizations to make data-driven decisions, anticipate future outcomes, and gain a competitive
edge (Hwang et al., 2017; Hurwitz et al., 2015; Lawton, 2019; Charles et al., 2023; Scappini,
2016; Peter et al., 2023). Predictive analytics can analyze historical sales data, market trends,
customer behavior, and other relevant factors to forecast future sales and demand patterns.
This helps businesses optimize inventory levels, plan production or procurement activities,
and allocate resources effectively to meet customer demand.
By analyzing customer data, such as purchase history, interactions, and demographics,
predictive analytics can identify customers who are at risk of churning or ending their
relationship with the business. This allows organizations to take proactive measures,
such as targeted marketing campaigns or personalized retention strategies, to retain valuable
customers and reduce churn rates. Predictive analytics can be used to detect fraudulent activities
by analyzing patterns, anomalies, and historical data. By applying machine learning algorithms
to transactional data, businesses can identify suspicious behavior, flag potentially fraudulent
transactions, and minimize financial losses due to fraud (Cam et al., 2021).
Functioning of predictive analytics in business 639

Predictive analytics can help businesses assess and manage various types of risks.
For example, in the insurance industry, predictive models can be used to assess the likelihood
of insurance claims, estimate potential losses, and determine appropriate premium rates.
In financial institutions, predictive analytics can analyze market trends, customer data,
and economic indicators to forecast credit risks and make informed lending decisions (Peter
et al., 2023).
Predictive analytics can optimize supply chain operations by forecasting demand, optimizing
inventory levels, and improving logistics and distribution processes. By analyzing historical
data, market trends, and external factors like weather patterns, businesses can anticipate demand
fluctuations, identify potential supply chain disruptions, and make informed decisions to
enhance efficiency and minimize costs. Predictive analytics can assist businesses in optimizing
pricing strategies by analyzing factors such as customer behavior, market conditions,
competitor pricing, and product attributes. By leveraging predictive models, businesses can
identify optimal price points, determine price elasticity, and develop dynamic pricing strategies
to maximize revenue and profitability (Hurwitz et al., 2015).
Predictive analytics can analyze customer data, demographics, preferences, and past
campaign performance to optimize marketing efforts. By predicting customer responses and
behavior, businesses can personalize marketing campaigns, target specific customer segments,
allocate marketing budgets effectively, and improve campaign ROI. This type of analytics can
help organizations identify top-performing candidates, assess their fit with job requirements,
and predict their likelihood of success within the company. By analyzing data from resumes,
assessments, performance reviews, and employee demographics, businesses can make
informed hiring decisions and develop strategies for talent retention and development.
Predictive analytics can be utilized in quality management to improve processes, identify
potential issues, and enhance overall product or service quality. These are just a few examples
of how predictive analytics can be applied in quality management. By leveraging predictive
analytics techniques and technologies, organizations can proactively identify quality issues,
optimize processes, and continuously improve the overall quality of their products or services.
Below are some of examples of usage of predictive analytics in quality management (Hwang
et al., 2017; Hurwitz et al., 2015; Lawton, 2019; Charles et al., 2023; Scappini, 2016; Peter
et al., 2023):
 Predictive analytics can be employed to forecast the likelihood of defects or quality
issues in manufacturing processes. By analyzing historical data on product defects,
process parameters, and environmental factors, organizations can develop models that
predict the probability of defects occurring during production. This enables proactive
measures to be taken, such as adjusting process parameters, implementing preventive
maintenance, or enhancing quality control practices to minimize defects and improve
product quality.
640 R. Wolniak, W. Grebski

 Predictive analytics can help evaluate and predict the performance of suppliers in terms
of quality. By analyzing supplier data, including delivery times, product quality,
and customer feedback, organizations can develop models that predict the likelihood of
supplier-related quality issues. This enables organizations to make informed decisions
when selecting suppliers, negotiate contracts based on predicted performance,
and proactively address potential quality issues by working closely with suppliers.
 Predictive analytics can be used to analyze customer complaints and identify patterns
or trends that may indicate potential quality issues. By analyzing data such as customer
feedback, product reviews, and support tickets, organizations can develop models that
predict the likelihood of future complaints or identify areas where quality improvements
are needed. This enables organizations to take corrective actions, improve product
design, address common customer pain points, and enhance overall customer
satisfaction.
 This type of analytics can be employed to optimize equipment maintenance and reduce
equipment failure rates. By analyzing sensor data, historical maintenance records,
and environmental conditions, organizations can develop models that predict the
likelihood of equipment failures or breakdowns. This enables organizations to
implement proactive maintenance strategies, schedule maintenance activities based on
predicted failure probabilities, and minimize unplanned downtime. By addressing
maintenance needs in advance, organizations can ensure optimal equipment
performance, reduce production interruptions, and improve overall product quality.
 Predictive analytics can be utilized to optimize manufacturing or service processes and
improve quality outcomes. By analyzing process data, organizations can identify
variables or factors that significantly impact product quality. Predictive models can then
be developed to forecast the impact of process changes or adjustments on product
quality. This enables organizations to optimize process parameters, identify the optimal
process conditions for achieving desired quality levels, and continuously improve the
quality of their products or services.
 Also predictive analytics can be employed to develop early warning systems that alert
organizations to potential quality issues before they occur. By monitoring real-time data
from various sources, such as production lines, quality control checkpoints, or customer
feedback channels, organizations can develop predictive models that identify early
indicators of quality issues. This enables organizations to take proactive measures,
such as implementing corrective actions, conducting root cause analyses, or initiating
preventive measures to avoid quality problems and ensure consistent product or service
quality.
Functioning of predictive analytics in business 641

5. Conclusion

In conclusion, predictive analytics is a powerful tool that leverages historical data and
statistical models to forecast future outcomes and behaviors. It enables organizations to gain
valuable insights, make informed decisions, and drive business growth. By analyzing patterns,
correlations, and trends in data, predictive analytics can uncover hidden relationships and
provide a deeper understanding of business processes, customer behavior, market trends,
and other important factors.
The benefits of predictive analytics are numerous. It enables organizations to forecast and
predict future events, leading to proactive decision-making and the ability to anticipate trends
and outcomes. It enhances decision-making processes, improves resource allocation,
and provides enhanced customer insights. Predictive analytics also helps in risk mitigation,
fraud detection, optimization of operations and pricing, product development, and marketing
effectiveness. By leveraging these benefits, organizations can gain a competitive advantage and
achieve sustainable success.
However, there are challenges associated with predictive analytics. Data quality and
availability issues, biased data, and the need for skilled data scientists and analysts are common
hurdles. Ethical concerns related to privacy, security, and potential discriminatory outcomes
should also be carefully addressed.

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17. Gębczyńska, A., Wolniak, R. (2018). Process management level in local government.
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20. Grabowska, S., Grebski, M., Grebski, W., Wolniak, R. (2019). Introduction to engineering
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21. Grabowska, S., Grebski, M., Grebski, W., Wolniak, R. (2020). Inżynier – zawód
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22. Greasley, A. (2019). Simulating Business Processes for Descriptive, Predictive, and
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23. Hąbek, P., Wolniak, R. (2013). Analysis of approaches to CSR reporting in selected
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24. Hąbek, P., Wolniak, R. (2016). Assessing the quality of corporate social responsibility
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25. Hąbek, P., Wolniak, R. (2016). Factors influencing the development of CSR reporting
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26. Hąbek, P., Wolniak, R. (2016). Relationship between management practices and quality of
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27. Hurwitz, J., Kaufman, M., Bowles, A. (2015). Cognitive Computing and Big Data
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28. Hwang, K., Chen, M. (2017). Big-Data Analytics for Cloud. IoT and Cognitive Computing.
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29. Hys, K., Wolniak, R. (2018). Praktyki przedsiębiorstw przemysłu chemicznego w Polsce
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30. Jonek-Kowalska, I., Wolniak, R. (2021). Economic opportunities for creating smart cities
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31. Jonek-Kowalska, I., Wolniak, R. (2021). The influence of local economic conditions on
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32. Jonek-Kowalska, I., Wolniak, R. (2022). Sharing economies’ initiatives in municipal
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33. Jonek-Kowalska, I., Wolniak, R., Marinina, O.A., Ponomarenko, T.V. (2022).
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34. Kordel, P., Wolniak, R. (2021). Technology entrepreneurship and the performance of
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35. Kwiotkowska, A., Gajdzik, B., Wolniak, R., Vveinhardt, J., Gębczyńska, M. (2021).
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36. Kwiotkowska, A., Wolniak, R., Gajdzik, B., Gębczyńska, M. (2022). Configurational paths
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37. Laskowska, A., Laskowski, J.F. (2023). “Silver” Generation at Work—Implications for
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41. Olkiewicz, M., Olkiewicz, A., Wolniak, R., Wyszomirski, A. (2021). Effects of pro-
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42. Orzeł, B., Wolniak, R. (2021). Clusters of elements for quality assurance of health worker
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43. Orzeł, B., Wolniak, R. (2022). Digitization in the design and construction industry - remote
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44. Patanjali, K. (2018). Machine Learning for Decision Makers: In the Age of Iot, Big Data
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46. Ponomarenko, T.V., Wolniak, R., Marinina, O.A. (2016). Corporate Social responsibility
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47. Rosak-Szyrocka, J., Żywiołek J., Wolniak, R. (2023). Main reasons for religious tourism -
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48. Scappini, A. (2016). 80 Fundamental Models for Business Analysts: Descriptive,
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52. Stecuła, K., Wolniak, R. (2022). Advantages and Disadvantages of E-Learning Innovations
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53. Stecuła, K., Wolniak, R. (2022). Influence of COVID-19 Pandemic on Dissemination of
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54. Sułkowski, M., Wolniak, R. (2016). Przegląd stosowanych metod oceny skuteczności
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58. Wolniak, R. (2011). Parametryzacja kryteriów oceny poziomu dojrzałości systemu
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60. Wolniak, R. (2013). Projakościowa typologia kultur organizacyjnych. Przegląd
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61. Wolniak, R. (2014). Korzyści doskonalenia systemów zarządzania jakością opartych
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62. Wolniak, R. (2016). Kulturowe aspekty zarządzania jakością. Etyka biznesu
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66. Wolniak, R. (2017). Analiza relacji pomiędzy wskaźnikiem innowacyjności
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67. Wolniak, R. (2017). Analiza wskaźników nasycenia certyfikatami ISO 9001, ISO 14001
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69. Wolniak, R. (2017). The Design Thinking method and its stages. Systemy Wspomagania
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71. Wolniak, R. (2018). Functioning of social welfare on the example of the city of Łazy.
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74. Wolniak, R. (2019). Downtime in the automotive industry production process - cause
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75. Wolniak, R. (2019). Leadership in ISO 9001:2015. Silesian University of Technology
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76. Wolniak, R. (2019). Support in ISO 9001:2015. Silesian University of Technology
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79. Wolniak, R. (2020). Operations in ISO 9001:2015. Silesian University of Technology


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80. Wolniak, R. (2020). Quantitative relations between the implementation of industry
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81. Wolniak, R. (2021). Internal audit and management review in ISO 9001:2015. Silesian
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82. Wolniak, R. (2021). Performance evaluation in ISO 9001:2015. Silesian University of
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83. Wolniak, R. (2022). Engineering ethics – main principles. Silesian University of
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84. Wolniak, R. (2022). Individual innovations. Silesian University of Technology Scientific
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85. Wolniak, R. (2022). Management of engineering teams. Silesian University of Technology
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86. Wolniak, R. (2022). Problems of Covid-19 influence on small and medium enterprises
activities – organizing function. Silesian University of Technology Scientific Papers.
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87. Wolniak, R. (2022). Project management in engineering. Silesian University of Technology
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88. Wolniak, R. (2022). Project management standards, Silesian University of Technology
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89. Wolniak, R. (2022). Sustainable engineering, Silesian University of Technology Scientific
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90. Wolniak, R. (2022). The role of the engineering profession in developing and
implementing sustainable development principles. Silesian University of Technology
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91. Wolniak, R. (2022). Traits of highly innovative people. Silesian University of Technology
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96. Wolniak, R. (2023). European Union Smart Mobility - aspects connected with bike road
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98. Wolniak, R. (2023). Functioning of real-time analytics in business. Silesian University of
Technology Scientific Papers. Organization and Management Series, 172, 659-677.
99. Wolniak, R. (2023). Industry 5.0 – characteristic, main principles, advantages and
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Management Series, 170, 663-678.
100.Wolniak, R. (2023). Innovations in industry 4.0 conditions. Silesian University of
Technology Scientific Papers. Organization and Management Series, 169, 725-742.
101.Wolniak, R. (2023). Smart biking w smart city. Zarządzanie i Jakość, 2(5), 313-328.
102.Wolniak, R. (2023). Smart mobility in a smart city concept Silesian University of
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103.Wolniak, R. (2023). Smart mobility in smart city – Copenhagen and Barcelona
comparision. Silesian University of Technology Scientific Papers. Organization and
Management Series, 172, 678-697.
104.Wolniak, R. (2023). Smart mobility jako element koncepcji smart city. Zarządzanie i
Jakość, 1(5), 208-222.
105.Wolniak, R. (2023). Team innovations, Silesian University of Technology Scientific
Papers. Organization and Management Series, 169, 773-758.
106.Wolniak, R. (2023). The concept of descriptive analytics. Silesian University of
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107.Wolniak, R. Sułkowski, M. (2015). Rozpowszechnienie stosowania Systemów
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108.Wolniak, R., Grebski, M.E. (2018). Innovativeness and creativity as factors in workforce
development – perspective of psychology. Zeszyty Naukowe Politechniki Ślaskiej. Seria
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109.Wolniak, R., Grebski, M.E. (2018). Innovativeness and creativity as nature and nurture.
Zeszyty Naukowe Politechniki Ślaskiej. Seria Organizacja i Zarządzanie, 116, 215-226.
110.Wolniak, R., Grebski, M.E. (2018). Innovativeness and Creativity of the Workforce as
Factors Stimulating Economic Growth in Modern Economies. Zeszyty Naukowe
Politechniki Ślaskiej. Seria Organizacja i Zarządzanie, 116, 227-240.
111.Wolniak, R., Grebski, M.E., Skotnicka-Zasadzień, B. (2019). Comparative analysis of the
level of satisfaction with the services received at the business incubators (Hazleton, PA,
USA and Gliwice, Poland). Sustainability, 10, 1-22.
112.Wolniak, R., Hąbek, P. (2015). Quality management and corporate social responsibility.
Systemy Wspomagania w Inżynierii Produkcji, 1, 139-149.
Functioning of predictive analytics in business 649

113.Wolniak, R., Hąbek, P. (2016). Quality assessment of CSR reports – factor analysis.
Procedia – Social and Behavioral Sciences, 220, 541-547.
114.Wolniak, R., Jonek-Kowalska, I. (2021). The level of the quality of life in the city and its
monitoring. Innovation (Abingdon), 34(3), 376-398.
115.Wolniak, R., Jonek-Kowalska, I. (2021). The quality of service to residents by public
administration on the example of municipal offices in Poland. Administration Management
Public, 37, 132-150.
116.Wolniak, R., Jonek-Kowalska, I. (2022). The creative services sector in Polish cities.
Journal of Open Innovation: Technology, Market, and Complexity, 8(1), 1-23.
117.Wolniak, R., Saniuk, S., Grabowska, S., Gajdzik, B. (2020). Identification of energy
efficiency trends in the context of the development of industry 4.0 using the Polish steel
sector as an example. Energies, 13(11), 1-16.
118.Wolniak, R., Skotnicka, B. (2011).: Metody i narzędzia zarządzania jakością – Teoria
i praktyka, cz. 1. Gliwice: Wydawnictwo Naukowe Politechniki Śląskiej.
119.Wolniak, R., Skotnicka-Zasadzień, B. (2008). Wybrane metody badania satysfakcji klienta
i oceny dostawców w organizacjach. Gliwice: Wydawnictwo Politechniki Śląskiej.
120.Wolniak, R., Skotnicka-Zasadzień, B. (2010). Zarządzanie jakością dla inżynierów.
Gliwice: Wydawnictwo Politechniki Śląskiej.
121.Wolniak, R., Skotnicka-Zasadzień, B. (2018). Developing a model of factors influencing
the quality of service for disabled customers in the condition s of sustainable development,
illustrated by an example of the Silesian Voivodeship public administration. Sustainability,
7, 1-17.
122.Wolniak, R., Skotnicka-Zasadzień, B. (2022). Development of photovoltaic energy in EU
countries as an alternative to fossil fuels. Energies, 15(2), 1-23.
123.Wolniak, R., Skotnicka-Zasadzień, B., Zasadzień, M. (2019). Problems of the functioning
of e-administration in the Silesian region of Poland from the perspective of a person with
disabilities. Transylvanian Review of Public Administration, 57E, 137-155.
124.Wolniak, R., Sułkowski, M. (2015). Motywy wdrażanie certyfikowanych Systemów
Zarządzania Jakością. Problemy Jakości, 9, 4-9.
125.Wolniak, R., Sułkowski, M. (2016). The reasons for the implementation of quality
management systems in organizations. Zeszyty Naukowe Politechniki Śląskiej. Seria
Organizacji i Zarządzanie, 92, 443-455.
126.Wolniak, R., Wyszomirski, A., Olkiewicz, M., Olkiewicz, A. (2021). Environmental
corporate social responsibility activities in heating industry - case study. Energies, 14(7),
1-19, 1930.

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