A data warehouse is a vital business intelligence tool that a company should have. It helps to convert the massive amount of data generated from several sources into useful reports that are easy to understand. Business intelligence solutions provide valuable insights that help companies make business decisions.
To make your business intelligence solution much more effective, you should make a data warehouse the base of your business intelligence solution. The following are the benefits of making a data warehouse the core of your business intelligence solution.
1. Better business intelligence:
A data warehouse adds several automation features to your business intelligence solution. Automation makes your business intelligence solution faster, better and cheaper. You get reports faster due to less waiting and faster implementation of requests. You also get increased productivity and better quality due to a reduction in the use of manual efforts. Data warehouses can be integrated into CRM systems easily. A data warehouse is useful for several business processes like sales, financial management, inventory management, advanced segmentation etc.
2. Better decision making:
A data warehouse gathers data from several sources and compiles them into one single source. Your company will no longer have to rely on making decisions from limited data. All statistics and facts will be stored in the data warehouse, and they can be retrieved anytime they are needed. A data warehouse will help in making better strategic decisions.
3. Faster access to data:
In the 21st century, speed matters a lot in business. The ability to do things and make decisions faster can set you apart from your competitors. With a data warehouse, you can quickly access data from several sources at once. Without a data warehouse, you will spend a lot of time retrieving the data from several sources. The data warehouse allows you to make rapid decisions with little or no help from your IT staff. This saves time and money. There won’t be a need to wait for your IT staff before generating reports. You will be able to search for data faster as the data will be well-organized with a data warehouse.
4. Higher quality data:
Data warehouses gather information from several sources and convert it into a single format, so users can get more accurate and consistent data. The data produced from different departments will be standardized so the results from each department will be in line with results from other departments. Also, data warehouses can show you inconsistencies and correct them. With a data warehouse, you’ll have more confidence in the accuracy of your data, and you will make better decisions.
5. Historical intelligence:
A data warehouse can store a significant amount of historical data. With the historical data at your disposal, you can analyze different time periods and study trends to make better business decisions. Without a data warehouse, it’s much harder to implement historical intelligence for your business intelligence solution.
6. Higher return on investment:
Statistics have shown that companies that use data warehouse for their business intelligence solution got more return on investment and saved more money than other companies who do not use a data warehouse. Investing in a data warehouse is vital for any organization that want to maximize profits and reduce losses.
As you can see from this article, investing in a data warehouse for your business intelligence solution is a no-brainer. There are several benefits to be obtained, and your company will be the better for it. The rewards of a data warehouse far outweigh the cost of setting it up.