The rapidly advancing digitisation of business and communication processes generates unimaginably large and diverse quantities of data. The challenge is to extract valuable information from the complex data in order to support decision-making by providing timely and analytical forecasts.
The vast majority of digital data is generated in electronic business processes, by a variety of sensors, the so-called Internet of Things, or in social networks, at ever increasing speed and with enormous diversity.
Business Analytics research focuses on innovative, usually cloud-based, analytical procedures used to detect correlations in both historical and real time data, and provides analytical predictions and forecasts for various application scenarios. Computer-aided business analyses draw on artificial intelligence and machine learning. Its application offers benefits both to research as well as all branches of industry: companies can open up new and innovative areas of business, optimise existing ones, maximise resource efficiency, and at the same time minimise the risk of potential negative impacts on society.
The Institute of Business Informatics and Data Science takes a practical and multidisciplinary data science approach and deals with all innovative architectural principles and process models for the provision, processing, analysis and visualisation of Big Data.