The »Analytics« department develops new methods and processes for application-oriented data analytics and AI that go beyond what is currently feasible. The goal is to generate manageable, qualitative data and information for companies from seemingly uncontrollable data volumes and materials.
In terms of methodology, data analytics comprises three areas that build on each other in stages: Descriptive Analytics, Predictive Analytics and Prescriptive Analytics. In the area of predictive and prescriptive analytics, the department is one of the few institutions in the mathematical world to combine forecasting and optimization methods. In this way, it reduces the complexity in the mathematical representation of industrial applications.
A detailed description of why and how we use Descriptive Analytics, Predictive Analytics and Prescriptive Analytics to turn seemingly unmanageable data volumes and materials into manageable, qualitative data and information in concrete applications can also be found here.