Do you have a company that produces a huge volume of data every day? Do you need to access data sources when making important decisions? If yes, then you need to have a data warehouse for your firm. So, what is a data warehouse? Well, it is a centralized place or store for data produced by the branches or departments of a company. It may be helpful when it comes to data analysis and data generation.
A data warehouse may acquire huge volumes of data from an organization’s operational as well as external databases and then convert them into important information. In other words, it is used to keep and summarize huge streams of data. With this kind of a facility, you’ll not have problems when it comes to making decisions because of all of the informative information.
Benefits of a Data Warehouse:
1. Better Decision-Making
If you include a data storage warehouse in your company, you will not experience problems because of making decisions from limited data. They can store reliable facts as well as statistics. As a decision maker of your company, you can retrieve that information any time you need it, to satisfy your personal and business needs. Other than making strategic decisions, it can be helpful when it comes to financial management, strategic decisions, as well as sales.
2. Enhanced Business Intelligence
Another benefit that comes with data warehouse is that insights can be acquired through enhanced data access. Therefore, you’ll be freed from using your own gut feelings and limited data when making important decisions. In other words, decisions, which affect the operations of your company will not only be made using credible facts but will also be supported with evidence as well as actual organizational data.
3. Data Quality & Consistency
Data warehouses can gather data from different places and then change it into one and commonly used format. As a result, departments can produce output that is in line as well as consistent with each other. When you have a standardized data, you will have confidence when it comes to its accuracy. To make a strong decision for your business, you’ll need to have accurate data.
4. Easy & Quick Access to Data
Nowadays, there is competition in almost every industry. Therefore, as a business owner, you may need to apply strategies that can keep you over your competitors. Including data warehouse in your company will ensure that you won’t waste time when it comes to retrieving information from multiple or different sources. This will help you make accurate as well as quick decisions.
5. It Provides Historical Intelligence
A reliable data warehouse can store large streams of historical data. With this information, it is possible to analyze different trends, occurrences, as well as time periods so as to make predictions. You can neither store this kind of data in nor produce reports from transactional systems.
Signs that Indicate Your Company Needs a Data Warehouse:
1. Strong Reliance on Spreadsheets
The spreadsheet might be one of the most important tools in your business. Many businesses use it to track data in their day to day activities. If you have a big business, the spreadsheets may grow to huge sizes hence becoming unwieldy. In such a situation, you may end up spending too much time when it comes to generating reports since you’ll have to pull information from various sources. If you are experiencing these problems, you may need to include a data warehouse in your company.
2. Discrepancies in Data and Reports
If you are noticing significant differences between reports created at department levels and the ones you have, consider including data warehouse in your company. This can help you avoid problems brought about by the duplicate data. Also, it can help you save time.
A data warehouse can be an important facility for any company that intends to profit from sound organizational decisions. It solves problems experienced when getting data out of the transaction systems. Additionally, it promotes quick and efficient processing of complex data.