By now, there can be little doubt that all enterprises can benefit from data-driven insights to allow owners and managers to unlock the organization’s full potential.
These days a company’s data is one of its key resources and the insights derived from data, also known as business intelligence or BI, lead to a better understanding of customers, improved competitiveness, and the ability to better navigate market and industry fluctuations.
Business intelligence, BI data, or business analytics can be defined as a process for analyzing data to discover insights that help business leaders make better decisions. One of the top five business intelligence trends of 2021, highlighted in a survey of over 2000 professionals, identified the need for organizations to manage their own data and to make good use of it as a top priority. What’s evident from this survey is that organizations nowadays want to go beyond the collection of as much data as possible, to actually using the data at their disposal intelligently to boost business.
This is where an EDW, sometimes referred to as a “Data Lake” comes in. It stands to reason that the better your system of collection and recording data, the more reliable and efficient your business intelligence will be. Companies use various business intelligence tools and software to support business decisions, but in order to be most effective there needs to be a consolidated source of data – and this is exactly what a data warehouse offers.
An Enterprise Data Warehouse allows for metrics from multiple sources, business logic, and data transformations to live in one centralized location and to provide a single source of truth for all employees from across the organization to use for their datasets.
This is invaluable to most businesses, saves a lot of time and frustration, and also leads to easier data reports and data visualizations, which in turn result in more accurate insights that could have a real impact on the company’s bottom line. It is a process of transforming data into information, data analysis, and making it available to users at the right time to make a difference to their business.
As mentioned above, one of the major benefits of an EDW is that it provides one source of truth. Why is that important? For instance, let’s assume someone in the finance department pulls utilization of drivers’ records from the financial system, which has an integration to the dispatch system. Meanwhile, the operations manager pulls data from the dispatch system and consolidates data, and runs formulas in Excel to turn the data into information. This could easily lead to a mismatch of data. Why? Perhaps they used different formulas. Or they had missing data in one of the formulas. There are a myriad of examples where not having one centralized source of truth caused catastrophic issues for companies.
That, in a nutshell, is why an EDW is a key component of business intelligence going forward.
The data aggregated from multiple sources across the enterprise may be:
The data is collected from different sources (e.g. databases, CRMs, ERPs, advertising platforms, marketing tools, accounting solutions, sales software, etc.) in varying levels of detail and with different structures: from unstructured to fully relational. This data is aggregated and organized for better analysis and reporting. The importance of these functions becomes even more apparent when applied to mission-critical KPIs such as customer acquisition costs, which require data from multiple systems, making them difficult and cumbersome to track accurately and in real-time.
There are multiple and significant benefits to the use of an EDW:
Data warehousing has been around for several decades and has not been without its problems, including high maintenance and high demand for resources. It is also important to note that not all data warehouses are created equal. Many organizations discover a few months or years down the line that their data warehouse or data model is out of date or not fit for purpose.
So, do organizations still need a data warehouse? The answer is yes, but with the caveat that there is not a one-size-fits-all solution and choosing the right EDW for your business depends on many different factors, including the technology stack, internal resources, staff knowledge, data governance, and, of course, your budget.
To fit into modern analytics ecosystems, data warehouses have evolved – both architecturally and technologically – to deliver more flexibility in a data-driven economy. Modern data architecture democratizes and speeds up data so that business intelligence flows freely and easily through the enterprise.
EDWs, also now commonly referred to as data lakes, move organizations away from inefficient data processes to more agile and modern data architecture and the modernization of EDWs could include, for example, the use of data visualization, automation, cloud services, and machine learning – all dependent on your business needs.
Industry best practice in 2020 and going forward is EDW-as-a-service, with Snowflake being the current market leader. Google BigQuery, AWS Redshift, and Microsoft SQL Server also all offer solutions in the cloud.
An EDW is part of the organization’s overall digital strategy and should not be considered in isolation. Finding the right EDW for your business, therefore, has to start with finding the optimal data analytics solution for your organization, which is directly related to your industry, company size, and budget, as well as other factors.
To get started:
Still unsure of how to get started? As a first step, reach out to us at REAA Global for a data infrastructure review. We’ll perform a comprehensive audit with full recommendations, including the right enterprise data warehouse for your business.
At REAA GLOBAL we help stakeholders get answers to business questions by implementing overarching data strategies that enable descriptive, predictive, and prescriptive analytics. With us as your data technology partner, you’ll know data is safe, scalable, accurate, and visualized in a way that allows business intelligence to flow freely through the organization.
Keen to get started? Give us a shout.
” Their work was on time, within budget, and of the highest quality. In addition to their core expertise, the REEA GLOBAL team has a lot of skill in anticipating unspoken needs. The result was a final deliverable that was much better than envisioned ”
Court – Executive Director
” Our entire team, including our executive leadership, found this to be an incredibly valuable investment that allowed us to change a few things, even mid-build to ensure the next version release of our product was as user-friendly as possible ”
Jessica – Head of Product
” They went above and beyond meeting our design needs and easily saved our company 6 months to a year’s worth of work. REEA delivered a gorgeous product design that put us on par with our much larger competitors. We are now punching way above our weight and REEA is one of the reasons why. ”
Tim – Co-Founder
” It has been a pleasure to work alongside their experienced frontend and backend developers as a team to meet our product goals. REEA Global’s staff is professional, reliable, and trustworthy — a great partner through the challenges of software development. ”
Deena – Head of Product
” The team is super responsive and is helping us prioritize our needs. The weekly meetings allow us to check in and give us an opportunity to bring up issues in a timely manner. ”
Karen – Director of Clinical Programs
” The team was organized and prepared in addition to providing the executive team with seamless communication and full transparency during the process, something we had lacked in prior relationships I would highly recommend the REEA Global team. ”
Evan – CEO & Founder
” REEA was seamless in their setup and, more importantly, integration with the existing team. The work product was excellent, and we certainly plan to keep using them ”
Jason – CEO