ABSTRACT

Business modeling and forecasting are useful to adapt to changes in a business process and to for optimizing business process management. Data-driven decision making eliminates guesswork, hypothesis, and corporate politics from decision making. This improves the business performance by highlighting the areas that have the maximum impact on the operational efficiency and revenues. Businesses today are overloaded with data on finances, operations, and customer purchases. Increasingly, executives are now leaning on data analytics to make informed business decisions thus eliminating the intuition and gut feel. Modeling can bring a scientific angle to the management of any businesses. By reducing the tremendous amount of raw data into actionable information, modeling leads the way to smarter and more accurate decisions.