How Maintaining A Data Warehouse Can Be Beneficial For The Businesses?
Data warehousing is nothing but a process in which data from different sources is collected, organized, and managed in such a way that access to meaningful insights and forecasts is provided to the business. It is basically a technology combining the structured, unstructured, and semi-structured data sources so that a unified view of the data can be provided to the analyst and business to make important decisions for the company.
Now the main question here is what benefits the data warehouse as technology provides to the organizations? In this guide, we have compiled the list of benefits that data warehousing can deliver to your business.
- Enables Historical Insights: This is the major benefit that is provided by data warehousing. Needless to say, that no business can survive without having access to the large and reliable storehouse of the historical data related to the sales, personnel, assets, and inventory of the company. For instance, if the organization wants to know about the sales of the last year, it can easily have the specific information by accessing the stored rich historical data related to the sales. It is the data warehouse that, by listing all vital performance trends surrounding the specific retrospective research adds context to this historical data.
- Boosts data’s conformity and quality: The businesses generate data from different structured and unstructured sources including data procured from the social media, sales campaigns, surveys, research, etc. using data warehousing as the technology helps the businesses to covert the data obtained from different sources into the consistent formats which are required by the analytic platforms of the company. Additionally, by ensuring this conformity, it is made sure by the data warehouse that the data produced by different departments of the company is at a similar quality and standard which further allows a more efficient feed for the analytics platforms.
- Enhances business intelligence: The main function of the data warehouse is to collect, assimilate, and derive the data from different sources all through your business undertakings. As a result, the business intelligence of the organization enhances by leaps and bounds, due to the capability of the data warehouse to seamlessly consolidate data from different sources. it is a known fact that cross-referencing several databanks can be complicated and thus, difficult at times. It is the central location of the data warehouse in the company that provides access to the integrated understanding of all required information to the employees on a real-time basis.
Increases revenue: Every business thrives for increased revenue. Now you might be thinking ho data warehousing can help companies increase their revenue. A tech pundit once said that ‘data is the new oil’. This statement implies the importance of data in today’s business world. It is the data warehouse that is responsible for creating more standardized and qualitative data which further translates clearly to a significant amount of revenue gains. The formula of the working of a data warehouse is- better business helps with efficient decisions and these efficient decisions further create a higher return on investment across different sectors of the business. In simple words, it can be said that a data warehouse is less of cost and more of an investment.
- Scalability: The most vital keyword that is being used in the cloud era is ‘scalable’ and it is the data warehouse that significantly contributes to driving this scale. A qualitative topflight data warehouse is itself considered scalable enabling greater scalability in the overall organization. In today’s business era, data warehouses are specifically built to scale and handle more internal and external queries with the growth of the company. Also important, the efficient storage and organization of the data enabled by the data warehouse significantly enhance the growth of the business, and this particular growth act as the core of the company’s scalability.
- Improved data security: It has been reported that complications related to the data cost several businesses an amount of more than five million dollars each year. It is with the usage of the data warehouse as the technology, businesses can save themselves from the hassle of the concept of additional data security. As the company deals with a large number of customer information on a daily basis, the first and foremost priority of the company must be to protect the personal information of both existing as well as prospective customers. Therefore, the company must invest in indispensable actions helping in escaping the data breaches.
A data warehouse provides access to improved security by delivering cutting-edge safety features erected into the setup. Now that technology has advanced, companies can set up custom user groups on their data warehouses, which provide flexibility of excluding ad including several data pools and also provides the permission based on a row-by-row criteria.
- Improved query performance and insights: Almost every business is faced with constant business intelligence queries putting a major strain on the analytics infrastructure of the company. Having an efficient and scalable data warehouse allows businesses to handle queries more effectively which further removes a significant amount of pressure from the system. A data warehouse, specifically composed for handling the massive levels of data and myriad complex queries is considered as the high functioning core of the data analytics practice of the company.
Data warehouse plays an important role in allowing businesses to frame and execute effective strategies against other companies in the market. When it comes to the types of data warehouse, these are categorized into three main types- Enterprise Data Warehouse, Operational Data Store, and Data Mart. In case your company is confused about which one to build or how to extend the already existing one, then you should consider using Saras analytics. This particular tool is designed to help the companies to analyze the business requirements and thus, help the company use a data warehouse accordingly. It is to be noted that it is the proper analyses of data stored in the data warehouse which helps in making the right business decisions.