Optimization and Computing Using Intelligent Data-Driven Approaches for Decision-Making

Abstract

The onset of the Fourth Industrial Revolution, also known as Industry 4.0 or 4IR, has marked the beginning of an epoch where data has become as valuable as oil. In this era of digitization, a plethora of data is being produced from a variety of sources including the Internet of Things (IoT), business processes, healthcare systems, and more. This data, irrespective of whether it is structured, semistructured, or unstructured, carries enormous potential for influencing strategic decision-making across a wide range of application areas [85]. Data science has risen as a comprehensive field that utilizes statistical methods, data analysis, and related techniques to comprehend and scrutinize phenomena through data. Sophisticated analytics techniques, inclusive of machine learning models, are utilized to derive actionable intelligence or profound understanding from data. This procedure of converting raw data into significant insights is recognized as DataDriven Decision Making (DDDM) [14, 85]. © 2025 CRC Press.