Organizations have a common goal – to make better business decisions. A data warehouse, once implemented into your business intelligence framework, can benefit your company in numerous ways. A data warehouse:
1. Delivers enhanced business intelligence
By having access to information from various sources from a single platform, decision makers will no longer need to rely on limited data or their instinct. Additionally, data warehouses can effortlessly be applied to a business’s processes, for instance, market segmentation, sales, risk, inventory, and financial management.
2. Saves times
A data warehouse standardizes, preserves, and stores data from distinct sources, aiding the consolidation and integration of all the data. Since critical data is available to all users, it allows them to make informed decisions on key aspects. In addition, executives can query the data themselves with little to no IT support, saving more time and money.
3. Enhances data quality and consistency
A data warehouse converts data from multiple sources into a consistent format. Since the data from across the organization is standardized, each department will produce results that are consistent. This will lead to more accurate data, which will become the basis for solid decisions.
4. Generates a high Return on Investment (ROI)
Companies experience higher revenues and cost savings than those that haven’t invested in a data warehouse.
5. Provides competitive advantage
Data warehouses help get a holistic view of their current standing and evaluate opportunities and risks, thus providing companies with a competitive advantage.
6. Improves the decision-making process
Data warehousing provides better insights to decision makers by maintaining a cohesive database of current and historical data. By transforming data into purposeful information, decision makers can perform more functional, precise, and reliable analysis and create more useful reports with ease.
7. Enables organizations to forecast with confidence
Data professionals can analyze business data to make market forecasts, identify potential KPIs, and gauge predicated results, allowing key personnel to plan accordingly.
8. Streamlines the flow of information
Data warehousing facilitates the flow of information through a network connecting all related or non-related parties.