Forecasting Demand - Utilizing Business Analytics in Industry 4.0 Environments

• Autorzy: Radosław Wolniak
• Języki publikacji: EN

Abstrakty

EN

Purpose: The purpose of this publication is to present the applications of usage of business analytics in demand forecasting.
Design/methodology/approach: Critical literature analysis. Analysis of international literature from main databases and polish literature and legal acts connecting with researched topic.
Findings: The rise of Industry 4.0 has revolutionized the business landscape by creating a data-rich environment fueled by interconnected devices and digital systems throughout the supply chain. In this era, business analytics emerges as a crucial tool, leveraging the abundance of data to uncover intricate patterns and trends in consumer behavior, market dynamics, and product demand. By analyzing historical data and integrating external factors, business analytics enables more accurate demand forecasts, essential for effective inventory management, production planning, and overall business success. Advanced analytics techniques such as machine learning and predictive modeling thrive in Industry 4.0 environments, enabling businesses to process large datasets and predict future demand with precision. Moreover, business analytics facilitates the integration of demand forecasting with other supply chain components, optimizing resource allocation and enhancing efficiency. Industry 4.0 also fosters greater customization and personalization of products and services through market segmentation analysis and tailored forecasting, driving competitive advantage. This publication has explored the applications of business analytics in demand forecasting, emphasizing its importance, aspects, software applications, advantages, and challenges within the Industry 4.0 context. By addressing these aspects, organizations can harness the power of business analytics to optimize operations, foster growth, and stay competitive in today's dynamic business environment.
Originality/Value: Detailed analysis of all subjects related to the problems connected with the usage of business analytics in the case of smart manufacturing. (original abstract)

Słowa kluczowe

PL

Przemysł 4.0; Analiza biznesowa; Sztuczna inteligencja; Prognozowanie popytu

EN

Industry 4.0; Business analysis; Artificial intelligence; Demand forecasting

• Czasopismo: Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska
• Rocznik: 2024
• Numer: z. 196 Współczesne zarządzanie = Contemporary Management
• Strony: 609-624

Twórcy

autor

Radosław Wolniak

• Silesian University of Technology, Poland

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Identyfikatory

DOI

10.29119/1641-3466.2024.196.41