Intelligent Analytics

Future business management will be characterized by a distinct customer orientation and transparency inside the company. The dynamic competition will be increasingly determined by intelligent decisions. The manager of tomorrow will be able to realize the transformation of strategic decisions into the company software real-real-time and thus promptly realize the strategy. To this end, open and “intelligent analytics systems” are required. These business analytics platforms provide a broad insight into the companies and their business networks and hence the chance to exercise a spontaneous influence on processes, service providers and customer relations.

Both digitality and a sufficient interlinking are preconditions for the effective use of information and knowledge in the company. Another precondition is to really be able to access the information real-real-time, in other words in exactly the same moment in which they are needed. There will be no media disruptions, no blockings. By means of „intelligent analytics – due to its anticipatory character – complex and branch-specific issues, such as those involved with the health or energy sector, the traffic and transport sector etc. can be solved. In addition to the punctual analysis of actual and target situation it is important to work real-real-time analytically, with an increasing amount of simulative predictions and to integrate both structured and unstructured information.

As a consequence of the globalization and the systems´ interlinking to a real-real-time company-wide information supply, the company data quantities keep rapidly increasing – well-founded decisions will have to be taken increasingly fast, leaving little time for complex analyses. The focus is currently on the analysis of these huge amounts of data – Big Data. The in-memory technology provides pioneering innovations with regard to hardware and software. Due to the in-memory technology it is possible to analyze enormous amounts of data within very short time and at low cost and to simultaneously reduce the complexity of the IT landscape.

All transaction and analysis data of almost all data sources can be analyzed in real time. The data concerning the operational activities are directly recorded in the main memory during the business transactions and processes and this information plus the respective analyses is made available at an impressive speed. Even external data may be included in the analysis models to make a company-wide use of the analysis functions. It will be easier to take better decisions in less time. Transactions involving a huge data amount may be linked by means of analysis functions to form innovative new analysis applications. An increase of the company’s performance and a reduction of the overall operating costs can be achieved at the same time.

Guiding Principles Intelligent Analytics

In order to transform distributed knowledge into a competitive edge and to sustainably increase the quality of entrepreneurial decisions it will necessitate the creation of management concepts, which allow for a comprehensive semantic integration of decision-relevant information. What is the holistic management concept, what are the meta data? Which integration concept will be applied with regard to the merging of the data?

To be able to automatically extract meaningful information out of the huge data quantities, the data will have to be harmonized and transformed into usable knowledge. Of decisive importance in this respect are, besides a standardized data model, the business rules, which harmonize the data transfer in semantic, business-relevant as well as contents-related terms.

The challenge presented by Big Data is to harmonize the heterogeneous data masses coming from different sources, to allow for analysis processes for the different roles to be performed by the staff. Due to its huge quantities, the data will have to be visualized to deduce patterns, trends, and forecasts. This combination enables the cooperation of various reporting functions, self-service approaches and mobile solutions on a homogeneous data basis “One Version of the Truth“. The human factor, however, will continue being the more intelligent filter, in order to access the correct information real-real-time. In this process, the usability design for user surfaces is an often underestimated factor, too.

“One Version of the Truth”: Financial Analytics is an integrated part of Business Analytics.

Infografik

The automatic extraction of useful information out of huge byte quantities is almost high art – and to master this, the semantic integration architecture is an indispensable component in the field of Intelligent Analytics. The vast data amounts have to be transformed into useful knowledge from which new perceptions and services can be developed. Intelligent Analytics is determined by the harmonization aspects of different dimensions of structured and unstructured information.

In order to develop more than just one analytical „One Version of the Truth“ it is essential to acknowledge the unique importance of the Financial Analytics and its deduction from the general ledger. Based on the framework of the account system, the general ledger aggregates the entirety of business transactions which will have to be considered in terms of value. In most of the general ledgers belonging to ERP systems it is possible to add analytical segments/data fields to the accounting record, such as department, profit center, project, region etc. to enable Financial Analytics to analyze account-based information from many perspectives.“One Version of the Truth” is to say that Financial Analytics is an integrated part of the business analytics – Intelligent Analytics.