Making Decisions for the Future With Business Intelligence
18/01/2021 |

Making Decisions for the Future With Business Intelligence

Managers have to make decisions. This almost always has long-term consequences.
That is why it is important to analyze available data professionally.

Detail screen laptop with ADVANCED ANALYTICS statistics

The term “business intelligence” was first used in a paper published by Hans Peter Luhn in 1958.

The paper, A Business Intelligence System, described an “automated method of providing update-awareness services to scientists and engineers.” These services were aimed at decision makers who needed support to keep up with the rapid growth of scientific and technical literature in the postwar period.

Luhn was, thus, the first to use the now-common term “business intelligence” to describe integrated data processing and analysis in companies.

Business intelligence (BI) is the name given to a technology-driven process that analyzes data and presents information to help executives, managers and other users make informed, optimized business decisions.

It involves methods, applications, or even tools that enable companies to collect data from systems and other sources, analyze it, develop queries, and create reports and visualizations; it then makes analysis results accessible to both decision makers and operational staff.

The scope of BI practices, capabilities, or opportunities is very broad and varies between business intelligence tools.

Why Business Intelligence?

The role of business intelligence is primarily to optimize areas of a business through improved access to enterprise data and to then use that data to increase profitability.

When business intelligence practices are applied, companies can gain insights into their business processes by analyzing the data they collect.

When business intelligence practices are applied, companies can gain insights into their business processes by analyzing the data they collect. These can be used to make strategic decisions that improve productivity, increase revenue and drive growth.

BI tools can also help companies identify market trends and vulnerabilities.

So, we’re seeing a shift from just gut decisions to informed, fact-based decisions. BI systems help evaluate big data and provide an overview. Statistical methods can now be used to make forward-looking decisions rather than just reactive ones.

Important advantages at a glance:

  • Faster decision making
  • Process optimization
  • Increased efficiency
  • Competitive advantages
  • Support in identifying market trends
  • Discovery of weak points in processes or business areas

For a long time, BI applications were mainly used by data analysts and other IT experts who performed analyses and created reports with query results. Increasingly, however, executives and employees are using business intelligence platforms themselves.

As a rule, BI programs include forms of advanced analytics, such as statistical analysis and big data analytics.

“Advanced analytics” or “business analytics” are often used synonymously with “business intelligence.” However, they are actually a subset of business intelligence, because business intelligence is more concerned with strategies and tools while advanced analytics focuses on methods. Business intelligence is descriptive, whereas business analytics is more prescriptive and addresses a problem.

ADVANCED ANALYTICS from OTRS

OTRS Group has developed ADVANCED ANALYTICS, a new product for making the most of your business data. In contrast to pure reporting or statistics functionalities, these are not snapshots, but are evaluations that provide real insights. Data relationships are highlighted, comparisons are made and dependencies are made visible.

This gives managers a virtual assistant to support decision-making, risk minimization and opportunity identification.

With ADVANCED ANALYTICS, leaders not only gain insight into business data, but also have a data analysis tool to improve quality and performance in their company.

When critical information is missing to draw the right conclusions from the data of an OTRS instance, such as looking at and analyzing multiple time periods, the new browser-based solution for dashboards and visualizations remedies the situation and provides the perfect basis for making optimization decisions.

Knowledge is not enough, you need to take action.
Tony Robbins

ADVANCED ANALYTICS is a web-based application that is ready-to-use out of the box, without any consulting. In addition, ADVANCED ANALYTICS is fully-managed and operated by the OTRS Customer Solution Team.

What Does ADVANCED ANALYTICS Do?

ADVANCED ANALYTICS provides new insights into data and facilitates the optimization of processes, structures, communication behavior, processing time, scheduling and the use of knowledge databases. This continuously increases customer satisfaction, quality and performance in the company.

  • Analyze and understand peaks and exceptions.
  • Reduce content with real-time search and filter criteria.
  • Compare data against previous periods.
  • Identify trends.
  • Analyze communication volume.
  • Increase efficiency.
  • Analyze trends in customer inquiries to prevent churn.
  • Improve the effectiveness and quality of knowledge.

ADVANCED ANALYTICS in Practice

Dashboards and visualizations for advanced data analysis
Business analysts gain insight into the data of business objects to assess and improve the quality standard and performance of the company. Decision makers have all the data and information needed to optimize business areas.

Selection of the analysis time range
Analysts can use this functionality to focus on specific time ranges and choose from predefined options, such as the last year, the last 30 minutes, etc., to analyze and understand peaks and exceptions. The only prerequisite is that data is available across multiple operating days, or better yet, years.

Data search and filter bars
To reduce the entire dashboard contents to defined search and filter criteria, you can search by full text and filter by specific values.

Complex time analysis for ticket creation
Through the amount of tickets created, trends become apparent; their causes and meanings are clarified. With time analysis, it is possible to evaluate how many tickets have been created compared to this year, last year, 2 years ago and other complex aggregations. Ticket data from several years of operation is all that’s needed.

Analysis tools for communication data and other items
This functionality can be used to create overviews of the communication in order to analyze how many communication rounds are normally required until the successful completion of an operation.

Analysis of customer tickets
Customers who could potentially churn due to too many issues with products and services can be identified by seeing who is creating the most or most costly tickets. For a good customer relationship, it is often necessary to prepare exactly this sensitive data.

Analysis tools for collected data from knowledge base articles
This can be used to create usage summaries of knowledge to improve the effectiveness and quality of knowledge base content.

Appointment analysis
This analysis function can be used to identify how many appointments have been created compared to this year, last year, two years ago, and other complex aggregations. This reveals trends in the number of scheduled meetings or on-site service appointments, as well as increases and decreases in change requests.

Individuality Counts in 2021

Over the last decade, business intelligence has been transformed. Data volumes exploded and everyone got access to the cloud. Spreadsheets were finally replaced by insightful data visualizations and dashboards, and advanced analytics is no longer just for analysts.

2020 was especially important for the business intelligence industry, and the BI landscape continues to evolve. The future of business intelligence comes with new trends to follow. In 2021, BI tools and strategies will become more customized, first and foremost. The question from companies is no longer whether they need business intelligence analytics, but which is the best solution for their business.

Text:
Photos: Ruthson Zimmerman on Unsplash

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