Why Do I Need Data Warehouse?
Data warehouse can be implemented to help avoid any various challenges. In an age of serious competition, it isn’t ideal to make decisions alone, it must be taken on time, if you run out of time you will view your competitors getting ahead.
Let’s take a supermarket for example, if said supermarket chain has not implemented a data warehouse eventually the supermarket finds it very difficult to evaluate which products sold, which products did not sell, what is the age group of people buying the product and several other queries. This is the first step in attracting challenges and important decision needs to be made, for example did a product in particular sell well among 18-25-year old or not? If this is the case and the product didn’t sell well, it needs to be analysed why that selling value subsided and what steps will need to be taken to analyse the issues surrounding it.
If we are talking about a company’s strategic value, let’s take an example of procurement. Every company solicits certain products such as laptops, desktops, etc. from a supplier, before making a purchase the company will contact the supplier in order to negotiate about the price and inquire about any terms. This brings into question will the supplier adhere to the terms and conditions given? When your company has made the purchase, the supplier will issue you with an invoice. If the invoice shows that the discount has not been given as agreed, not matching the terms of the contract, then the two could discuss on the same.
This is the reason for your company to have data warehouse, it is gained by making clever decisions in a clever manner. This is possible when a company executive needs to make decisions, with the data at their disposal, it is important to consider any fact-based decisions given.
Now that a manager or executive has this extra edge over his competitors, there are now questions to be asked;
- Can we increase the share of the company’s market by 5%?
- Which products are not selling well?
- Do any agents need help with selling policies?
- Is the quality of customer service good? Or can we improve this?
Is Data Warehouse Crucial?
One of the main questions a manager strives to understand is the quality of the customer service provided, as a manager he should be breaking down the questions to ask;
- How many customer feedbacks did we receive in the last 6 months?
- How many customers have given excellent feedback?
- How many of these feedbacks are average or bad?
- How can our customer service be improved?
All these questions can identify and depict what customer service is given and how it can be improved. Not only does a data warehouse provide you with updating your team but provides you with key trends and products selling history.
What are the Advantages of Data Warehouse?
Data warehouse gives an advantage of standardising data across an organisation, allowing companies to make smarter decisions – basing them on facts. It can help reduce a companies cost by allowing them to eliminate products that are not doing well, which in turn increases the revenue on higher selling products.