Creating A Data Warehouse: Getting To Grips With The Basics
It’s incredibly efficient
Creating a data warehouse can give you access to data and analytical tools that can help you monitor your business functions all in one place, thus you don’t need to use different platforms to find out what’s happening in different departments run by different people.
Without a Data Warehouse, Data Management can be very Costly
In 2010, a Forbes Insight Study revealed that most companies were spending in excess of $5 million each year on data-related problems, and, even more shockingly, a fifth were spending more than $20 million annually. If all that data were on the same platform, however, companies wouldn’t have to waste so much time and resources on finding any particular set of information.
The real benefits of a Data Warehouse for your Business
A major advantage of data warehouses is that you can check that all of your data is clean. Although in theory, business owners should regularly make sure their data systems are accurate, moving all of your data to a new platform actually creates the incentive to give your data a ‘spring clean’ and ensure everything is correct. Get fresh insights into your business activities, and use this information to identify trends and make more accurate forecasts for the long term.
Looking after One Data System is much easier
You can easily monitor the efficacy of your new data warehouse, and access many different quantitative measurements (statistical analyses), that will help you understand which areas of your business are performing well, and where there is room for improvement. Compared to looking after multiple systems, it is much easier to maintain one system 24 hours a day, 7 days a week. Imagine if you had to find the definition of 100 words, and each word could only be found in a separate dictionary? Clearly, it would be much more resourceful and practical to have all the answers available from a single source.
You can Turn your data into useful Information by positioning it in the Right Place
Once you have all of your data in one place, you’ll be better placed to make faster, more informed business decisions. For example, it’s much easier to see what’s selling in your business, what’s not, who’s buying your products, who’s not buying them, and so on. Having standardised data can make your enterprise smarter and more resistant to competition, because you’ll always know where to look when you need to see some important stats, which will save you time. As we all know, in the world of business, saving time saves money.
IT specialists can keep your Data Warehouse Secure
As data warehouses can contain a substantial amount of confidential and sensitive information, consistent security procedures must be in place to ensure none of this is exposed to hackers or other criminals. That’s why you should only choose a reputable company that can create a secure Marketing Intelligence data warehouse to safely reposition all of your business data and help you make more effective decisions.
Karen Harding is the marketing manager at Objective IT, one of the South East’s leading web and software development companies.