When you warehouse data, you are storing a large amount of information relevant to the operation of your company which can be used by different business intelligence tools. This data can be analyzed to help you see how your company is doing, where the market is going and what you need to change to keep up or get ahead.
How Is It Used?
You can take advantage of data warehousing in a variety of ways, whether it is for use in future analytics, to build a better business plan or to attract investors. This is because services for warehousing data can hold on to almost any information for you and provide you with various tools for using it in the ways that you need.
It is important to remember that most data warehouses store information for a number of different companies or industries, some of which can become a pool of data for business analytics tools to comb through. This means that you can contribute to the success of related companies while boosting your own. Once the information is stored it cannot be changed because analysis tools are running on it to bring a comprehensive picture of the trends shown in the data.
How Can You Benefit From It?
Because a data warehouse holds an enormous amount of information consolidated from many sources, it can offer your analytical tools a better depth of knowledge that can be passed on to you. For instance, if your company is selling shoes and doing poorly in a given market, then your tools can see how similar items are doing in that market to show you if the customers in that market are disinterested in shoes in general or in the types that your company sells.
Using a data warehouse to take your information and combine it with other heterogenous sources can offer your analytical tools a better pool to draw from. This can give you a more complete picture of where your company is compared to the competition, where the market is moving and how to stay on top of the pack.