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Furthermore, predictive analytics also plays a vital role in risk management by helping businesses anticipate potential risks before they become problems. Predictive models can be used to assess credit risk by analyzing an applicant’s credit history and other relevant information; they can help detect fraudulent activity by identifying unusual patterns in transactional data; they can even aid in health & safety compliance by predicting potential hazards based on workplace incident records.
Moreover, the use of predictive analytics has been instrumental during unprecedented times like global pandemics when traditional forecasting methods may not be applicable due to rapidly changing circumstances. During such times, predictive analytics can help businesses adapt and pivot quickly by providing timely insights into future trends or changes in consumer behavior.
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