As has been said numerous times before, Data is the New OIL! And just like Crude Oil has to be properly treated to bring out the expensive and useful after-products, Data also requires an entirely different process before being able to extract insights from it. That process start with a Data Warehouse. In this article we will further explore the benefits of Data Warehousing for a business.
Data Warehouses are the foundation for a successful BI platform. The concept behind data warehouse is to build a permanent centralized respository for current and historical data by collecting information from various data sources and transforming it to meaningful data. This data is required to support a company’s analysis, comparison, reporting, and other BI functions & capabilities.
The majority of organizations use software applications for operations or planning such as ERP, CRM, and Finance systems to manage their business. All such applications produce a large amount of data every day, and proper analysis of this data can provide valuable insight into business performance.
How a Data Warehouse Benefits a Business
Data warehouses offer the most reliable and accurate way for organizations to store and access structured data. They improve cross-organizational data access via reports, dashboards, and analytics tools and help businesses better monitor performance and improve decision-making through reliable data. Here’s how having a data warehouse can benefit a business:
As can be derived from the above benefits, a data warehouse allows a business to effectively design its operational strategy and make it possible to gain critical real-time insight into the current ongoings. The historical context of the data coupled with the quality and speed can drive smarter, metric-backed decision-making, leading to higher sales, more efficient processes, and tremendous competitive advantage.