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Why it is needed

In order to remain competitive in increasingly complex and global markets and dealing with increasing complex system issues, it is becoming indispensable for companies and actors in all sectors of the economy and society to take advantage of key insights that can be gained through the analysis of data that they routinely collect and – if feasible – relate it to other data which are publically available (open data) or can be readily obtained from providers (national stats). Enterprises and public administrations are already using such insights to lower costs and improve their overall efficiency.
There are however several hurdles to analysing this data effectively.
The data is often stored in different formats on different systems, most of it in an unstructured form, and  much of it of poor quality. But even once the data has been integrated into usable forms, it is necessary to ask the right questions of the data to obtain key insights.
Any data set contains spurious structures and correlations that are artefacts of the way that the data has been collected or processed — making decisions based on such artefacts should be avoided. Furthermore, even though there may be plenty of data available, only a small part of it may be pertinent for a desired analysis — processing all data simply because it exists is wasted effort.
Finally, the data may simply not contain the necessary information — the desire to extract particular insights from a collection of data does not guarantee that these insights actually exist in the data! For these reasons, the characteristics of the data and the background knowledge about the data must be taken into account — a scientifically rigorous approach must be applied to investigate and analyse the data so as to arrive at results that are plausible and applicable to the real world with a benefit for business.

Telefon: +43(0) 662 834 602 - 0