Today, there are 0.5 percent of data that is actually being used, and a lot of businesses are losing more than six hundred billion dollars annually because of corrupt or bad data, that means, that by and large, businesses are not practicing the importance of data storage by improper storing, utilization, and analyzation that led to huge sums of losses that makes their business look bad than good.
In fact, it is a huge problem that is not usually talked about by many because it is often covered perfectly by business leaders so that investors, as well as consumers, will not panic. In today’s data-driven culture, your data is the most powerful tool you can use, and it would be no good to you if you cannot properly organize and analyze it.
In a broader term, data warehouse is a virtual place that stores your current and historical data which ranges from your marketing, your sales, and other departments of your business in a single central repository where you can analyze it for further market research, analytical reports, as well as other decision-making supporting facts that further solidify your chances of having a successful decision-making process.
Traditional operational databases meanwhile, should be updated in real-time to maintain its accuracy with an up-to-the-minute data that is time-consuming and very costly financially, while data warehouses are not required to be updated that frequently and are designed to provide you a historical and a very broad view of your data while the analytics of it is run in a data warehouse.
For the majority, the issue of having bad data problem comes from choosing the wrong type of data storage and running it ineffectively through wrong analytics. To help you out on this matter, here are some of the best tips in selecting a data warehouse that is reliable to hire for your business needs.
- Network latency is not a big issue for the service provider- There is a confusion when it comes to the speed in cloud-based services versus on-premise deployments, but the truth is that any given speed constraints that are imposed by having access to your data warehouse from a network do not take effect on performance whereas the decision-makers at organizations usually assume.
- Transparency for the cost- One of the imperative consideration in having a data warehousing service is the cost. For deployment, the costs of building a data warehouse system can cost a single business thousands of dollars or five figures to be exact and this cost does not even take into account the extensive administration and the costs of managing it.
- Meeting quality and standard rules of the service provider- This is relevant for cloud-based data warehouse services considering that you should be mapping your company’s own compliance requirements versus the standards that are used by service providers.
- Ensuring the availability of your data warehouse service provider- Regardless of whether you have chosen data warehouse as a system or just a cloud service, you should always opt to select high availability which should be a priority for your company. The move towards real-time analytical process and the reliance of your business to the data warehouse are depending on the availability of the service provided to you.