USAGE OF ADVANCED DATA ANALYSIS IN AUSTRIAN INDUSTRIAL COMPANIES

Authors

  • Martin Wallner Comenius University Bratislava, Faculty of Management, Bratislava
  • Tomáš Peráček Comenius University Bratislava, Faculty of Management, Bratislava

DOI:

https://doi.org/10.12955/peb.v2.265

Keywords:

Big Data, data analytics, predictive analysis, prescriptive analysis, industrial companies

Abstract

Data has become one of the most valuable resources for companies. The large data volumes of Big Data projects allow institutions the application of various data analysis methods. Compared to older analysis methods, which mostly have an informative function, predictive and prescriptive analysis methods allow foresight and the prevention of future problems and errors. This paper evaluates the current state of advanced data analysis in Austrian industrial companies. Furthermore, it investigates if the advantages of complex data analyses can be monetarized and if cooperate figures such as the turnover or company size influence the answers of the survey. For that reason, a survey among industrial companies in Austria was performed to assess the usage of complex data analysis methods and Big Data. It is shown that small companies use descriptive and diagnostic analysis methods, while big companies use more advanced analytical methods. Companies with a high turnover are also more likely to perform Big Data projects. On an international comparison for most Austrian industrial companies, Big Data is not the main focus of their IT department. Also, modern data architectures are not as extensively implemented as in other countries of the DACH region. However, there is a clear perception by Austrian industrial companies that forward-looking data analysis methods will be predominant in five years.

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Published

2021-10-24

How to Cite

Wallner, M. ., & Peráček T. (2021). USAGE OF ADVANCED DATA ANALYSIS IN AUSTRIAN INDUSTRIAL COMPANIES. Proceedings of CBU in Economics and Business, 2, 125-131. https://doi.org/10.12955/peb.v2.265
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