Cost-benefit considerations for Data Analytics - An SME-Oriented Framework enhanced by a Management Perspective and the Process of Idea Generation

Abstract

Regarding the economy, Data Mining is one of the most interesting trends in recent years. It enables organizations of different branches of trade to make use of their data. This can ultimately lead to the creation of competitive advantages. Nevertheless, Data Mining requires expertise as well as a systematic approach. Both is especially lacking in many small and medium-sized enterprises (SMEs). That is why particularly SMEs need to be supported in regard to the challenges of Data Mining. Therefore, a Data Mining framework that pays attention to the special features of SMEs was created at Aalen University of Applied Sciences. However, even this framework shows some potentials for extension. Because SMEs are especially dependent on thoroughly using their funds, this aspect also has to be considered when it comes to the application of Data Mining. This research investigates economical aspects, how SMEs can integrate cost-benefit considerations into the process of implementing Data Mining.