Business leaders today face a myriad of data complexities, and most importantly, how to get the most value from their data. And frustration intensifies with the increasing length of time between designing a Data Warehouse and being able to access insights from the end product.
BARC’s Data, BI & Analytics Trend Monitor 20211 show that for the fourth year in a row, the number one trend is towards master data and data quality management and the trend towards the Cloud- based deployments has reached its highest ranking to date2.
Being able to access accurate data when you need it can mean the difference between understanding and engaging with your customers and annoying and pushing them away to competitors. Being quick to access your data and generate real insights can open the door to opportunities and allow proactive companies to seize the gap in the market.
Data held up in multiple silos rather than an integrated data warehouse creates many inefficiencies. To report on data, technical resources get sucked into manual cleaning and integration of data from many sources. By the time data is accessed, it is out of date or difficult to trace back to the source, wasting valuable time and resources.
So why are companies holding back from implementing an effective data warehouse? To start with, it can be a daunting task and data specialist resources may not be readily available to assist with selecting and setting up the data warehouse. Setup costs can be high and there may be resistance to being locked into a costly data modelling platform. Business needs are likely to change and business leaders are keenly aware that they need a data platform that will grow with the changing market and business needs.
According to the BARC Data Management Survey 2020,3 customers have come to expect a high performance, scalable platform with broad functionality.
Here’s how to step out of your data woes and get onto harnessing data insights for business growth:
1. Automate data drudgery
A platform that generates the code on a data warehouse to move raw data into information is worth its weight in gold. Automating this process frees up valuable resources for better use in the business – insights and innovation. Automating this process also ensures that data is more reliable and accessible and allows for rapid development.
2. Align with your business goals
The data warehouse must provide data and insights that link to your business goals. A solution that can bolster your data specialist needs by integrating data and providing real insights quickly and accurately can boost productivity and innovation. It is important that the users will be trained and can access support when needed.
3. Create a platform that grows and adapts with your business, without excessive costs
A platform that is open and visible to users to model and document the rules, and revise as the business needs change, ensures that the money invested continues to pay rewards. A platform that is flexible and scalable is essential.
But don’t be fooled that paying top dollar and being locked in to a platform will produce top results. Cloud based data warehouse solutions that offer rapid development, such as Snowflake, reduce the up-front setup cost.4 And testing or piloting on a smaller use case within your business may give you the confidence and proof to roll out more widely.
With a data warehouse that suits your business makes proactive data-driven decision making achievable. Just don’t wait too long to pilot – or run the risk your competitors will make that decision for you.