THE IMPACT OF BUSINESS ANALYTICS ON FINANCIAL FORECASTING
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Abstract: THE IMPACT OF BUSINESS ANALYTICS ON FINANCIAL FORECASTING
This study aims to assess the impact of business analytics on improving financial forecasting accuracy and reliability within organizations. The objectives include examining how analytics tools and techniques enhance budgeting, revenue projections, and financial risk management practices. A survey research design is employed to gather quantitative data from 300 respondents using the Taro Yamane formula to ensure a statistically significant sample size. The case study focuses on a multinational corporation in Lagos, Nigeria, known for its advanced financial analytics capabilities. The reliability coefficient score, assessed through internal consistency measures, is 0.85, indicating high reliability of the research findings. Findings indicate that business analytics play a crucial role in enhancing financial forecasting by enabling data-driven insights, scenario modeling, and predictive analytics. The study recommends that organizations integrate analytics into financial planning processes, leverage real-time data analytics tools, and invest in continuous training for finance professionals to improve forecasting accuracy and support informed decision-making.
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