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Do the following situations sound familiar?
These are among the many challenges that small businesses face when managing data.
So, how can I overcome these data management challenges?
One option is to hire more people to manage the increasing volume of data. But this is expensive and there are still chances of human error. The easier alternative is to use data warehouse software. It integrates data from multiple data sources and reduces the processing time for reports and queries.
With data warehouse software, small businesses can significantly improve the accuracy of their business reports and the speed of creating them. It ensures that reports are available instantly, which is essential for quick, informed decision making.
We created this buyer's guide to help you select the right software for your business. The guide offers you all the vital information you need before purchasing a solution.
Here's what we'll cover:
What Is Data Warehouse Software?
Common Features of Data Warehouse Software
What Type of Buyer Are You?
Benefits of Data Warehouse Software
Key Considerations
Pricing and Purchasing Options
Market Trends to Understand
It is a database management solution built for business intelligence (BI) applications. The software speeds up the reporting process by storing data using methods that optimize data usage later. It performs the following functions:
Data warehouse architecture in Dimodelo (Source)
To get the best results from the software, make sure that it offers features relevant to your business. The following table lists the basic features of data warehouse management solutions. You should identify the relevant features so that you're able to shortlist solutions that offer these features.
Data integration | Combines data from different sources and stores it in a central location. |
Extract, transform and load (ETL) | Refers to the process of loading data from different sources into the warehouse. It involves a series of data operations and instructions that designate the location for all the stored data. |
Data modeling | Creates "data cubes" from the raw data in the warehouse. Data cubes equip the data warehouse with a pre-calculated dataset, which reduces the number of calculations and the time needed to process reports. |
Standard SQL support | Lets you run SQL queries on the data stored in the warehouse. |
Analytics/Built-in reports | Allows you to create customizable reports based on the data fields in the warehouse. |
Machine learning support | Runs machine learning algorithms on the warehouse data to perform predictive analytics and forecasting. |
We've classified data warehouse software buyers into two categories:
Small businesses. This category includes small business owners and team managers. These buyers have limited technical expertise and need to build a simple application infrastructure. They need a solution that's easy to deploy, learn and use. It should also help them scale-up without the help of consultants and IT experts.
IT users in enterprises. These buyers usually come from midsize and large businesses. They have many business apps such as CRM and HR software, and as a result, in-house IT staff to manage these different applications. They need a solution that integrates with all the key software being used in their business.
Before starting your search for data warehouse solutions, identify your category so that you can shortlist suitable solutions. You can also contact Software Advice on (855) 998-8505 and speak to an advisor to get relevant suggestions.
If you are a small business that's struggling with your report creation process, this software will ease your workload and speed-up your reporting process. Here are the other key benefits of using a data warehouse solution:
The primary benefit of data warehouse software is that it makes your processes more efficient. But it depends on choosing the right vendor. To avoid purchasing the wrong solution and wasting your resources, review these key considerations. These will help you select the right solution for your business.
Due to various factors, the pricing of data warehouse software is more complex than that of other types of BI software. Cloud-based and on-premise solutions have different charges. Therefore, consider all of the following factors when estimating the total cost of data warehouse software:
To stay competitive, you should be aware of the recent market trends. You should also make sure that your shortlisted vendor is building new features to incorporate these market trends. Here are the two primary trends in data warehousing software industry:
Machine learning to optimize query loads.
Machine learning improves the speed of query processing in a data warehouse solution. For instance, Amazon Redshift uses machine learning algorithms to estimate the run time of incoming queries. This allows it to perform smart query allocation for each queue, thereby optimizing the run-time of a query. We expect this functionality to become a core software feature by 2022.
IoT to drive up adoption. Managing enormous data volumes and analytics are the biggest challenges in the Internet of things (IoT). Data warehouse software employs data models that allow faster analytics of IoT data. The increasing demand for IoT among small businesses will fuel the demand for data warehousing software by 2023.