The Performance Benefit of Data Analytics Applications

Abstract

The idea of gaining new insights about business processes from data is driving companies to invest in the area of data analytics. In particular, the opportunities to improve typical business metrics such as revenue, profit, but also market share are pivotal for the motivation. In most data analytics projects, it is a challenge to determine to what extent the existing company-wide or generally accessible data pool is sufficient for such insights. Furthermore, the use of appropriate methods and algorithms for the analysis is an ongoing issue from the perspective of the data scientist, even if the question of suitable data has been resolved. Accordingly, this paper will outline how a benefit of data and algorithms on performance indicators through results of data analytics projects. A suitable setup for determining this influence will then be defined and demonstrated.

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