Implementing a data warehouse can be complex, but it is essential for any organisation that can no longer rely on a set of spreadsheets and a simple database. It enables businesses to improve their data utilisation and manage all data-related aspects efficiently and at scale.
With a data warehouse, organisations can ensure that their data is secure, accurate, constantly optimised and directly available to stakeholders according to their needs, roles and skills.
Depending on the organisation’s data needs, the proper infrastructure is crucial.
It involves selecting the right platforms to gather, transform, store and visualise data assets. After the implementation, it's a "living and breathing" system of setups, tools and people that structure it, maintain and monitor, analyse and visualise the data and digest the insights. It is often the last stage in data architecture maturity.
By leveraging a data warehouse, organisations can unlock insights from their data in ways they never thought possible. By understanding the implementation process, they can ensure their data is stored securely, managed efficiently, and analysed effectively.
Implementing a data warehouse that meets an organisation's needs takes time and effort but is well worth it. By planning and developing a data warehouse, organisations will be rewarded with enhanced decision-making capabilities, more efficient and stable operations, and a competitive edge over their counterparts relying on scattered and unplanned data systems.
To help you decide whether to implement a data warehouse for your business, we asked founders and other business leaders this question for their best insights. From delivering high ROI to producing valuable data analytics, several insights may sway your opinion on adopting a data warehouse for your own business.
Here are five benefits these business leaders discovered from implementing a data warehouse:
Delivers a High ROI
A data warehouse can offer a high ROI for businesses that implement it. In fact, many businesses have seen a return on their investment within the first year of using a data warehouse.
This is because a data warehouse provides a centralized location for all of your company's data. This makes it easier and faster to access the data you need when you need it.
Additionally, a data warehouse can help you save money on storage costs. By storing all of your data in one place, you can avoid the need to purchase multiple storage devices.
Lorien Strydom, Executive Country Manager, Financer.com
Tracks Our Client's Interests and Preferences
Our company adopted a data warehouse because we wanted to keep track of our client's interests and preferences so that we could deliver better service. We also wanted to get rid of the paper trail we kept in order to maintain our records, since it was inefficient and often led to mistakes. I'd recommend other businesses adopt a data warehouse because it helps them make better decisions about their products and services by making it easier for them to see how well those products and services are performing. It also makes it easier for them to keep up with changes in the market so that they can react quickly when necessary.
Shaun Connell, Founder, Writing Tips Institute
Leads to Improved Decision Making
Data warehouses have become increasingly popular in recent years as businesses seek to gain insights from their data. There are many reasons a company might choose to adopt a data warehouse, but one of the most common is the need to improve decision-making.
When data is spread across multiple systems, it can be difficult to clearly understand what is happening. A data warehouse brings all of this data together into one central location, making it much easier to spot trends and identify opportunities.
This can help businesses to make better decisions about everything from pricing to product development. Other benefits of data warehouses include improved reporting and reduced costs. As businesses increasingly come to recognize the value of their data, it is likely that more and more will choose to adopt a data warehouse solution.
Jim Campbell, Founder, Wizve Digital Marketing
Increases Your Business’ Efficiency and Effectiveness
We were using spreadsheets to track our sales and inventory, but we realized that this method was not very efficient. It was hard to keep track of the information, and it was hard to share the information with other teammates. Worse, the data wasn't always accurate. If we had a data warehouse, we could store all of our information in one place where anyone who needed it could access it.
Produces Reliable Data Analysis and Analytic Reporting
Our business deals with various types of investments, and data are the key variables to deciding investment options.
Since last year, we have been using a data warehouse to ease the process of data analysis and reporting. It is really helpful in eliminating misconceptions between team members and building different analytic reports. I strongly suggest using a data warehouse for all types of business. It enables the extraction of historical data of both companies and customers, which eases the process of the different decision-making involved in your day-to-day.
Karen Cate Agustin, Business Analyst, Investors Club
Conclusion
Implementing a Data Warehouse is essential for any organization that wants to maximize its data utilization.
By understanding the implementation process, selecting the right technology platform, designing and building the Data Warehouse, maintaining and monitoring it regularly, and incorporating machine learning and AI in their data analysis, organizations can unlock insights from their data in ways they never thought possible.
This will enable them to make smarter decisions, gain a competitive edge, and stay ahead of the competition.