Data warehouses have deeply rooted applications in every industry which uses structured and unstructured data from disparate sources for forecasting, analytical reporting, and business intelligence, allowing for robust decision-making. Here are some major applications of data warehouses across different industries:
Banking
- Identify the potential risk of default and manage and control collections
- Performance analysis of each product, service, interchange, and exchange rates
- Track performance of accounts and user data
- Provide feedback to bankers regarding customer relationships and profitability
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Finance
- Evaluation of customer expenses trends
- Maintain transparency in transactions
- Predict/spot defaulters and act accordingly
- Analyze and forecast different aspects of business, stock, and bond performance
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Government
- Maintain and analyze tax records, health policy records, and their respective providers
- Prediction of criminal activities from patterns and trends
- Searching terrorist profile
- Threat assessment and fraud detection
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4. Education
- Store and analyze information about faculty and students
- Maintain student portals to facilitate student activities
- Extract information for research grants and assess student demographics
- Integrate information from different sources into a single repository for analysis and strategic decision-making
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Healthcare
- Generate patient, employee, and financial records
- Share data with other entities, like insurance companies, NGOs, and medical aid services
- Use data mining to identify patient trends
- Provide feedback to physicians on procedures and tests
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Insurance
- Analyze data patterns and customer trends – Maintain records of all internal and external sources, including existing participants
- Design customized offers and promotions for customers
- Predict and analyze changes in the industry
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Manufacturing
- Predict market changes and analyze current business trends
- Analyze previous and current market data
- Track customer feedback and identify opportunities for improvement
- Gather, standardize, and store data from various internal and external sources
- Identify profitable product lines and required product features
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Retail
- Maintain records of producers and consumers
- Track items, their promotion strategies, and consumer buying trends (trend analysis)
- Analyze sales to determine shelf space
- Understanding the patterns of complaints, claims, and returns
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Services
- Maintenance of financial and employee records
- Customer profiling and screening
- Resource allocation and management
- Revenue patterns and profitability
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As exhibited, a data warehouse ensures improvement in the decision-making process of a business and increases organizational performance.
