Access to relevant customer and industry information is the primary competitive advantage businesses have over their direct and indirect competitors today. It’s the smartest approach to remaining vigilant in a Business environment where competition is at an all-time high.
That’s where data warehousing comes in. Data warehouses are central repositories of integrated data from one or more disparate sources used for reporting and data analysis, which—in an enterprise environment—supports management’s decision-making process.
Digitalization is integrated into the foundations of today's Business landscape, and there is no going back from here. Software companies are improving data engineering algorithms, and data analytics providers are using advanced techniques to provide better solutions to businesses. The result is much more efficient business intelligence solutions.
Businesses who are new to this trend and are skeptical about the availability of the data often inquire, “why do we need data warehousing systems?”
The simple answer is because data is knowledge and knowledge is power. A business with relevant information and access to useful industry insights has a greater chance of successfully striving in the business landscape and dominating the niche.
Entrepreneurs know that there is always some kind of risk involved when it comes to business processes. Although entrepreneurs are risk takers by nature, the smaller the chance of risk, the better. This is probably the most convincing reason for businesses to invest in data warehousing solutions.
Accurate data about your customers and the state of the industry minimizes uncertainty because it helps you make better decisions with definite outcomes. With the right kind of data, you can analyze past trends and forecast future outcomes with a high probability of accurate results.
For example, in IT operations, Distributed Denial of Service (DDoS) attacks are increasingly becoming common. To ward off such attacks, having a centralized logging architecture to identify suspicious activities and pinpoint the potential threats from thousands of entries is essential.
Another example is the core objective of a healthcare facility is to cater to the needs of patients. Data analytics has not only proven to be beneficial for the mundane tasks related to administration but also to have a positive impact on a patient’s overall experience.
