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In an increasingly changing market environment, the long-term survival of companies depends on their ability to reduce latencies in adapting to new market conditions. One strategy to meet this challenge is the anchoring of data-driven decision making, which leads to an increasing use of advanced information technologies and, subsequently, to an increase in the amount of data stored. The complexity of processing these data spurred the demand for advanced statistical methods and functions called Business Analytics. Companies are, despite all promised benefits, overwhelmed with the implementation of Business Analytics as indicated by a failure rate of 65 to 80 %. This paper provides an empirically validated, multi-dimensional model that takes an integrative look at critical success factors for the implementation
of Business Analytics and based on which management recommendations can be generated. For this purpose, constructs of the model are conceptualized, before a structural equation model is developed. This model is then validated with data from 69 industrial partners in the food industry. It is shown amongst others, that the three success factors top management support, IT infrastructure and system quality are pivotal to increase the company performance.
The acquisition, processing and analysis of internal and external data is one of the key competitive factors for corporate innovation and competitive advantage. Many firms invest a significant amount of resources to take advantage of advanced analytics methods. Machine learning methods are used to identify patterns in structured and unstructured data and increase predictive capabilities. The related methods are of particular interest when previously undiscovered and unknown structures are discovered in comprehensive data sets in order to more accurately predict the outcome of manufacturing or production processes based on a multitude of parameter settings. So far, this knowledge is often part of the individual or collective knowledge of experts and expert teams, but rarely explicit and therefore not replicable for future applications. On the one hand, it is demonstrated in this paper how different machine learning algorithms have been applied to better predict the output quality in the process industry. On the other hand, it is explained how the application of machine learning methods could contribute to making previously not accessible process knowledge explicit. In order to increase the prognostic accuracy of the model diferrent methods were combined, later on compared and evaluated within an industrial case. In this paper a comprehensive approach to knowledge-based process engineering is being presented.