Over time, companies have accumulated a lot of Data (Big Data) these information are tools that businesses need know and understand. In addition to storing, the challenge is in how to use it intelligently. Data warehouse is the system that stores all data from operational databases of the company. Besides the Big data, Data Warehouse can be utilized by companies of all sizes.
Designed for decision support and BI activities, the main objective is to retrieve existing data in different sources, but also storing data (data history) that have occurred over time then make the data available for analysis. Indeed, the platforms consolidate all company data into a single system in order to select, combine, and analyze different types of data, make reporting and Data Mining. If database is a tool which is representative the company history, strengths and weaknesses how can it be used to become a financial leverage ?
Improving Data consolidation
Companies have several operational systems, that’s why they need a data warehousing platform to collects all the company’s data. Data warehousing enable to join, query and access various information of multiple sources. Therefore, consolidate all information’s business enable the linking and analysis of all the company’s activity.
In order to give the most relevant information, analysts need to cross internal company data with external data. In the sense data warehouse platforms take internal data from the company but can also be enriched by other data from external sources.
Extrat Transform Load (ETL) process is use to collect all data in one warehouse. It refers to processes of data extraction transformation and loading. Database management is fundamental for a company cause the quality of data is important to create value. Indeed a data incorrectly entered for example in the accounting systems produce anomalies therefore leads to a loss of value. In this way warehousing allow to clean and classify data to ensure the value creation.
Improving Data quality
In order to extract interesting information to make reporting and forecast about needs and opportunities, analysts need to have the most accurate value. To successfully process the raw data the database design helping have access to database more clearly.
All of this data stored in the same place can be difficult to read because everything is mixed. That’s why data warehouse is composed by subset oriented to a specific business line or team, the data mart.
Because Data Warehouse gives information in a raw way, usually read-only and organized according to business requirements. Datamart retrieves information to make it workable by a company’s business. Indeed information is classified by subjects of interest to business analysts and managers.
Improving benefits to business users
The data security is one of the priority of the business, data warehouse provide secure access to those that have a legitimate need to specific data and to exclude others. Thanks to BI solution, user can analyze data faster so it’s easier to create a reports by the end user. Indeed, the collect of data from BI tools on the the company’s history make reports more accurate. Also data mining tool find hidden patterns instead of saying what the company has done, data mining give in the right direction in future.
Thus, this process facilitates access to quality data, secures backup and lifetime even more significantly costs are lower.
Improving the bottom line
The main objective of any business is naturally to increase sales revenue and gain ground on different markets. To achieve this, companies knows that using their data through warehousing is the path to success.
The analysis of organization’s historical activities executives can evaluate initiatives that have been successful or unsuccessful in the past. Then, they give the key to adjust the strategy to decrease costs and maximize activity.
Nowadays business environment, financial managers need to provide more and more information to business leaders with fewer resources even if activities tending to develop and are globalized. Data warehousing is a solution to give results regularly and be able to answer to many needs of analysis
Overall, Data Warehouse is an increasingly important business intelligence tool allowing executives to access to memory of the company. Data Warehousing is a tool to monitor, review and optimize corporate activities. Processes of data warehousing and data mining are essential to the success of business.